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Courts Clear At Least Three Days For The Diamond Bankruptcy Hearing

Courts clear at least three days for the Diamond Comic Distributors Chapter 11 bankruptcy hearing, currently taking place in Baltimore

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The Baltimore bankruptcy courts have cleared the schedule for the big Diamond Comic Distributors Chapter 11 bankruptcy case, which just kicked off today. Previously, Judge David E Rice, who has been hearing the case, including the sale of Diamond UK to its management team, concluded the hearing on the 5th of August, saying;

"We presently have the proposed sale of the UK business. I'm going to reschedule that and these, and the other items I'm going to mention to 9:30 a.m. on that date. The parties should be aware that we will clear our Docket at least for the morning of the 19th and the 20th. So, if matters — I don't know how these things are going to come out, but if they continue on because we take up the next issue, then it can at least take place over the course of those two-and-a-half days."

"So, we'll set the Motion to Sell the Consignment Inventory, Docket #531, for hearing on that date and time, as well as the Motion to Reject, which is Docket #679, and the Motion to Stay, which is Docket #649. And we'll take all those matters up in that time at whatever — in whatever order the Court  decides to proceed with them, given the circumstances as they have developed between now and then. And if counsel have worked things out great or if there is a desire to proceed in a particular order, I will be willing to consider that and perhaps do that. But we will have what will no doubt be an eventful hearing beginning on the 18th at 9:30, and we'll see you all at that time. Thank you very much"

Well, they do have a lot to talk about over those three days, specifically the plans for the debtors in the case to sell the stock owned by publishers on consignment to raise money to pay off the bank loans – and not the publishers. It has been quite the contentious issue, even though Image Comics, already seemed to settle its issues with Diamond over the liquidation plans, while the other publishers have not. Much more to come as the court case plays out. You can use these Diamond 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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