The sale of Diamond Comic Distributors looked to be a brief, comic-book-length saga. Instead, it’s developed into a graphic novel.

The Hunt Valley-based comic book giant, which filed for bankruptcy in January, had a deal in place earlier this month to be purchased. But that sale has been canceled. Instead, the would-be buyer, Alliance Entertainment, is suing Diamond for fraud.

The sale had already been acrimonious. After Alliance won the right to purchase the bulk of Diamond in a bankruptcy auction, Diamond sought to sell to a separate buyer — a move that Alliance characterized in a legal complaint as Diamond acting in “extreme bad faith.”

Alliance sued Diamond, then was ordered by a federal judge to drop its lawsuit and allow for the sale to proceed.

All appeared settled, until it wasn’t.

Last week, Alliance moved to terminate its purchase of Diamond, according to a filing it submitted to the U.S. Securities and Exchange Commission. In the same document, a member of Alliance’s board, Thomas Finke, resigned his position. Alliance did not reply when asked Wednesday if Finke’s resignation was connected to the terminated deal.

Alliance took a more aggressive step Tuesday, suing Diamond again in federal court.

In the lawsuit — which details a meeting between the parties that began at 10:15 p.m. and then a contentious video call in the days that followed — Alliance alleged that Diamond inflated the value of its business by tens of millions of dollars “as part of an intentional scheme.”

Diamond is accused of misrepresenting its contract with a gaming manufacturer, Wizards Of The Coast, which publishes the popular card game “Magic: The Gathering.” Alliance contended that the status of that contract materially changed Diamond’s value.

Additionally, Diamond refused to return Alliance’s $8.5 million deposit, attorneys for Alliance wrote. The total purchase price was about $85 million, Alliance’s filing said.

Complicating matters further, the U.S. trustee overseeing Diamond’s bankruptcy requested Monday that its bankruptcy be converted from a Chapter 11 to a Chapter 7. This would mean that, instead of Diamond reorganizing or finding a buyer, its assets would need to be liquidated.

Diamond, however, said Saturday that it has new buyers, which will be soon be announced.

“Diamond Comic Distributors has pivoted to alternative, exceptionally well-known purchasers who are excited to partner with us. These companies have strong balance sheets and, importantly, unmatched presence and experience in our core industries,” Diamond Chief Restructuring Officer Robert Gorin said in a statement.

Who those buyers are remains to be seen, and Diamond did not reply to a request for comment Wednesday.

Originally a small Baltimore operation run by Steve Geppi in the 1970s, Diamond soon grew into an empire.

Before its undoing in recent years, Diamond was a de facto comic book distributing monopoly across the United States and a power player in the industry. For example, Diamond helped create Free Comic Book Day, a massive annual promotion held each May.

This year’s Free Comic Book Day will take place Saturday.