Diamond motions the Court for a Fourth Stipulation with JPMorgan Chase Bank

Which happens first, Diamond‘s Chapter 11 case or Image United‘s missing issues are released? Yes, it’s a cheap joke, but it’s where we’re at right now. Though Diamond’s assets have been purchased by Universal Distribution and Ad Populum, the drama continues with a new motion for a “Fourth Stipulation” between Diamond and JPMorgan Chase Bank. In short, JPMorgan Chase Bank lent money to Diamond to help them through the Chapter 11 and the court needs to approve any changes to that agreement.

The modification would impact the “Amount and extend the Maturity Date.” Diamond and JPMorgan are in discussions regarding the Fourth Stipulation and the motion says they will confer with the Committee that represents the creditors. The current maturity date of the Final DIP (debtors in possession) as May 31, 2025. The current maximum outstanding principal amount under the DIP facility is $5.8 million.

To further modify this agreement, Diamond needs the court approval and the terms are currently being negotiated and the credit will be used to “administer their estates and liquidate their remaining assets.”

They’ve asked for a hearing on the motion if it’s needed for May 30, 2025 and any responses and objections can be made in writing on or before May 29, 2025.

You can read the motion below.