TO BE CLEAR I AM TALKING ABOUT MONGUL II.
I chose Mongul II for a number of reasons
1. I didnt think he needed to or wanted him to be recreated
2. Current events leave an opening for him to come back
3. i would like to see him as a villain in the Action Comics series
4. With the current opening for his return he could come back more powerful and ruthless hen ever
Mongul was a force to be reckoned with. His strength was on par with or above Superman with the evil and destruction that is Darkseid. For those of you who don't know who Mongul is, he is a vicious conqueror of worlds that is only out for destruction and death. Born of the planet Debstam IV. His father (by the same name) was a tyrant ruler that slaughtered the worlds population (depending on which story you go by, others say he was cast out and they were slaughtered by a more villainous tyrant with them begging Mongul to return only to leave them to their choices and fate).
In his early incarnations during the Bronze Age Mongul was written as physically more powerful than Superman and as almost totally invulnerable to harm. In addition, Mongul demonstrated the ability to teleport, limited telepathy and could project blasts of potent force via his eyes or hands. The character also used technology to shrink his enemies and place them in dimensional-inversion cubes, designed to prevent escape by warping their interior reality and absorbing any power used against them from within. Later on he was significantly reduced in power, no longer being able to physically match Superman and was even defeated by him while Superman was in a weakened state. He also no longer had the abilities to shoot force blasts from his hands or eyes nor the cube technology, and could only project energy blasts via an amulet attached to his torso. He is also no longer a physical match for Superman, as Superman was able to defeat him in their first fight despite being weakened by lack of regular yellow sun rays.
In the more modern incarnation, Geoff Johns turned this character in to a true force to be reckoned with. He was big, powerful, and ruthless. He came back killing his sister (Mongal), stealing a lantern ring from a dying Sinestro Corps being and then went on a killing spree while acquiring more power. He took control of the Sinestro Corps for a time being leading it with an iron fist only to be beaten by the weapon he had originally taken and Sinestro being trapped in the Yellow Battery.
With Recent events shutting down the Yellow battery and putting most of the Sinestro Corps in stasis, this leave a perfect time for Mongul to come back in to his reign of terror. Since being trapped in the power battery alot has changed. He has defeated Arkillo once already for the right to lead the Sinestro Corps. and now with Arkillo having his own ring separate from the Sinestro Corps we have all come to know Mongul could restart the battery with the fear he creates and bring the corps out of stasis. In doing so he could move the power battery to his home planet of Debstem IV and Creating a new Warworld (Warworld). With the power of the Yellow Lantern Corps, he could have the abilities to properly run Warworld mentally.
So to sum it all up they need to bring Mongul back, make him as powerful as he was before (eye and hand force blasts and all) as well as giving him his more powerful chest blast for when fighting beings even more powerful then him) and give him the corps back. With DC wanting to bring more presence to their cosmos Mongul (as well as Despero) would make a great addition to it. With his forma abilities, an army of lanterns, and a war world to protect the source of the power for the corps he could take control of his own galaxy and rule it.
He could still fight the Justice League and the Lantern corps and when one on one (w/o his rings) face Superman for an amazing battle. We could see him make an appearance in the Red Lantern book as villain as he looks to gain a red Lantern ring for more power.