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Raymond James Bills $3.8 Million In Fees For Diamond Comics Bankruptcy

Financial firm Raymond James bills around $3.8 million dollars in legal fees and expenses for Diamond Comics' Chapter 11 Bankruptcy

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Investment banking firm Raymond James & Associates was appointed by Diamond Comic Distributors last summer and ran the Chapter 11 bankruptcy for Diamond when it was announced in January, including the auction procedures. They have now filed for final court approval to collect around $3.8 million in compensation and over $66,000 in expenses for their role, claiming the sale of nearly all the company's assets for approximately $79 million.

They have also been retained by Diamond Comic Distributors, the debtors in this case. Initially, Raymond James was tasked with marketing the company's assets, evaluating financing options, and facilitating potential mergers or sales. In the end, after disputed bids, Alliance Game Distributors' assets were sold to Universal Distribution, the core Diamond Comic Distributors was sold to Sparkle Pop, an affiliate of Ad Populum, and shares in their UK company, Diamond Comic Distributors UK, a non-debtor entity, were sold to Diamond Distributors UK, Ltd, made up of the UK management team. The filing states that these represented a "considerable improvement" over initial bids,

The billing breaks down as over a third of a million in monthly advisory fees, covering February to August 2025, at fifty grand a month. There was the $150,000 debtor-in-possession (DIP) financing fee, with further business combination transaction fees, around two and a half million dollars for Alliance assets, three-quarters of a million for Diamond business lines, and just over $160,000 for the UK shares. They are also claiming expenses include travel, meals, and legal fees totalling around $66,000. They noted that they had already received half a million dollars from Diamond, leaving three-and-a-third million dollars outstanding if approved. A hearing is scheduled for the 30th of September, 2025, with Judge David E. Rice on this and many other matters.

The Room Where It Didn't Happen - The Diamond Comics Auction
Raymond James, 320 Park Avenue, New York City, Google Street View

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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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