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• Former comics and pop culture distribution monopoly Diamond might be liquidated after it delays bankruptcy paperwork
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Earlier today, Diamond Comic Distributors was in court asking that the second-place bidders for much of the company be accepted as a buyer after the original bidder got cold feet after initially agreeing to buy it. Now, we know what the court said — and it’s a yes. The Bankruptcy Court of the District of Maryland has approved a joint bid by two unrelated companies, Universal Distribution and Ad Populum (under the legal name Sparkle Pop LLC), to purchase the company - and to do so fast, as Diamond says it needs a decision quickly to continue operating and to appease its bank loan from JP Morgan Chase. 

Judge David E. Rice ruled that Diamond’s assets have been approved to be sold to Universal Distribution and Ad Populum, and in a shortened time frame. (That time frame has not been released publicly as of writing.) Additionally, the court has extended the period Diamond has to repay JP Morgan Chase Bank, which extended credit to Diamond following the commencement of bankruptcy proceedings back on January 14.

In short: Diamond’s lights will stay on, at least for now — there’s still the outstanding matter of whether or not the court will change Diamond's bankruptcy filing to Chapter 7 status, which opens the door for liquidating the company, although the hearing for that matter is May 27, by which point the matter may be moot if a sale is already completed; there’s also a lawsuit from former buyer Alliance Entertainment to contend with — and its sale will go ahead, barring any more unforeseen revelations.

What moves forward will look different that before, however; the two buyers are splitting Diamond's assets between each other, with Universal taking Alliance Game Distributors, which was previously identified by former buyer Alliance Entertainment as Diamond's primary asset, albeit one that has just lost its largest customer, with its contract with Magic: The Gathering manufacturer Wizards of the Coast lapsing today.

Ad Populum, meanwhile, is leaving the deal with Diamond Comic Distributors, Diamond Book Distributors, Diamond Select Toys & Collectibles, Collectible Grading Authority, and what are being described as "other related assets." Some remaining Diamond assets remain unsold as a result of this new deal; According to Diamond itself, Diamond UK has not been folded into this new deal, for example. The status of Free Comic Book Day also remains unclear, just days before this year's event.

Diamond has already released a press release celebrating the news, although it does note that the sale "is subject to final closing." 

The story may be ongoing for a while, but the immediate danger to Diamond appears to be over.

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