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Ad Populum Can't Yet Deal Directly with Diamond Consignment Vendors

An Ad Populum exec says the company has been restricted from dealing directly with Diamond's consignment vendors, and must go through the bankruptcy estate.


An executive at Ad Populum, the company that purchased Diamond Comic Distributors, has confirmed to Bleeding Cool that Ad Populum has been restricted from dealing directly with any consignment vendors and has had to go through the bankruptcy estate for everything, including any correspondence. And that Ad Populum sincerely hopes that this changes very soon.

Just to catch up, at the beginning of the year, comic book direct market distributor Diamond Comic Distributors declared Chapter 11 bankruptcy, owing millions of dollars to many publishers. Since then, additional financing was arranged with JP Morgan Chase bank, and normal service resumed for everything post-bankruptcy for most publishers while the proceedings continued and the auction for Diamond's assets took place. Ad Populum won the auction for Diamond Comic Distributors, but soon after the purchase was agreed, comic book publishers discovered that meaningful communication with all parts of Diamond Comic Distributors in the USA had stopped, along with payments. Soon after, an application had been made to the courts for the liquidation of consigned stock by Diamond Comic Distributors Inc., the debtor entity in the Chapter 11 bankruptcy proceedings. Which has led to a number of legal actions being mounted by publishers, ahead of the hearing for the liquidation, arranged for the week of San Diego Comic-Con.

Will Diamond's Bankruptcy Process Go After Comic Shop Debt?
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You can use these Diamond, and Ad Populum tabs to keep up with the latest on Bleeding Cool. Here's a timeline if you want to catch up…

 


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Rich JohnstonAbout Rich Johnston

Founder of Bleeding Cool. The longest-serving digital news reporter in the world, since 1992. Author of The Flying Friar, Holed Up, The Avengefuls, Doctor Who: Room With A Deja Vu, The Many Murders Of Miss Cranbourne, Chase Variant. Lives in South-West London, works from The Union Club on Greek Street, shops at Gosh, Piranha and FP. Father of two daughters. Political cartoonist.
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