Trustee to Sell Off Modi's US Assets

RAPAPORT... The trustee for Indian fugitive Nirav Modi's US assets willauction inventory and intellectual property belonging to his US jewelrybusinesses in the coming months. Over $15 million in diamond jewelry from Firestar Diamondand Fantasy, as well as $1 million in loose diamonds, will be up for bidding, according to a statement by Donald Palmieri, a gemologist and appraiser to the trustee, Richard Levin. Thesale also includes "dozens" of trademarks, including the widely used "DiamondsAre a Girl's Best Friend," and patent rights for various diamond cuts, Palmieri said Wednesday. The two companies, along with a third US-based Modi company,A. Jaffe, filed for Chapter 11 bankruptcy in February shortly after Indianauthorities began a fraud probe into the tycoon's alleged involvement in abillion-dollar bank fraud. In August, a court-appointed examiner determinedthat all three US businesses were directly involved in the fraud. Liquidators will hold four sales in New York for availablegoods. Intellectual property and associated inventory will be auctioned onSeptember 26, and loose diamonds and diamond jewelry will go under the hammeron October 3 and 4, and on an as-yet-to-be-determined date. Goods can be previewed by special appointment prior tobidding. Image: Nirav Modi jewelry store. Credit: Sorbis/Shutterstock