Posted in: Collectibles, Comics, Current News | Tagged: CGA, diamond

Andrew Aiello, Tom Derby & Ben Davis Buy CGA After Diamond Bankruptcy

Andrew Aiello, Tom Derby and Ben Davis buy the Collectible Grading Authority (CGA) from Ad Populum, in the wake of the Diamond bankruptcy

During the Chapter 11 Bankruptcy, Skyrush Marketing of New York City and Long Island posted a press release saying that they had been selected as the highest bidder for Collectable Grading Authority (CGA), the Diamond-owned collectables grading business in the Chapter 11 bankruptcy auction for Diamond Comic Distributors. CGA offers authentication and grading services for collectable toys, action figures, and video games, in a similar way that CGC does for comic books. With Dave Thomas, COO of Skyrush Marketing, saying, "We have avid collectors on staff who understand both the historical significance and future potential of CGA. It's a company with an outstanding reputation. Collectors around the world trust it to grade and preserve their most valuable collectables. We have a deep, intimate knowledge of the business and the community it serves." Skyrush stated that they were "confident that under its leadership, the integrity of CGA and its respected staff could be preserved, while giving the brand the resources it needs to grow exponentially. However, despite being the highest bidder for Lot A, CGA was also bundled into a separate, all-encompassing lot covering the entirety of Diamond's assets. If CGA is awarded to another party, we hope they share a deep appreciation for the collector community and are committed to preserving the standards and trust CGA has built over the years. Regardless of the final outcome, Skyrush remains deeply committed to the collector community. The company will continue to pursue strategic ventures that support, protect, and grow the collecting hobby. Above all, Skyrush hopes for the very best for CGA and its dedicated team."

Skyrush claimed they had bid $1.65 million, but others were throwing around figures from fifty to eighty million for the whole kaboodle. And looking at the billable hours, a cost was filed for drafting a cease and desist letter to Skyrush. It seemed to work; the claim was no longer on the Skyrush website.

Today, the other shoe dropped as Andrew Aiello, owner of Skyrush, got in touch to tell me that he had bought CGA from Ad Populum/Sparkle Pop as part of a group after Ad Populum reached out to him. He intends to retain all CGA staff; they are staying in the Georgia area, and he intends to hire new staff and expand, saying, "The group is committed to strengthening operations, improving service, and gradually expanding offerings, with trust, integrity, and consistency as top priorities."

CGA, the parent company of Action Figure Authority (AFA) and Video Game Authority (VGA), has now sent out a note about their business now being stabilised and that "the new ownership group includes a team of experienced investors and passionate supporters of the hobby, including Andrew Aiello, founder of Inc. 5000 digital agency Skyrush Marketing, Tom Derby of Collectible Investment Brokerage (CIB), a trusted figure in the collectibles industry, Ben Davis, a successful investor and dedicated collector, along with additional seasoned investors who bring strong business acumen and long-term commitment to CGA's success. Together, this group brings a powerful blend of strategic leadership, industry insight, and deep respect for CGA's long-standing role in the hobby." And they make the following key commitments;

• Preserving CGA's expert, consistent grading standards and leadership team
• Supporting and carefully growing the staff in its Georgia-based facility
• Re-engaging the collector community with renewed transparency and responsiveness
• Rolling out new services and improvements over time, with announcements to follow

"We understand the concern collectors have felt during the recent transition," said Andrew Aiello. "Our goal is to bring stability and innovation to CGA. We are proud to carry this legacy forward while continuing to serve collectors with the care and consistency they deserve." Well, I am glad to see that someone got what they wanted from the Diamond Chapter 11 bankruptcy…

