post in : comic , Current News| Tagged : bankruptcy , ball field
Bankruptcy Courts okay the sale of Diamond Comics to Universal Distribution and Ad Populum / Sparkle Pop but with a $ 12 million discount
Well , that ’s another plait and wrench . Bleeding Cool told you that anew hearing in the Diamond Comic Distributors Chapter 11 / Chapter 7 failure case was taking place in the Baltimore court today , even if the main issue they were meant to be hearing had changed significantly since it was filed .
report from the court state that , quite simply , the Baltimore Bankruptcy Court have approved the sales agreement of Diamond Comic Distributors to the back - up bidder in the auction bridge , Universal Distribution and Sparkle Pop , a contain company for Ad Populum . Who will get what is currently redacted by the courts .
The sales event also excludes sealed Diamond - beginner / ownerSteve Geppi - associated people projects , includingGemstone Publishing , Diamond International Galleries and " any congener of Steven A. Geppi by third degree of consanguinity , current and former better half of Steven A. Geppi "
Universal Distribution will pay $ 49,634,950 , plus or minus a few other component . Sparkle Pop will pay$7,459,050 , though with sure provisos for payments owed toNECA andWizKids , make own by Ad Populum . That ’s a sum of around $ 57 million .
That is significantly low than their highest bid in the auction bridge of $ 69,130,000 , which visualise Universal pay the same , but Ad Populum to pay $ 19,495,050 for the residual . That ’s a $ 12 million rebate on the Mary Leontyne Price , and all of it in Ad Populum / Sparkle Pop ’s favour . AENT states that their reject bid in the failure vendue came to$72,245,000 , though in reality , it ended up topping eighty million . That ’s quite a disparity to explicate .
However , the ongoing " DiP " financial support has also been granted , so Diamond Comic Distribution will continue operations while they sort everything out . The shortening of the adjective time has also been approved , so they can just get on with it .
plain , we have not heard the last of the spurned AENT , which wish more , then got labour away . They are suing for compensation and filed a complaint about the proposed hurried closure of the deal . But ( I trust ) that is for another day . you could use theseDiamondandbankruptcytags to keep up with the former on Bleeding Cool .
Enjoyed this ? Please share on societal spiritualist !
