have written before about Russell Cohen’s now-aborted decision to purchase
14 former Carlyle stores. A
court had ruled that Adamas Corp., founded by Cohen, could not back out of
the deal, but Adamas was also something of a shell company.
Now, it seems the lawyers for the “debtors”
(Finlay) are going after Cohen personally, arguing:
…it is clear that Adamas was
always, and only, Cohen. By his own actions it is also clear that Cohen, not
others, is liable for the enormous damage he has caused. Cohen should not be
permitted to hide in an empty shell to escape liability for his own actions.
Incidentally, Cohen blamed a vendor’s decision to pull out for his plan’s failure. There was some speculation when this happened: People wondered if it were Rolex or Yurman. Well, according to the court papers, we now have our answer: It was Rolex.
I have to say: I’ve been covering the jewelry industry for a long time and I know how important certain brands are. But I’m struck that Rolex’s decision basically spelled the end of the new Carlyle.