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Howdy.
This has been common knowledge amongst the industry for a while now, but finally its been put into print. Diamond is in DEEP fiscal trouble, and in a hole they cant really recover from.
From what I've heard from insiders, DC doesnt want to step in and resurrect Diamond either, instead they are looking into other solutions.
Rumors about new start up distributors are running rampant behind the scenes right now as well. Nobody wants to say anything official until they know Diamond is dead and buried for fear they recover, the new distributor doesnt pop up, Diamond dumps the "traitors"..and they end up out of business!!
Interesting times folks!
GEPPI'S MONEY WOES
In the aggregate of his numerous corporations, Steve Geppi has become a spectacular deadbeat: he may owe somewhat more than $17 million to sundry suppliers and other entities, saith pwbeat.publisherswekly.com. The mounting debt threatens one of his companies that is crucial to the health of the comics industry, Geppi’s Diamond Comic Distributors. Geppi, his Diamond company and his Gemstone Publishing are being sued by a collection agency on behalf of Global Interprint for printing bills of over $373,000. Geppi also owes PNC Bank over $16 million. And Geppi's Entertainment Museum in Baltimore owes more than $700,000 in unpaid rent, late fees and unpaid electric bills dating back to February 2007. Although most of the debt is piled up around Geppi businesses other than Diamond, pwbeat observed, “If Steve Geppi can't pay his bills, something has to give. It certainly puts all of Diamond's recent cost cutting measures — new trade terms, layoffs and so on — into a new light.” DC Comics, according to a rumor that drifted this way, may take over Diamond under the terms of its contract with the company. For details about Geppi's debt woes, visit http://pwbeat. publishersweekly .com/blog/ 2009/02/18/ steve-geppis- debt-woes- growing/ You won’t find there any evidence of the latest rumor, though — namely, that Geppi has pulled the plug on Gemstone Publishing, leaving Russ Cochran and his Missourian minions high and dry.
This has been common knowledge amongst the industry for a while now, but finally its been put into print. Diamond is in DEEP fiscal trouble, and in a hole they cant really recover from.
From what I've heard from insiders, DC doesnt want to step in and resurrect Diamond either, instead they are looking into other solutions.
Rumors about new start up distributors are running rampant behind the scenes right now as well. Nobody wants to say anything official until they know Diamond is dead and buried for fear they recover, the new distributor doesnt pop up, Diamond dumps the "traitors"..and they end up out of business!!
Interesting times folks!
GEPPI'S MONEY WOES
In the aggregate of his numerous corporations, Steve Geppi has become a spectacular deadbeat: he may owe somewhat more than $17 million to sundry suppliers and other entities, saith pwbeat.publisherswekly.com. The mounting debt threatens one of his companies that is crucial to the health of the comics industry, Geppi’s Diamond Comic Distributors. Geppi, his Diamond company and his Gemstone Publishing are being sued by a collection agency on behalf of Global Interprint for printing bills of over $373,000. Geppi also owes PNC Bank over $16 million. And Geppi's Entertainment Museum in Baltimore owes more than $700,000 in unpaid rent, late fees and unpaid electric bills dating back to February 2007. Although most of the debt is piled up around Geppi businesses other than Diamond, pwbeat observed, “If Steve Geppi can't pay his bills, something has to give. It certainly puts all of Diamond's recent cost cutting measures — new trade terms, layoffs and so on — into a new light.” DC Comics, according to a rumor that drifted this way, may take over Diamond under the terms of its contract with the company. For details about Geppi's debt woes, visit http://pwbeat. publishersweekly .com/blog/ 2009/02/18/ steve-geppis- debt-woes- growing/ You won’t find there any evidence of the latest rumor, though — namely, that Geppi has pulled the plug on Gemstone Publishing, leaving Russ Cochran and his Missourian minions high and dry.
Good Journey
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