We got a press release passed along that the United States Bankruptcy Court for the District of Maryland has approved the combined bid by Universal Distribution and Ad Populum to acquire the assets of Diamond Comic Distributors.
As we reported earlier, Universal will acquire the assets of Alliance Game Distributors and Ad Populum will acquire the assets of Diamond Comic Distributors, Diamond Book Distributors, Diamond Select Toys & Collectibles, Collectible Grading Authority, and other related assets. Diamond UK is separate from this process and the transaction is still subject to the final closing.
The acquisition allows Universal Distribution to expand into the US market. How the purchase of Diamond Comic Distributors fits into the bigger strategy of Ad Populum will be interesting to see. Ad Populum’s roster of brands includes NECA, Kidrobot, Wizkids, Chia Pet, Rubies, Smiffys, Enesco, Graceland, and more.
What’s still up in the air is Alliance’s lawsuit against Diamond and its representatives over the accused obfuscation during their attempt to purchase the assets. The order also seems odd as it has left little time for creditors to submit any motions which feels like it still needs to happen. So, this likely is like last time with an approval but numerous steps to go before it’s finalized.
We’ll have the full court decision when it’s released and maybe it will answer some of our questions.
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Source: Graphic Policy
