Judge OKs Sale Of Diamond Giant's Assets

Law360, New York (May 31, 2007, 12:00 AM EDT) -- A bankruptcy judge has given the green light for M. Fabrikant & Sons Inc. to sell off certain assets to Surya Capital LLC, which will shell out $10.4 million for the inventory of the bankrupt wholesale jewelry maker's subsidiary Fabrikant-Leer International Ltd.

Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York signed off on the sale on Wednesday, ruling that the move was “in the best interests of the debtors.”

The asset purchase agreement with the hedge fund, which...
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