Unique Designs to Buy Modi Company Inventory

RAPAPORT... Jewelry manufacturer Unique Designs is the top contender to buy the assets of Nirav Modi subsidiary Fantasy, pending final bids in the auction of the company. An affiliate of Kiran Gems, Unique Designs has offered $725,983 in cash, according to a motion filed last week by Richard Levin, the trustee overseeing Fantasy's bankruptcy case. The court papers list the bid as the "highest and best" received for theinventory. The judge has set July 23 as the bidding deadline for higher offers. Any entity interested in making a higher bid must submit it in writing prior to that date; if such an overbid is received, Levin will ask for final offers from all bidders and select the winner from that lot. The court has moved to expedite an approval of the sale, as Fantasy has outstanding contracts - including one with wholesale warehouse Costco - that the new buyer will need to fulfill as soon as possible. Fantasy is the second of Indian jewelry billionaire NiravModi's companies to go up for auction following allegations that he defrauded PunjabNational Bank of $2 billion. Final bids for assets from subsidiary A.Jaffeclosed on July 5, while inventory from Firestar Diamond is also up for sale.