It all seemed so straightforward. Diamond Comic Distributors was selling all of its assets as a part of its bankruptcy. It was thought various parties might scoop up an assortment of the company's pieces, but Alliance Entertainment was ready to buy almost everything (minus Diamond UK), submitted a hefty bid, and looked to be the new owner of Diamond in the near future. AEnt was more interested in the opportunities the direct market provided for a variety of entertainment items besides comics, but was happy to handle that too and everything was going to be a smooth transfer of power...until it wasn't.
Diamond wants to accept a combined bid from Universal Distribution and Ad Populum. They are two companies who want all of the assets and will split it up amongst themselves, with possibly more cash upfront but a smaller bid. AEnt says it is the rightful bidding winner and is now suing Diamond. It is a huge old mess with lots of lawyers. As Heidi MacDonald at Comicsbeat observed, all Hell has broken loose. Nobody liked Diamond when it was solvent but now in bankruptcy, everybody wants a piece--or all the pieces but at a good price. Multiple hearings are planned in the future so eventually, we'll see if Alliance Entertainment comes out on top or if Universal Distribution and Ad Populum scoop Diamond up.
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