Diamond Comics Filing Chapter 11

Comics
#222

the lcs I hit on Wednesdays that holds me everything got store branded socks in. They have a great logo.

#223

I was given a circular tin cannister, years ago, of Captain America underwear.
So let’s not just make this about socks. I mean c’mon.

(I thinking about getting them graded)

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#224

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

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#225

What a mess this is turning out to be…

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#226

Sue them for what exactly? They just declared bankruptcy, they don’t have any money… :wink:

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#227

And this is where it gets really interesting.

No. It doesn’t.

I can’t follow any of this…it just goes on and on. I need cliff notes. Maybe Swagglehaus can break it down.

But from what I can tell, AENT was the high bidder, declared the winner, and somehow the lower bidder got awarded the “win” with AENT not having done anything to justify it being taken away.

But I’m not a lawyer…usually I can follow the logic but I can’t in this case.

I gave up trying after reading through about 1/4 of the article…

#228

I think they can sue them to enforce the contract.

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#229
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#230

I believe AENT opening their mouth (prematurely) on that podcast showing their disinterest in the comics business may have contributed to these events as pointed out on Blooding Cool.

#231

Well. I guess no socks for comic shops.

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#232

Yeah I know, I was just trying to be silly… :wink:

#233

Probably best if the Universal win holds.

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#234
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#235

“business as usual” for now… Diamond will be nothing like “business as usual” once this shakes out. Other distribution options for small publishers are starting to pop up. I’m still finding it hard to believe Dynamite is going ride or die with Diamond.

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#236

Let’s recap the drama so far…

  • January 14, 2025- Diamond declares Chapter 11. Proceedings to last 13 weeks.

  • March 24th, 2025, Diamond is auctioned off, Alliance Games and Diamond UK being named the top bidder for the assets of $72M.

  • April 5th, 2025, the debtors declared that they had chosen the back-up bid from Universal and Ad Populum at $69M, instead of AENT. No reason is provided.

  • April 7th, 2025, AENT filed a lawsuit regarding the decision

  • April 11, 2025, Baltimore bankruptcy court reversed the decision, stating that AENT with the higher bid had won. The sale is slated for completion by April 25, 2025.

  • April 25, 2025, AENT issues an SEC filing as a Notice Of Termination over their agreement won in Chapter 11 bankruptcy auction to buy Diamond Comic Distributor.

  • Following the announcement, Emily Boticas , Vice President of Publisher Relations and Marketing at Diamond Book Distributors, declares “business as usual” for Diamond and the sale process will proceed with an alternative partner in the very near term (presumably Universal Distribution and Ad Populum)

As of April 26th, the bankruptcy-arranged “DiP” financing period from JP Morgan Chase is over (thirteen weeks of Chapter 11 protection expires). This could get interesting.

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