Alliance Entertainment is suing Diamond Comic Distributors over the results of their recent bankruptcy auction. Diamond declared Chapter 11 bankruptcy in January, and Alliance was the high bidder on its assets with a bid of $72,245,000 (and widely reported as the winner in March). Universal Distribution and Ad Populum entered a joint bid of $69,130,000, “with Universal getting Alliance and Diamond UK, and Ad Populum getting Diamond Comics, Diamond Select Toys and everything else,” and were named the back-up bid. A hearing was set for Monday in the U.S. Bankruptcy Court in the District of Maryland to ensure the legality […]
