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Diamond Record Corporation (3)

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U.S. record company launched in February 1946 as a division of Irving R. Gwirtz Enterprises. Gwirtz had previously been the exclusive East Coast distributor for [l144929]. Following his split with Musicraft, he acquired three music publishing operations (Chelsea, Sauders and Viking) and featured this material on Diamond, as well as other labels he produced or distributed. The first Diamond releases were announced in April 1946. The artist roster included [a1186378], [a1049828], [a4126120] and a young [a10533]. In April 1947 it was reported that Gwirtz was ill, prompting rumors that he planned to sell the publishing unit. By the end of the year, Gwirtz's financial problems were severe and he was entangled in numerous lawsuits for unpaid royalties and pressing services, not to mention unpaid taxes. By mid-1949, the IRS ordered that 180,000 Diamond pressings and miscellaneous assets be auctioned to satisfy Gwirtz's tax lien. To settle his unpaid recording fees, Gwirtz's masters were awarded to [l193564] and some of these were leased to [l39357] and other labels.