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Diamond Distributors Asks Bankruptcy Court For Ownership of Publishers' Consignment Inventory [UPDATED]
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<blockquote data-quote="kenmarable" data-source="post: 9696187" data-attributes="member: 40359"><p>This article has more detail:</p><p>[URL unfurl="true"]https://bleedingfool.com/comics/consignment-or-confiscation-diamonds-bankruptcy-leaves-publishers-guessing/[/URL]</p><p></p><p>IANAL either, but at least from the details provided it sounds like Diamond is claiming since the companies selling on consignment didn't file a claim against Diamond's property <strong>before</strong> the bankruptcy they are out of luck and all that inventory (which is the publisher's property not Diamonds???) is magically Diamond's now (and this is even after <a href="https://www.comicsbeat.com/the-week-in-diamond-non-payments-non-shipping-and-10-million-lost-value/" target="_blank">they started refusing to send that inventory back to publishers who requested it</a>).</p><p></p><p>Considering the official statement included in that article from Fantagraphics uses terms like "ransom note" and "held hostage" and tells retails to not buy even existing back stock through Diamond anymore, it sounds like publishers are as furious as you would think.</p><p></p><p>And as for prioritizing creditors with the bankruptcy, it sounds like the list is likely going to be:</p><ol> <li data-xf-list-type="ol">Chase bank</li> <li data-xf-list-type="ol">Giants like Pokemon, Marvel, and DC</li> <li data-xf-list-type="ol">Good luck everyone else</li> </ol><p>(Oh, and edit to add - <a href="https://bleedingcool.com/comics/diamond-tells-publishers-about-outstanding-invoices-future-payments/" target="_blank">Diamond has new owners as of May 16, and they don't owe anything to previous creditors</a> since they are technically a new business entity. So any money made since then and going on into the future will not help anyone owed by the bankrupt former business.)</p></blockquote><p></p>
[QUOTE="kenmarable, post: 9696187, member: 40359"] This article has more detail: [URL unfurl="true"]https://bleedingfool.com/comics/consignment-or-confiscation-diamonds-bankruptcy-leaves-publishers-guessing/[/URL] IANAL either, but at least from the details provided it sounds like Diamond is claiming since the companies selling on consignment didn't file a claim against Diamond's property [B]before[/B] the bankruptcy they are out of luck and all that inventory (which is the publisher's property not Diamonds???) is magically Diamond's now (and this is even after [URL='https://www.comicsbeat.com/the-week-in-diamond-non-payments-non-shipping-and-10-million-lost-value/']they started refusing to send that inventory back to publishers who requested it[/URL]). Considering the official statement included in that article from Fantagraphics uses terms like "ransom note" and "held hostage" and tells retails to not buy even existing back stock through Diamond anymore, it sounds like publishers are as furious as you would think. And as for prioritizing creditors with the bankruptcy, it sounds like the list is likely going to be: [LIST=1] [*]Chase bank [*]Giants like Pokemon, Marvel, and DC [*]Good luck everyone else [/LIST] (Oh, and edit to add - [URL='https://bleedingcool.com/comics/diamond-tells-publishers-about-outstanding-invoices-future-payments/']Diamond has new owners as of May 16, and they don't owe anything to previous creditors[/URL] since they are technically a new business entity. So any money made since then and going on into the future will not help anyone owed by the bankrupt former business.) [/QUOTE]
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Diamond Distributors Asks Bankruptcy Court For Ownership of Publishers' Consignment Inventory [UPDATED]
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