There was nearly an eleventh-hour flip, but Maryland-based Diamond Comic Distributors has finally landed on a buyer — following an order from a federal judge.

After an acrimonious and eventful few weeks that saw a lawsuit allege Diamond was acting unfairly, a judge last week approved the asset purchase agreement between Diamond and Alliance Entertainment, a Florida-based music and electronics distributor.

Alliance had been the high bidder at a bankruptcy auction in late March, but Diamond sought to pivot to a rival buyer.

Once a comic book giant with a monopoly on nationwide distribution, Diamond’s influence slipped over the past five years.

In January, the company — which was founded in Baltimore and is headquartered in Hunt Valley — filed for Chapter 11 bankruptcy. At the time, Diamond said in a federally mandated notice that its bankruptcy could mean layoffs for up to 168 Maryland employees and the closure of the Hunt Valley office if it did not find a buyer.

Alliance won a bid to acquire a bulk of the company’s assets during a March 24 auction. After Alliance offered $72.2 million for Diamond’s assets, a representative for a rival bidder — a consortium of the Canada-based Universal Distributors and Ad Populum — backed down.

“We’re out,” the representative said, according to Alliance’s early April lawsuit filed in the U.S. Bankruptcy Court for the District of Maryland.

The auction host then declared Alliance the winner, which should have been the end of it, Alliance argued.

But Diamond had other ideas. Attorneys for Diamond wrote in a filing two weeks after the auction that, actually, the Universal-led group “should be the successful bidders.”

Alliance’s lawsuit, which came after Diamond’s filing, states that Diamond “negotiated in secret” in an effort to sell to its “preferred purchaser,” instead of to Alliance. Diamond acted with “extreme bad faith in the period following the auction” by instead trying to reach a deal with the Universal group, Alliance stated.

Ultimately, Alliance increased its offer to $85.4 million, its suit said.

Judge David Rice in Baltimore on Friday upheld Alliance’s purchase, writing that Alliance “submitted the highest or otherwise best bid for the Asset” — and ordering that Alliance withdraw its lawsuit, which it promptly did. The sale is expected to close by April 25.

Diamond can trace its roots back to the 1970s, when Steve Geppi, a Baltimore mailman, opened a small comic store. He grew that into a massive empire — both loved and hated by comic fans — that became a de facto comic book distributing monopoly.

Changes brought upon by the 2020 coronavirus pandemic, however, began to loosen Diamond’s chokehold on the industry. In the years before Diamond’s bankruptcy, the three largest comic book companies (DC Comics, Marvel and Image) stopped exclusively distributing via Diamond.

How the sale will ultimately affect Diamond’s Hunt Valley offices and those employed there remains to be seen.

Alex Goss, a spokesperson for Diamond, said any “questions about future company operational decisions should be directed to the buyer.” Alliance did not reply to requests for comment.