RAPAPORT... Seiko Watch Corporation seeks the immediate payment of $500,000 for watches sent to Whitehall Jewelers in June. In a 17-page suit filed with U.S. Bankruptcy court against Whitehall yesterday, Seiko took great exception with the jeweler for having withheld its financial condition from the watchmaker before merchandise was ordered and sent. 

Seiko contended that it learned of Whitehall's financial situation through public record and was "fraudulently induced to transfer the merchandise" to Whitehall in two shipments  14 days before the jeweler filed for Chapter 11 on June 23, 2008.

The watchmaker seeks a total judgment of $500,110.97.