We said when the successful bid was announced for Diamond Comic Distributors that there was a long way to go and everything wasn’t settled. And, in a filing today, it seems a last minute monkey wrench is being thrown into things. A filing today seems to indicate that Diamond Comic Distributors might be going with Universal Distribution and Ad Populum‘s joint bid in their chapter 11 bankruptcy hearing on Monday, April 7.
In January 2025, Diamond Comic Distributors declared Chapter 11 bankruptcy creating a shockwave within the comic industry. In the announcement, the distributor listed its liabilities in the $50-$100 million range with assets around the same amount and creditors between 1,000 and 5,000. In March 2025, Alliance Entertainment’s bid was the one initially accepted to acquire Diamond Comic Distributors (U.S.), Alliance Game Distributors, Collectible Grading Authority, and more.
There have been numerous objections to the “winning” bid by Alliance Entertainment with numerous creditors asking why a lower bid was accepted?
It would seem, that Diamond might be agreeing with that.
Here’s the paragraph in the latest filing that stands out with the key part highlighted in bold.
PLEASE TAKE FURTHER NOTICE that, following the Debtors’ initial selection of AENT as the successful bidder, the Debtors currently believe, after consultation with the Consultation Parties, that Universal Distribution, LLC, and Ad Populum, LLC, which were initially jointly designed as back-up bidders at the Auction, should be the successful bidders. The Debtors’ proposed order with Universal Distribution, LLC, is attached hereto as Exhibit A (the “Universal Revised Proposed Order”). A redline of the Universal Revised Proposed Order compared against the proposed order filed with the Sale Motion is attached hereto as Exhibit B. The Debtors revised proposed order with Ad Populum, LLC, is attached hereto as Exhibit C (the “AP Revised Proposed Order”). A redline of the AP Revised Proposed Order compared against the proposed order filed with the Sale Motion is attached hereto as Exhibit D. The Debtors currently intend to seek Court approval of the Universal Revised Proposed Order and the AP Revised Proposed Order at the hearing on the Sale Motion. The Debtors are continuing to discuss the Sale Motion and revised proposed orders with the Consultation Parties.
I am not a lawyer, and definitely not a bankruptcy lawyer, but reading the above, it would seem Diamond is going with Universal and Ad Populum are going to be the winning bid and consulting with an actual lawyer, they agree with my reading of it.
Monday’s hearing is going to be really interesting. Any decision must get final approval by the court. You can read everything below:
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Source: Graphic Policy
