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Interim Chapter 7 Trustee Appointed In Diamond Comics Bankruptcy

Morgan W. Fisher has been appointed the Interim Chapter 7 Trustee in Diamond Comics' bankruptcy proceedings

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A new filing in the Diamond Comic Distributors bankruptcy proceedings confirms that the case is now moving further towards Chapter 7 oversight, with an interim trustee formally appointed by the U.S. Trustee's Office. According to a notice filed just before Christmas, Morgan W. Fisher of Baltimore, Maryland, has been appointed for the estates of Diamond Comic Distributors, Inc. and affiliated debtors, effective one minute before the clocks chime for New Year's Day.

Morgan Fisher is the owner of the Law Offices of Morgan Fisher, LLC and a practising attorney in Annapolis, Maryland. He represents parties involved in work-outs, debt restructuring, bankruptcy, insolvency, and related commercial litigation matters. In addition to his law practice, Morgan serves as a court-appointed fiduciary in bankruptcy and state court insolvency proceedings. As a fiduciary, Morgan is routinely involved in managing the wind-down and liquidation of complex business enterprises, including: the recovery and sale of assets; the investigation, development, and prosecution of fraudulent transfer and officer and director litigation to recover funds for creditors holding unsatisfied claims; and the analysis, reconciliation, and payment of claims held by creditors.

The designation of a Chapter 7 trustee is a significant procedural step, in the continued administration of the bankruptcy proceeding.  U.S. Courts describe Chapter 7 bankruptcy as providing for "liquidation – the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors," whereas "A Chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time."However, a debtor may sometimes choose to liquidate under Chapter 11 rather than Chapter 7. According to the Chapter 11 portion of the Bankruptcy Code, "A debtor in a case under chapter 11 has a one-time absolute right to convert the chapter 11 case to a case under chapter 7 unless: (1) the debtor is not a debtor in possession; (2) the case originally was commenced as an involuntary case under chapter 11; or (3) the case was converted to a case under chapter 11 other than at the debtor's request. 11 U.S.C. § 1112(a).

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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 comic books The Flying Friar, Holed Up, The Avengefuls, Doctor Who: Room With A Deja Vu, The Many Murders Of Miss Cranbourne and Chase Variant. Lives in South-West London, works from The Union Club on Greek Street, shops at Gosh, Piranha and Forbidden Planet. Father of two daughters, Amazon associate, political cartoonist.
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