Diamond Trustee Morgan W. Fisher Motions to Limit Future Notices

A compromise between “old” Diamond and its trustee Moran W. Fisher and 15 publishers wasn’t the only bit of news today when it comes to Diamond’s chapter 7 process. Fisher also submitted an order limiting future notices in the case.

The order is interesting as it lays out a lot of information in the case that reminds us of the scope of the situation.

• Diamond’s credit matrix initially consisted of almost 1,300 parties and when subscription comic book customers was added it was over 1,500.
• 75 claims were filed for the Chapter 7 with the highest amount being Dynamic forces with $29,514,087.40 to $182 from Irish Holdings.
• Omni Agent Solutions logged 742 claims in the main case and 71 claims concerning Diamond Select Toys
• There were 759 unique claimants, 28 were governmental agencies.

The motion raises the difficulty and cost in notifying everyone every update about the case and there’s numerous other ways to get notifications like a Notice of Appearance and Request for Notices.

Fisher is motioning to limit notices to:

• Counsel for the Debtor;
• The Trustee and his counsel;
• Secured Creditors;
• The Debtor’s 20 largest unsecured creditors, based on filed claims;
• The Office of the United States Trustee;
• The Internal Revenue Service, and the Comptroller of the State of Maryland;
• Persons who have appeared or filed a notice of appearance and request for service in the case (including persons served via CM/ECF);
• Parties who are directly affected by a particular motion, paper or pleading.

The 20 largest creditors are:

• Dynamic Forces, Inc.: $29,514,087.40
• Alliance Entertainment, LLC: $10,008,534.05
• Bandai Limited: $9,245,465.10
• Penguin Random House LLC: $8,941,467.05
• Passage Trading: $6,297,244.00
• Oni-Lion Forge Publishing Group: $5,646,907.40
• Udon Entertainment Inc.: $4,327,716.06
• Valiant Entertainment LLC: $4,070,588.30
• Disney Consumer Products, Inc.: $3,638,592.00
• Creative Grand Industrial HK Limited: $2,960,931.87
• Zenescope Entertainment, Inc.: $2,360,907.16
• Fantagraphics Books Inc.: $2,279,330.68
• MegaHouse Corporation: $2,150,730.00
• Magnetic Press LLC: $1,957,576.53
• TMP International, LLC: $1,774,558.48
• Aftershock Comics, LLC: $1,767,573.53
• ARA, Inc.: $1,229,027.36
• Funko, LLC: $1,206,854.62
• Action Figure Authority Inc.: $1,200,000.00
• Hasbro, Inc.: $1,185,638.23

They’re also looking for permission to pay for the notifications without having to ask permission for each time they need to do so.