Diamond Comic Distributors declared Chapter 11 bankruptcy. They were going to be bought by Alliance Entertainment. Until they said they wanted a different buyer and AEnt. sued for the first time (more on that clarifier in a second). Then, AEnt. suddenly terminated any plans to be the buyer. Now, it appears that termination stems from Diamond (allegedly) outright lying about a contract with Wizards of the Coast (who supplied Diamond with trading cards like Magic) that was set to end at the conclusion of April and not continue into the future--thereby drastically cutting Diamond's value. Then, moves were being made to possibly liquidate the company into Chapter 7 and a previously interested party has reemerged that just hours ago was approved to get Diamond--whilst the company deals with a new lawsuit from AEnt. among other parties. To call all this a, "Fiasco," would be an understatement.
It seems--barring any further twists--Universal Distribution and Ad Populum will split various pieces of Diamond Comic Distributors. This transaction is by no means closed and could contain further zigs, zags, swerves, and surprises. This isn't over; instead, "The long National nightmare seems to be entering another phase," as Heidi MacDonald over at ComicsBeat put it. At this point, I don't think anyone could predict what is going to happen. When all is said and done, will there even be enough left of Diamond for it to be worth all this fighting and lawsuits? At this point, it has become a soap opera, and I'm half expecting someone to declare they have amnesia or are a long-lost twin.
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