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Comics' one-time biggest distributor is now at the center of new lawsuit over bankruptcy, as Diamond's asset sale to Alliance collapses into chaos
Diamond Comic Distributors asked the court to ignore Alliance's winning bid in favor of the back-up, leading to a new lawsuit on behalf of Alliance Entertainment
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So, who is going to buy the assets of the company that used to be the primary comic book distribution company in North America? That question — which many believed had been answered when Alliance Entertainment filed a winning bid at auction in March — is once again a real concern, following surprise court filings in the past few days.
On April 5, Diamond Comic Distributors and its debtors filed a notice of revised proposed sale orders with the bankruptcy court of the district of Maryland stating, bluntly, that even though Alliance Entertainment had filed a higher bid in March, the company believed that the company’s assets should be sold to Universal Distribution and Ad Populum, the companies that had filed the second-place bid.
The notice seemingly specifically states that the debtors were seemingly responsible for the change of heart, namely Diamond and its associated companies; it’s worth noting that Image Comics, one of Diamond's creditors, had previously filed paperwork with the court objecting to the sale of Diamond’s assets to Alliance, arguing that it might result in debts not being fully repaid.
In response to the April 5 filing, Alliance has now filed a lawsuit against Diamond, seeking a temporary restraining order to prevent the sale to Universal and Ad Populum. The filing argues that Diamond “never engaged in 'good faith' or 'arms-length' negotiations with Alliance,” and had always intended to sell to Universal, despite Alliance filing a winnind big that the filing clarifies was for $85,368,053.
So, what next? A hearing in Alliance’s lawsuit against Diamond is expected April 7, as is the next hearing concerning the sale of Diamond’s assets to… whichever party presumably triumphs in the Alliance/Diamond lawsuit. Who is going to buy the assets of Diamond Comic Distributors? For now, that question remains frustratingly open.
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