The comics world awaits the results of the Diamond bankrupcty auction

As we’ve noted repeatedly, the auction for Diamond Comics Distributors assets got underway this morning at 10 am at the offices of Raymond James, the finance company that is handling the auction. 

With one of the most momentous days in comics history taking place less than a mile from where I live, there was no way I wasn’t going to try to cover it. 

Bankruptcy auctions can be public, which is part of the reason notices have to be posted. However, procedures vary, and for this one, a very large, complex and valuable affair, you had to have registered as a bidder ahead of time, as spelled out in the Diamond bankruptcy filings. I contacted the Raymond James media office ahead of time, and they were super nice but didn’t really have any guidance either way. So I just showed up this morning.  

There was one other non-bidder in the lobby as I arrived, one of Diamond’s creditors, who will remain anonymous. He runs a small comics publishing company that has not yet found alternate distribution. He was local and just as curious as I to see how it all plays out, and we did go up to the 12th floor where the proceedings were taking place. Raymond James has a lovely office with one of the most up to date coffee machines I’ve ever seen – an iPad controls a faucet coming out of a counter which can provide hot or cold water and a variety of coffee beverages. Magic! 

The creditor and I had ample opportunity to see this coffee machine in action as no one was quite sure what to do with us. While we waited, nearly a dozen middle aged businessmen in suits arrived for the auction but no one I recognized. Eventually we were told, very politely and nicely, that creditors could attend but needed to have registered in advance. And no reporters allowed, which is pretty much what I expected. But ya know I tried! 

I’m now relieved that I wasn’t allowed to attend, because the auction took all day and is expected to go into a second day. As a reminder, there are 12 separate business units involved in the auction, and they could be sold separately. 

• 	Business Name	Description
  1	Diamond Comic Distributors	Division of Debtor Diamond Comic Distributors, Inc., that distributes comic books, graphic novels, toys, games, and other pop culture-related merchandise.
  2	Diamond Book Distributors	Division of Debtor Diamond Comic Distributors, Inc., that distributes English-language graphic novels, manga, games, and merchandise.
  3	Alliance Game Distributors	Division of Debtor Diamond Comic Distributors, Inc., that distributes board games, card games, role-playing games, miniatures, and other gaming products.
  4	Collectible Grading Authority (CGA)	Division of Debtor Diamond Comic Distributors, Inc., that provides professional evaluation, authentication, and grading services of vintage and modern toys, video games, and other related collectible assets.
  5	FandomWorld	Division of Debtor Diamond Comic Distributors, Inc., that operates a direct-to-consumer e-commerce platform offering a range of collectible merchandise for sale.
  6	FreeComicBookDay.com	Division of Debtor Diamond Comic Distributors, Inc., that operates an annual promotional event where participating comic bookstores give away free comic books to drive product awareness and attract new customers.
  7	Diamond Select Toys & Collectibles, LLC	Manufactures collectible toys and animated-style statues based on licensed intellectual property from companies like Disney, Marvel, and Warner Bros.
  8	Gentle Giant Ltd.	Division of Debtor Diamond Select Toys & Collectibles, LLC, that manufactures collectible toys and statues based on licensed intellectual property from, among others, Disney and Marvel.
  9	Ironguard Supplies	Division of Debtor Diamond Select Toys & Collectibles, LLC, that manufactures card supplies, comic supplies, and displays, including card binders, card sleeves, magna-armor, backer boards, and comic bags.
  10	Comic Exporter, Inc.	Holding company that owns 50% of non-debtor Diamond Comic Distributors UK, a distributor of comic books, collectibles, and related merchandise in the United Kingdom.
  11	Comic Holdings, Inc.	Holding company that owns 50% of non-debtor Diamond Comic Distributors UK, a distributor of comic books, collectibles, and related merchandise in the United Kingdom.
  12	Diamond Comic Distributors UK	Distributes comic books, collectibles, and related merchandise in the United Kingdom.

And so….the waiting game continues.