Former Owner Of Fred Leighton Seeks To Reorganize

The case is In re R. Esmerian Inc., 10-12719, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Esmerian, the fourth-generation chairman of the kin business, became known for selling colored gemstones and infrequent vintage brooches and pendants by Cartier and Tiffany & Co. He stocked the shelves at retailers approximately the U.S., including Neiman Marcus and Van Cleef & Arpels. He's also chairman emeritus of New York's American Folk Art Museum.

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"Its proceeded operation is critical to maximizing the merit of its assets and the recovery to its creditors," Esmerian said in court papers. He also asked U.S. Bankruptcy Judge Robert D. Drain to appoint an examiner to oversee the bankruptcy case.

U.S. retailers' sales at stores open at fewest a annual fell 1.6 percentage in the year finished Jan. 30, after dropping 1.3 percentage a year earlier, along to the International Council of Shopping Centers, a New York-based trade team that tracks more than 30 chains, excluding Wal-Mart Stores Inc. Sales at elegance retailers dripped 9.1 percent and 8.3 percent in those phases, respectively, the ICSC said.

Esmerian, the sometime employer of vintage jeweler Fred Leighton, is fighting an exertion by creditors to liquidate R. Esmerian Inc. in U.S. Bankruptcy Court in Manhattan. The jeweler today asked the court to become namely case to a voluntary reorganization beneath the U.S. Bankruptcy Code's Chapter 11, UK UGG boots online shopwhich is typically secondhand by companies namely anticipate to mow debt and emerge from court conservation.

In May, creditors including Stewardship Credit Arbitrage Fund LLC, Stewardship Credit Arbitrage Fund Ltd. and Northlight Fund LP filed an involuntary Chapter 7 bankruptcy petition against R. Esmerian Inc., demanding they are owed a aggregate of $40 million.

Former Owner of Fred Leighton Seeks to Reorganize
july 9 (Bloomberg) -- Jeweler Ralph O. Esmerian, whose pieces have adorned celebrities and appeared in repositories, asked a bankruptcy magistrate for permission to rearrange his New York-based company.

Esmerian previously filed for bankruptcy in April 2008 on behalf of the retail jeweler he owned, Fred Leighton Inc., in an effort to stop Merrill Lynch & Co. from auctioning his family's jewels to pay off a $178 million lend. Fred Leighton Holding Inc. liquidated catalogue and had its Chapter 11 reorganization plan accustomed in November.

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Creditor solicitor Sean C. Southard didn't immediately return a shriek as annotate.

Previous Bankruptcy

Fourth Generation

Esmerian no longer owns the company, Merrill attorney Howard R. Hawkins Jr., with the decree tight Cadwalader Wickersham & Taft, said in an e-mail.

Fred Leighton jewelry has been worn at actress Niaccording to the company's website.

--With assistance from Cotten Timberlake,The Top Ten Collections, Tiffany Kary and Philip Boroff in New York. Editors: Andrew Dunn, Mike Hytha.

Under Chapter 7, the court appoints a trustee who takes over a corporation and liquidates its assets. When creditors file one involuntary bankruptcy case opposition a enterprise, the commerce has the right to dare the petition.