Diamond Comic Distributors has filed a motion with the bankruptcy court to sell the shares owned by subsidiaries Comic Exporters and Comic Holdings in Diamond UK to an employee group of the UK company. The sale is the result of a process managed by investment bank Raymond James, with the employee group bringing in the best offer at a "heavily negotiated" purchase price of $2.1 million, according to the filing.

Although Universal Distribution had included an option to purchase Diamond UK in its initial stalking horse bid for Diamond assets (see "Universal Bid"), the final asset purchase agreement for Alliance Game Distributors did not include the provision (see "ICv2 Interview").

There will now be a period for creditors to object to the plan, and a hearing on August 18 for the court to hear arguments and rule on the motion.