A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
KBC Moves to Block Exelco Sale to SimplexDiam
It’s the latest twist in a bankruptcy case the presiding judge has described as “a mess.”
Wilmington, Del.--KBC Bank NV wants a U.S. bankruptcy court to stop Exelco North America Inc. from selling its assets to a liquidation company, the latest court filing in this complicated bankruptcy case shows.
On Nov. 28, Exelco North America, along with Exelco NV, FTK Worldwide Manufacturing BVBA and Ideal Diamond Trading USA and Ideal Diamond Trading Ltd., told the court that it had found a stalking horse bidder in SimplexDiam Inc., which has agreed to purchase Exelco’s assets for $6 million.
On Monday, KBC moved to block the potential sale for a laundry list of reasons laid out in court documents: the issue of proper jurisdiction for the case (United States or Belgium) hasn’t been resolved, the company’s value isn’t being maximized, and, moreover, it’s not even 100 percent clear what exactly Exelco is selling to SimplexDiam.
Regarding value specifically, KBC states in court papers that the $6 million being offered is less than half what the bank is owed ($13.8 million) and “significantly” less than the nominal amount of accounts receivables pledged to KBC, which total more than $8 million.
KBC said that Exelco is attempting to “put the cart before the horse” by rushing this sale process, despite the fact that they have not identified any “melting-ice issues” that warrant its acceleration.
“Marketing, bidding, auction and sale of the debtor’s assets should be conducted, if at all, only after these critical issues are determined,” court papers state.
Exelco’s attorney, Michael Nestor, did not respond to request for comment on Monday’s filing.
Exelco NV and FTK Worldwide Manufacturing BVBA, along with U.S.-based affiliates Exelco North America and Ideal Diamond Trading USA, filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware at the end of September.
Since then, there has been much back and forth between the diamond company and its lender over issues of jurisdictions and ownership of assets, prompting U.S. Bankruptcy Judge Kevin Gross to call the case a “mess” in court on Oct. 23, Law360 reported.
Jean-Paul Tolkowsky, a member of the famous diamond-cutting family, started Exelco in 1993 with Leon and Lior Kunstler.
The company is a mid-stream supplier of diamonds, buying rough from miners and then cutting, polishing and/or setting the stones and selling them to retail jewelers.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.