Posted in: Comics, Comics Publishers, Current News, Dynamite | Tagged: ,


Dynamite Owed A Million By Diamond, Can't Make Payroll Next Week

Dynamite is owed a million from Diamond, can't make payroll next week, and wants bankruptcy courts to hurry their decisions along


At the end of May, Dynamite Entertainment filed paperwork with the US Bankruptcy Courts regarding the Chapter 11 bankruptcy of Diamond Comic Distributors, now bought by Ad Populum. Dynamite is claiming that payments that should have been made for comic books and merchandise delivered, should be counted as "administrative expenses", with hundreds of pages of listings of items that had not been paid for. If successful, Dynamite would have received payments as a matter of priority. Diamond/Ad Populum challenged this attempt.

Now into July, nothing on this seems to have progressed, and now Dynamite has asked the courts to hurry this along, saying that "the Bankruptcy Rules allows the Court to shorten notice periods…  that "when an act is required or allowed to be done at or within a specified time by these rules or by a notice given thereunder or by order of court, the court for cause shown may in its discretion with or without motion or notice order the period reduced."

And points out that "Dynamite is currently owed over $1 million for shipments made to the Debtor and Ad Populum LLC, a majority of which are administrative expenses. Dynamite, a small company with less than 30 employees, does not have the funds to make payroll next week, if it is not promptly paid by the Debtor. The Debtor has filed a vague objection asserting potential setoffs, but has not communicated any such setoffs to Dynamite. Dynamite is aware of multiple other publishers who remain unpaid for millions of dollars of shipments post-petition. The Debtor has had multiple weeks to prepare for a hearing and has not communicated at all with Dynamite regarding resolution of the Motion."

The Baltimore bankruptcy courts will take a hearing as to whether the case should or should not be hurried along, tomorrow at 2pm.

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Dynamite logo

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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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