A source who was at yesterday’s hearing regarding the sale of Finlay assets tells me this:
Zale had objected to the winning bid for the intellectual property of Baileys Banks and Biddle, which went to a recently created company called Synergies. In court papers, Zale claimed the auction was conducted unfairly, and offered to up its bid by $200,000. (Why Zale wants the IP for BBB is the subject of much speculation.) The creditor’s committee actually agreed with Zale, wanting to maximize its proceeds.
With all this talk over whether the auction was conducted fairly, the judge said he would have to review the auction transcript. As a result this put every sale on hold. This includes the sales of 14 Carlyle stores to Adamas Holdings, who, my source confirms, involves former Carlyle owner Russell Cohen, who has bid for those stores before.
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