During the Chapter 11 proceeding of Diamond, a big question has been out there, the fate of Diamond UK. Today, Diamond submitted a motion to sell the shares of Diamond UK that Comic Exporters and Comic Holdings hold. Diamond UK was not part of the assets purchased by Universal Distribution and Sparkle Pop in the initial sale of assets during the proceeding. Diamond has been working to sell the rest of its assets.

Diamond UK is being sold for $2.1 million, with the motion calling it a “heavily-negotiated purchase price” with a $200,000 deposit made in good faith.

Revealed in the motion is that the purchaser is an entity formed by members of the UK-based management team of Diamond UK. None of Diamond’s officers or directors are part of the ownership group of the newly formed entity.

As part of the deal, JPMorgan Chase Bank would have to release Diamond UK from its obligations as a guarantor. The sale would be “free and clear of all encumbrances.”

As with everything in a bankruptcy, the sale must be approved. You can check out the motion, “sale order,” and “purchase agreement,” below. We’ll be going through all the docs more thoroughly, San Diego Comic-Con beckons right now.