Posted in: Collectibles, Comics, Current News | Tagged: ,

Pokemon & Fright Rags Use 45 Day Bankruptcy Rule Against Diamond

Pokemon and Fright Rags use 45 Day bankruptcy rule to terminate the distribution, and secure the return of products held by Diamond.

Published
by
|
Last updated
|
Comments

Article Summary

  • Pokemon & Fright-Rags aim to reclaim goods from Diamond via the 45-day bankruptcy rule.
  • Diamond Comic Distributors faces reclamation demands amid Chapter 11 proceedings.
  • Half a million in Pokemon products and $49,500 in trading cards requested back.
  • Potential for more companies to demand returns from Diamond's warehouse stock.

Pokemon and Fright-Rags have both issued reclamation demands to Diamond Comic Distributors, currently undergoing Chapter 11 bankruptcy protection, regarding items they delivered to Diamond's warehouse without payment and would now like them back, please. If a company files for Chapter 11 bankruptcy, a supplier who delivered goods within the previous 45 days can petition the court to take back those goods, even if other creditors are waiting to be paid. Expect quite a lot of this to come.

The Pokémon Company International has given notice to Diamond Comic Distributors of a reclamation demand for everything delivered to them within that 45-day period, with a list of items totalling over half a million dollars delivered to Alliance Game Distributors, part of the Diamond Comic Distributors family. Fright-Rags has given Diamond Comic Distributors notice of a reclamation demand.  These were 33 palettes of Terminator 1984 trading cards in sealed boxes, as listed below, that were exclusive to Diamond Comic Distributors through Diamond Previews and valued at $49,500. They may be exclusive to Diamond and Diamond Previews… but if Fright-Rags gets them back, I guess they won't be exclusive any more. How many other companies will do similar? Could it be all of them? It depends on what had arrived in the Diamond warehouses during that 45-day period but had not been shipped out, I guess.

TERMINATOR 1984 PX T/C 24 PK HOBBY BOX (Net)
FRIGHT-RAGS INC.
FEB248170
From Fright-Rags. A PREVIEWS Exclusive! Relive the excitement of James Cameron's 1984 sci-fi action movie Terminator with these all-new, retro-style trading cards from Fright-Rags! These PREVIEWS Exclusive Terminator trading cards feature scenes from the movie, unforgettable quotes, and more! Packs contain 9 chip-back cards, all enclosed in a classic wax wrapper. Relive your childhood with these all new Terminator cards! Limited to 300 pieces. In Shops: Nov 20, 2024 SRP: $5.99

You can follow along with the latest in Diamond Comic Distributors bankruptcy events with this link.

Enjoyed this? Please share on social media!

Stay up-to-date and support the site by following Bleeding Cool on Google News today!

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.
twitterfacebookinstagramwebsite
Comments will load 20 seconds after page. Click here to load them now.