Posted in: Comics, Comics Publishers, Current News, Dynamite, Fantagraphics | Tagged: avatar press, diamond

Avatar Press Joins Anti-Diamond Liquidation Publisher Coalition

Avatar Press joins anti-Diamond Liquidation comic book publisher coalition, alongside Dynamite, Fantagraphics and Drawn And Quarterly

Bleeding Cool has been covering in depth the plans of the Debtors of the Diamond Comic Distributors Chapter 11 bankruptcy,  to liquidate the consignment stock owned by hundreds of publishers, a situation that Fantagraphics has called "holding hostage inventory that they do not own." And that this was to be decided by the courts on Monday of San Diego Comic-Con week, when affected publishers would be extra busy elsewhere. Recent motions have been made to move the hearing to the Thursday or Friday of that same week, which doesn't really seem much better. Now William Christensen, publisher of Avatar Press, and also of Bleeding Cool, tells us;

"The original bankruptcy of Diamond Comic Distributors was a huge financial blow to us as it was for many publishers, but as many publishers did, we continued to work with them in good faith for what many believed would be the good of the market.  But the subsequent lack of meaningful communication, lack of payments for products sold, and refusal to return our consigned inventory on the part of Diamond, the debtor, has dramatically increased the harm to us and many other publishers.  The attempt to liquidate the consigned inventory of the entire comic book direct market has turned this bankruptcy proceeding from what might have become a market evolution into an existential threat for a large chunk of the market.  These actions of the debtors threaten to do irreversible harm to the publishers owed money that this bankruptcy proceeding should be meant to help. Avatar Press is joining the consignors' coalition of publishers alongside Dynamite, Fantagraphics, Drawn and Quarterly and others to challenge the debtor's attempt to liquidate our inventory in bankruptcy court."

Previously, Nick Barrucci, owner of Dynamite Entertainment, had issued the following call to action to comic book publishers, on behalf of Dynamite, Drawn And Quarterly and Fantagraphics. And a plan to pool resources. He writes;

"Notice to all publishers and vendors who distributed products through Diamond. Diamond or its successor entities have publicly moved to sell inventory currently in its warehouses without publishers' consent. Several publishers are pooling their resources together to challenge these proposed sales procedures for this inventory. If you represent a company with inventory currently warehoused with Diamond or its successor entities and would like to learn more, please reach out to the following publishers who are helping to put together our group of vendors. The response must be filed with the Maryland Bankruptcy Court by July 16th.  Please share this with any interested parties."

• Eric Reynolds at: reynolds@fantagraphics.com
• Peggy Burns at: peggy@drawnandquarterly.com
• Nick Barrucci at: nick.barrucci@dynamite.com

I understand that other publishers have also gotten involved, but the list of publishers involved in this particular effort has not been made public.

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