Posted in: Comics, Comics Publishers, Current News, Image | Tagged: diamond, terry moore

Image Supports Diamond Moving Liquidation Date To SDCC Thursday/Friday

Image Comics supports Diamond Comic Distributors' plan to move the liquidation court date to the Thursday and Friday of San Diego Comic-Con

Published Mon, 14 Jul 2025 14:58:05 -0500

by Rich Johnston

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The plans of the debtors of the Diamond Comic Distributors Chapter 11 bankruptcy to liquidate the consignment stock owned by hundreds of publishers, to raise money to pay off Diamond's debt to the banks, have to go to the court to be ratified. Comic book publishers had been objecting and started to organise over such a move. The court date had been set for the 21st of July, the Monday before San Diego Comic-Con, which publishers said would prevent them from making legal arguments against their stock being liquidated and used to pay off JP Morgan Chase. 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, with filing the week before. Well, now Diamond has gone one step further, asking the US Bankruptcy Court for the hearing to be held on the 24th or 25th of July, otherwise known as the Thursday and Friday of San Diego Comic-Con. Friday is Retailer Day, the day that publishers pitch to comic book stores, and also the night of the Eisner Awards. It is probably the worst possible date for Diamond to be holding such a court hearing in the comic book industry calendar.

The justification is even worse. Stating that "the Debtors have already received several responses to the Consignment Motion from various consignors and anticipate additional responses before the Objection Deadline. The Debtors have begun discussions with certain consignors to address the responses and related questions received to date regarding the consigned inventory. Adjourning the hearing on the Consignment Motion will permit the Debtors to further engage with consignors to narrow, or otherwise streamline, the potential issues to be presented to the Court at the hearing on the Consignment Motion. The Debtors thus believe that the additional time will
allow the hearing to proceed more efficiently."

So it's because they want to hear more from the publishers whose stock they are about to liquidate? All of whom will be saying, "not on San Diego week". They go on, "the Debtors received a request from one of the Debtors' more significant consignors to continue the hearing on the Consignment Motion to accommodate a scheduling issue for counsel. The Debtors would like to accommodate the request for the same reason set forth above—to allow additional time for the Debtors to address any response received from this consignor and potentially resolve or narrow the scope of potential issues to be presented to the Court." To give everyone more time, by rescheduling it to a date when no one has any time at all.

Apart from Image Comics, it seems, who have also filed paperwork saying that "Image's bankruptcy counsel will be returning to Cleveland, Ohio, the night of July 20, 2025, from an international trip that was scheduled months in advance, making it virtually impossible to be in Baltimore the next morning.Image Comics And, Image's local counsel, who must be present pursuant to Local Rules, will be out of the country on July 21, 2025."

"Further, the hearing is currently scheduled during Comic Con, the industry-leading comic book convention. As such, Image anticipates that many parties whose rights will be negatively affected by the Consignment Motion will be unavailable to participate at the hearing as it is currently scheduled."

Well, Image Comics I suggest that the Thursday/Friday of SDCC week is even worse for most people than the Monday before.

The latest publisher to file paperwork objecting to all this is Abstract Studios, who publish Terry Moore's titles, including Strangers In Paradise. They state, "It is widely known that product distributed through Diamond Comic Distributors, Inc., is typically sold on consignment and remain the property of the Seller until it is sold to a third party. The comic book industry creditors named on the consignment Vendors list are aware that consigned books distributed by Diamond Comic Distributors, Inc. are the sole property of the seller until distributed. All creditors making loans to Diamond Comic Distributors, Inc. would be aware that consigned inventory in the Olive Branch MS location is not owned by Diamond Comic Distributors, Inc., and can not be considered collateral toward loans obtained by Diamond Comic Distributors, Inc. or be sold to pay debts owed by Diamond Comic Distributors, Inc., Abstract Studio, Inc. respectfully requests that the motion for sale of consigned inventory by Debtor be denied."