Monday, November 22, 2010

Polar Bear a Bust

According to a report in Rapaport Online, ABN Amro Bank filed an insolvency action against Polar Ice and its subsidiaries on November 3. The action is similar to filing Chapter 7 bankruptcy against an entity in the U.S. ABN Amro seeks all fees associated with the action. The diamond firm, which has offices in Toronto and Montreal, was then placed into receivership by the court. RSM Richter, acting as the receiver, listed company "book value" of company assets at US$13.5-million, which included diamond inventory of US$7.7-million. Richter noted that actual values were likely to differ substantially following its full review. The diamond firm reportedly owed ABN Amro a combined loan balance of US$21.849-million, and Polar Ice, which also operates as Polar Bear Diamonds and 4114159 Canada Inc., owed unsecured creditors US$20.655-million. Note: This story has been amended in light of new information. Apologies to Shai Basal, who is not an owner of Polar Ice.

The following list includes only the top 30 creditors for which the diamond firm owes more than US$250,000 (all amounts are in US dollars):

A. Moneta $1,519,270
Argaman Trading $204,150
4C's Ltd. $851,977
Basal $602,734
Belgium Diamond Inc. $320,719
Bertucci $315,330
Borsheim $354,600
Diamond Trading Company (not De Beers) $298,209
E.Z. Diamonds $300,763
Esskay Diamonds Ltd. $693,123
Haimov Jewelers $493,600
Infinity Gems Ltd. $399,380
Jaz Gem Corp. $226,280
Julius Klein Diamonds $243,970
KGK $3,709,815
Lazare $876,551
Leo Schachter Diamonds $473,994
M. Aharonoff Inc. $295,635
M.Ben-Dor Diamonds $324,677
Nex Diamonds $238,018
Novel Collection $218,407
Octagon Blue $401,434
Ofer Mizrahi Diamonds $769,188
Rosy Blue $209,294
Royal Gem $740,917
Sanghavi Diamonds $686,813
Universal Diamonds $216,000
Virgin Diamonds $312,312
Weinreb Diamond $519,490

2 comments:

  1. it's amazing how Shai and his father have distanced themselves from Ron now that Polar Ice is insolvent.
    for years now they have been operating and working together as if they were a single entity, At every trade show they worked together and until recently they shared offices. What a convenient way to avoid paying their creditors.
    your article fails to mention that over $7 million of merchandise was taken out by Ron on Memo with inadequate descriptions.
    I think as an industry leader you owe it to your readership to give the full story and expose these people.

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  2. http://www.lapresse.ca/la-voix-de-lest/actualites/201212/14/01-4604123-promenade-du-lac-135-000-pour-mettre-fin-a-un-cauchemar.php

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