Posted in: Ablaze Publishing, AfterShock, Ahoy, Antarctic Press, Archie, AWA, Bad Idea, Black Mask Studios, Boom, Comics, Dark Horse Comics, DC Comics, Dynamite, Fantagraphics, IDW, Image, Mad Cave Studios, Marvel Comics, Oni Press, Rebellion / 2000AD, Titan, Tokyopop, Top Cow, Valiant, Vault, Viz Media, Yen Press | Tagged: diamond, steve geppi

Diamond Files Final Bankruptcy Accounts, No One's Getting Anything

Diamond Comics, the debtor has filed final accounts in the switch from Chapter 11 to chapter 7 bankruptcy and it looks like no one's getting anything

Published Tue, 03 Feb 2026 09:57:07 -0600

by Rich Johnston

Last updated Tue, 03 Feb 2026 10:03:21 -0600

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Bleeding Cool previously reported that Diamond Comic Distributors Inc., the debtor in the Diamond Comics bankruptcy case, was moving from Chapter 11 to Chapter 7 bankruptcy. It appears that the millions raised from selling parts of the company to Ad Populum, Universal Distribution and the managers of Diamond UK, will be wiped out by legal fees and bank fees, which have been mounting up over the past year. The remaining item of value was the inventory, comics books, graphic novels and merchandise, including the consigned inventory owned by the publishers, but that Diamond has been legally trying to seize and sell. There has been no determination yet made on most of the adversary proceedings filed on that matter, except in a few cases where publishers did not respond, and the court entered a default judgment. And now we have some filed numbers for the end of the year, letting us know where the money is, as Diamond switched from Chapter 11 to Chapter 7.

Alliance Game Distributors Alliance Depository $ 6,527.87
Diamond Comic Distributors, Inc. Operati Diamond Operating $ 114,203.77
Diamond Comic Distributors, Inc. Diamond Controlled Disbursement $ 1,373.70
Diamond Comic Distributors, Inc. Diamond Depository $ 153,367.86
Diamond Comic CAD BMO CAD$ $ 33,192.22
Diamond Comic USD BMO USD$ $ 2,040.78
Diamond Comic Distributors Inc DCD JPM Canadian – CAD$ $ (16.52)
Diamond Comic Distributors Inc DCD JPM Canadian – USD$ $ (0.62)

Balances in items #1, #4, #5, and #6 represent funds collected from customers for the accounts of Universal Distribution and Sparkle Pop. $108,568.92 of these amounts represents funds funded under the Sparkle Pop TSA. Then there's money owed to Diamond by its affiliated companies and individuals.

Due From Renegade Games $68,998.27
Due From E Gerber Products $26,162.69
Due From Diamond Select Toys $7,548,878.24
Due From Diamond International Galleries $3,698,722.31
Due From Gemstone $494,250.13
Due From S Geppi $186,139.66
Due From Rosebud $1,745,256.00

That's a total owed to the Diamond debtors from themselves, basically, of $13,768,407.30. With Steve Geppi owing $186K. The disputed consigned inventory of comics and merchandise is valued at $47,395,013.95 by the debtor, with a retail value of $113,737,037.14. And unpaid debts since the bankruptcy include interest for the bank payments, storage of the consigned inventory, and the accrued expenses after the bankruptcy for Alliance and Diamond….

DIP Interest Expense $123,396
December Consignment Storage $126,506
Post Petition AP – Alliance Games $993,314
Post Petition AP – Diamond Comics $1,656,086

That's a further $2,899,302 owed. And then the big one, what exactly does Diamond Comic Distributors owe and what will people get of it in the Final Allowed Amount that follows?

UNSECURED $58,574,641.35 $0
PRIORITY $1,172,114.89 $0
SECURED $4,773,329.61
ADMIN $2,324,224.37
503(b)(9) $11,151,513.30
Total $77,995,823.52 $0

That's a lot of $0, aside from secured debts, administration of the bankruptcy itself and 503(b)(9), which provides administrative expense status for "the value of any goods received by the debtor within 20 days before" the date of the bankruptcy. It's a small amount of the total $78 million still owed. But looking at the detailed individual listings, no one is getting anything in those Final Allowed Amount columns. Whether you are Penguin Random House, owed $8,941,467.05, or a former employee, Chris Powell, owed $11,900. The legal case continues through the courts, especially over the consigned inventory, but it seems the courts have already found against comic book publishers Valiant, Netcomics, and Digital Manga. Their legal representatives did not respond to the adversary proceeding complaint, so the court found in favour of Diamond, the debtor in this bankruptcy case.

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