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…

• On the announcement of Chapter 11 on the 14th of January, Diamond started a 13-week bankruptcy process run by financial firm Raymond James, got financing to operate, and announced an auction for its assets.
• Those assets included Diamond Comic Distribution, Alliance Gaming Distribution, Diamond Select Toys, CGA and Diamond UK
• Universal Distribution was named the Stalking Horse bidder for Alliance Games and Diamond UK, which required a purchase commitment of thirty-nine million dollars, but with certain discounts and privileges for taking that position.
• The auction took place, and it went late. There was food and breakfast billed for.
• And Alliance Entertainment, or AENT, was named the top bidder for the assets of $72,245,000, though not for Diamond UK. This was widely announced, including by Diamond themselves.
• Then we learned that a joint bid by Universal Distribution and Ad Populum came second and was named the back-up bid, with a bid of $69,130,000. With Universal getting Alliance Gaming and Diamond UK, and Ad Populum getting Diamond Comics, Diamond Select Toys and everything else. Basic Fun was third with fifty million.
•  Bruce Ogilvie, AENT chairman, was invited onto a podcast with comic book retailers Dennis Barger and Jesse James after, apparently, watching my performance on the Beyond Wednesdays podcast in which he talked about AENT and Diamond.
• A court hearing with the Honorable Judge Rice in Courtroom 9-D at the United States Bankruptcy Court for the District of Maryland at 10 am was intended to ensure the legality of the bid and the process.
• But instead, over that weekend, the debtors declared that they had chosen the back-up bid from Universal and Ad Populum instead of AENT, despite AENT having bid more. No reason was given.
• AENT filed a lawsuit regarding this decision.
• It took the bankruptcy court to reverse that decision and state that AENT, with the higher bid, had won, though they would have to withdraw their lawsuit.
• AENT has terminated their winning bid and purchase.
• Universal Distribution and Ad Populum were back in the running
• Diamond declared "business as usual" but the courts threatened Chapter 7 over late paperwork.
• AENT sued Diamond, claiming fraud
• Diamond says it's all in hand and went back to court, wanting to be owned by Universal and Ad Populum.
• Sale of Diamond to Universal and Ad Populum was approved by the courts.
• Though Ad Populum paid more than we thought.
• Podcast blamed/credited with the current state of affairs
• Diamond tells Skyrush to stop claiming they won CGA.
• As part of court filings, Diamond released details for every comic store on account.
• We have some finality.
• Ad Populum and Universal Distribution officially acquire Diamond and related assets.
• The layoffs have begun.
• And continue.
• Diamond Select Toys has closed
• Diamond try and reassure retailers over ComicSuite
• Courts withdraw Chapter 7 bankruptcy threat
• We look at the future of Diamond Previews again
• PRH pulls out of Diamond entirely
• Well, not entirely, the UK can stay.
• Hermes Press says Diamond doesn't want to distribute their comics anymore… or anyone's.
• But Diamond pushes back on that, as they publish a new Previews.
• And they assure comic book stores that everything is going to be fine. Honest.
• Then send a letter to publishers which looks like it isn't
• Now they are looking for more money and longer to pay it back.
• Dynamite would like half a million now, please.
• Udon and Manga Classic have now cancelled all Diamond orders.
• Then so did Drem Productions
• And PRH starts to close their special retailer joining offer
• Diamond gets a fourth wave of funding and deadlines.
• Philbo Distribution launches.
• Alliance Entertainment hire seven senior Diamond staffers.
• Universal Distribution rumoured to be hiring Diamond staffers to enter the US market.
• Massive Distribution expands within Lunar
• Diamond has cancelled all their PRH orders.
• There are problems with Ad Populum's first payments to comics publishers
• Ad Populum sues AENT alleging breaches of confidentiality and staff poaching.
• Ad Populum still ghosting publishers.
• Bankruptcy timeline revealed it began in July 2024
• Diamond ends cash on delivery sales
• Hermes Press hires Steve Leaf
• Diamond responds to Dynamite
• Diamond closes No Cost Orders, sends out reminder emails to comic book stores
• Boom Studios makes layoffs.
• Zenescope pulls out of Diamond.
• AENT Says Diamond Claim They Poached Staff "Fails As A Matter Of Law"
• It's Claimed New Diamond Owner Said He's "Playing Chicken With Idiots"
• Mike Schimmel Talks, Under Oath, About The Diamond Comics Firings
• Dynamite jumps to Lunar Distribution
• Diamond takes Previews digital only
• Universal Distribution to distribute in the USA as well as Canada, starting with DC Comics
• Conflicting Statements Over Diamond, AENT And Ad Populum Lawsuits
• This Week, There Are Only Five Comics On Diamond's FOC
• Robert Gorin, Chief Restructuring Officer Of Diamond Comics, And Geek
• Titan Has Not Received Payments From Diamond Comics, Stops Supplying
• Fantagraphics Says That Diamond Is Holding Their Comics Hostage
• Kathy Govier, Chief Marketing & Communications Officer, Out At Diamond
• Confirmed, AENT Tried To Buy Diamond In October To Avoid Bankruptcy
• Dynamite Pulls Their Comics Out From Diamond Comic Distributors
• Diamond Moves To Liquidate All Consigned Comics "Held Hostage"
• FairSquare Graphics Calls Diamond "Thieves & Bandits", Brings Receipts
• Ultimate Comics Chain Refuses To Buy Diamond Liquidation Stock
• This One Trick Means Bandai Get Their Pokémon Cards Back From Diamond?
• Dren Productions Want To Know If Diamond Shipped Their Recent Comics?
• Publishers Have 3 Weeks To Object To Diamond Comics' Liquidation Plans
• Emily Botica, Vice President At Diamond Comics, Is Leaving Next Week
• SDCC Gossip: What's Happening With Diamond At San Diego Comic-Con?
• Universal To Offer DC Comics To US Retailers At Same Lunar Discount
• Comic Publishers To File Paperwork Against Diamond Comics This Week
• Diamond Pulls Its Pullbox And Cancels Its ComicSuite For Comic Shops
• The Exit Interviews Of Diamond Comic Distributor Staff In Full
• Andrew Aiello, Tom Derby & Ben Davis Buy CGA After Diamond Bankruptcy

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