Posted in : comedian , Current News| Tagged : failure , diamond
Now Diamond Comic Distributors makes fiscal demand of comic book stores , in wake of Chapter 11 bankruptcy
Article Summary
As part ofDiamond Comic Distributors ' filings for Chapter 11 bankruptcy , as well as all the money they owe people , they also lean $ 22 million in debt from people who owe them , a million dollars of which is label as from in question or uncollectible accounts . And they also heel $ 11 million in debts over 90 day onetime , $ 6 million of which is seen irrecoverable . One might note that if they could recuperate that entire amount , $ 33 million , it could go a long way to coming out of failure .
Not that they are n’t trying . Bleeding Cool is aware of a number of comic book of account stores that have suddenly received surprise demands for payments of unpaid invoice dating back last twelvemonth . However , when retailer go and wait , they can find no such invoices . With thousands of dollars being ask each time , there may be a fiddling separation going on .
No wonder no one from Diamond was at the retailer event ComicsPRO in Glendale , California , this past weekend . It was probably not the good place for anyone from Diamond to be confronted with one or two hundred comic book storehouse managers who had just had such a demand .
But it does bring to beware San Franciscan retailerBrian Hibbs ' observation that " Diamond and Steve Geppi specifically have represent as the " banking concern " of the Direct Market , saving and protect the great mass of retailers again and again and again . " What that means is that Diamond has allow amusing book retailers to run up debt while they machinate and reorganise themselves , without calling in those debts until the depot is able to bear them . As a result , it has been on the hook shot many times when a comic book store has go bankrupt . It seems that those day are over , and Diamond Comic Distributors would like their money , please . Even if they are not entirely indisputable who owes what to whom justly now …
Bleeding Cool is continue to cover the Diamond bankruptcy position with large depth than any other internet site , but we are always reliant on root across the manufacture . If you have any further insights to portion out , please emailrichjohnston@gmail.com .
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