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Posted in: Comics, Current News | Tagged: bankruptcy, diamond
The Diamond Comics Auction Will Be Held In New York In One Hour's Time
The auction for Diamond Comic Distributors will be held in New York City in one hour's time... anyone fancy popping by?
Article Summary
- Diamond Comics auction set in NYC amid Chapter 11 bankruptcy.
- Auction includes assets like Free Comic Book Day and more.
- Key dates: Bids by March 19, auction on March 24.
- Legal procedures outlined for sale of Diamond assets.
The auction of Diamond Comic Distributors, in the light of its declaration of Chapter 11 bankruptcy, will be held at the offices of Raymond James & Associates, 320 Park Avenue, 12th Floor, New York in one hour's time. Right here.
The details of the auction were posted publicly in the classified section of local newspapers. Which are, presumably, what they are still legally required to do and may be stopping local press going out bankrupt themselves…
PUBLIC NOTICES IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND (BALTIMORE DIVISION)
In re DIAMOND COMIC DISTRIBUTORS, INC., et al., Debtors.
Case No. 25-10308 (DER) Chapter 11 (Jointly Administered)
NOTICE OF PROPOSED SALE OF SUBSTANTIALLY ALL OF DEBTORS' ASSETS, FREE AND CLEAR OF ALL LIENS, CLAIMS AND ENCUMBRANCES, AND SALE HEARING
PLEASE TAKE NOTICE that, on January 14, 2025, Diamond Comic Distributors, Inc., Comic Holdings, Inc., Comic Experts, Inc., and Diamond Select Toys & Collectibles, LLC (collectively the "Debtors"), filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the above-captioned Bankruptcy Court. On February 11, 2025, the Bankruptcy Court entered an order (the "Bid Procedures Order") establishing procedures by which the Debtors may sell substantially all their assets, free and clear of all liens, claims, and encumbrances. On February 21, 2025, the Debtors filed a motion seeking approval of such sale(s). The chart below describes the Debtors' assets being marketed for sale:
| Business | Description |
|---|---|
| 1. DIAMOND COMIC DISTRIBUTORS | DIVISION OF DEBTOR DIAMOND COMIC DISTRIBUTORS, INC., that distributes comic books, graphic novels, toys, games, and other pop culture-related merchandise. |
| 2. DIAMOND BOOK DISTRIBUTORS | DIVISION OF DEBTOR DIAMOND COMIC DISTRIBUTORS, INC., that distributes English-language graphic novels, manga, games, and merchandise. |
| 3. ALLIANCE GAME DISTRIBUTORS | DIVISION OF DEBTOR DIAMOND COMIC DISTRIBUTORS, INC., that distributes board games, card games, role-playing games, miniatures, and other gaming products. |
| 4. COLLECTIBLE GRADING AUTHORITY (CGA) | DIVISION OF DEBTOR DIAMOND COMIC DISTRIBUTORS, INC., that provides professional evaluation, authentication, and grading services of vintage and modern toys, video games, and other related collectible assets. |
| 5. FANDOMWORLD | DIVISION OF DEBTOR DIAMOND COMIC DISTRIBUTORS, INC., that operates a direct-to-consumer e-commerce platform offering a range of collectible merchandise for sale. |
| 6. FREECOMICBOOKDAY.COM | DIVISION OF DEBTOR DIAMOND COMIC DISTRIBUTORS, INC., that operates an annual promotional event where participating comic bookstores give away free comic books to drive product awareness and attract new customers. |
| 7. DIAMOND SELECT TOYS & COLLECTIBLES, LLC | MANUFACTURES COLLECTIBLE TOYS AND ANIMATED STYLE STATUES BASED ON LICENSED INTELLECTUAL PROPERTY. |
| 8. GENTLE GIANT LTD. | DIVISION OF DEBTOR DIAMOND SELECT TOYS & COLLECTIBLES, LLC, that manufactures collectible toys and statues based on licensed intellectual property. |
| 9. IRONGUARD SUPPLIES | DIVISION OF DEBTOR DIAMOND SELECT TOYS & COLLECTIBLES, LLC, that manufactures card supplies, comic supplies, and displays, including card sleeves, magna-armor, backerboards, and comic bags. |
| 10. COMIC EXPERTS, INC. | HOLDING COMPANY THAT OWNS 50% OF DEBTOR DIAMOND COMIC DISTRIBUTORS, UK, a distributor of comic books, collectibles, and related merchandise in the United Kingdom. |
