'Diamonds Are a Girl's Best Friend' Fetches $50K

RAPAPORT... A brand-management company that owns the Marilyn Monroeestate has bought the trademark rights to "Diamonds Are a Girl's Best Friend"at an auction of assets belonging to Nirav Modi's US businesses. ABG Intermediate Holdings, which trades as Authentic BrandsGroup (ABG), acquired the intellectual property related to the actress and singer'sfamous song title for $50,000 last month, according to a court filing. Thepurchase covers several trademarks registered in the US, Canada, the EuropeanUnion and with the World Intellectual Property Organization, as well asrelevant internet domain names - including diamondsareagirlsbestfriend.com -and a video-game registration. A. Jaffe and Firestar Diamond, two of Modi's Americanjewelry brands, were the previous owners. They filed for Chapter 11 in Februaryafter the Indian tycoon became the subject of a fraud investigation, withbankruptcy trustee Richard Levin subsequently liquidating the companies'assets, including jewelry and intellectual property. "There were a lot of industry players excited andcontemplating what we believe was a six-figure property," Donald Palmieri,president of the Gem Certification and Assurance Lab (GCAL) and appraiser tothe trustee, told Rapaport News Monday. "Many expressed interest,even excitement, but when the sale occurred, only one bidder showed up who hadserious interest and an open wallet." That bidder, ABG, offered $25,000, but later doubled theamount after Levin declared the property unsold. "They...asked what the trustee wanted," Palmieri continued."He said '$50,000,' and [ABG] said '$50,000.' There were plenty of majorplayers in the room who could have jumped in, but there were no further bids." ABG, founded by Canadian businessman Jamie Salter, acquired therights to the Marilyn Monroe estate in 2011 for an undisclosed amount. Thecompany did not respond to a request for comment Monday.Image: Marilyn Monroe from the trailer for the film Gentlemen Prefer Blondes.