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Scenario one:
They all fight Seperately like so:

Marvel VS DC
______________________
Silver Surfer Vs. Superman
Pre-retcon Beyonder Vs. Elaine and Mikey
Living Tribunal Vs. Lucifer
Galactus w/UN Vs Parallax
Abraxas Vs Anti-Monitor
Multi-Eternity Vs. Classic Ion

In the second scenario they all fight each other and go all out but this time the Beyonder, Elaine, and Michael will not be in the battle.