| 11. COMIC HOLDINGS, INC. | HOLDING COMPANY THAT OWNS 50% OF NON-DEBTOR DIAMOND COMIC DISTRIBUTORS UK, a distributor of comic books, collectibles, and related merchandise in the United Kingdom. |
| 12. DIAMOND COMIC DISTRIBUTORS UK | NON-DEBTOR ENTITY THAT DISTRIBUTES COMIC BOOKS, COLLECTIBLES, AND RELATED MERCHANDISE IN THE UNITED KINGDOM. |
THE DEADLINE TO SUBMIT BIDS IS MARCH 19, 2025. THE BID PROCEDURES ORDER PROVIDES THE DETAILS FOR THE SUBMISSION OF A BID. ANY OBJECTIONS TO THE SALE(S) MUST (I) BE MADE IN WRITING, (II) STATE WITH PARTICULARITY THE GROUNDS FOR THE RESPONSE OR OBJECTION, (III) CONFORM TO THE BANKRUPTCY RULES AND THE LOCAL BANKRUPTCY RULES, (IV) BE FILED WITH THE COURT ON OR BEFORE MARCH 14, 2025, AND (V) BE SERVED ON THE FOLLOWING PARTIES: (A) PROPOSED COUNSEL TO THE DEBTORS, SAUL EWING LLP, 1500 MARKET STREET, 38TH FLOOR, PHILADELPHIA, PENNSYLVANIA 19102, ATTN: JEFFREY C. HAMPTON (jeffrey.hampton@saul.com) AND ADAM H. ISENBERG (adam.isenberg@saul.com), AND 1201 N. MARKET STREET, SUITE 2300, WILMINGTON, DELAWARE 19801, ATTN: PAIGE N. TOPPER (paige.topper@saul.com); (B) COUNSEL TO THE DIP LENDER, TROUTMAN PEPPER LOCKE LLP, 111 HUNTINGTON AVENUE, 9TH FLOOR, BOSTON, MASSACHUSETTS 02199, ATTN: JONATHAN W. YOUNG (jonathan.young@troutman.com) AND DAVID RUEDIGER (david.ruediger@troutman.com); (C) THE OFFICE OF THE UNITED STATES TRUSTEE FOR THE DISTRICT OF MARYLAND, ATTN: GERARD R. VETTER (gerard.r.vetter@usdoj.gov); (D) PROPOSED COUNSEL TO THE COMMITTEE, LOWENSTEIN SANDLER LLP, 1251 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK 10020, ATTN: BRUCE S. NATHAN (bnathan@lowenstein.com) AND GRIFANCO FINIZIO (gfinizio@lowenstein.com)), AND YLDINGS & ROSENBERG LLP, ONE E. PRATT ST., SUITE 901, BALTIMORE, MARYLAND 21202, ATTN: STEPHEN B. GERALD (sgerald@yldings.com)), AND DENNIS J. SHAFFER (dshaffer@yldings.com)); AND (E) COUNSEL TO THE STALKING HORSE BIDDER, WHITEFORD, TAYLOR & PRESTON LLP, 8830 STANFORD BLVD., SUITE 400, COLUMBIA, MARYLAND 21045, ATTN: BRENT C. STRICKLAND (bstrickland@whitefordlaw.com)).
THE HEARING TO CONSIDER APPROVAL OF THE SALE IS SCHEDULED FOR MARCH 27, 2025, AT 10:00 A.M. (EST) AT THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND, 101 W. LOMBARD ST., COURTROOM 9-D, BALTIMORE, MARYLAND 21201. COPIES OF DOCUMENTS RELATED TO THE SALE AS WELL AS OTHER DOCUMENTS FILED IN THE DEBTORS' CHAPTER 11 CASES ARE AVAILABLE FREE OF CHARGE ON THE DEBTORS' CASE INFORMATION WEBSITE, LOCATED AT https://cases.omniagentsolutions.com/home?clientId=3721, OR CAN BE REQUESTED BY CALLING THE DEBT
Here is what led up to it.
- Bid Deadline – 19th of March, 5 pm ET, the deadline by which all Qualifying Bids (except a credit bid by the Lender) must be actually received by the Debtors and their advisors.
- Sale Objection Deadline – 14th of March, 5 pm ET. Any and all objections to a Sale of the Assets and entry of a Sale Order must (i) be made in writing; (ii) state with particularity the grounds for the response or objection; (iii) conform to the Bankruptcy Rules and the Local Bankruptcy Rule. Any party or entity that fails to timely make an objection to the Sale on or before the Sale Objection Deadline may be forever barred from asserting any objection to the Sale, including with respect to the transfer of the assets free and clear of all liens, claims, encumbrances, and other interests.
- Deadline for Debtors to Designate Qualifying Bids and Baseline Bid – 21st of March, at 1 pm ET,
- Auction – 24th of March at 10am ET at the offices of Raymond James & Associates, Inc., 320 Park Avenue, 12th Floor, New York, New York 10022. Each Auction Bidder must attend the Auction, either on its own behalf or through a duly authorized representative with power to bind such Auction Bidder at the Auction;
- Adequate Assurance Objection Deadline for Successful Bidder other than the Stalking Horse Bidder – 25th of March, at noon ET.
- Debtors' Deadline to Reply to Sale Objections (other than Adequate Assurance Objections) – 25th of March, at noon ET.
- Sale Hearing (subject to Court availability) – 27th of March 27, at 10 am ET.
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