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Royal Asscher Statement Following Fortgang, Fabrikant Court Charges

Jun 24, 2008 5:01 PM   By Press Release
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RAPAPORT...  On June 18, 2008, a U.S. district court ruling document cited RA Cut LLC as a named affiliate company through which M. Fabrikant & Sons and the Fortgang family diverted finances to before filing for Chapter 11 bankruptcy protection. In the document the business was referred to as the hereafter term Royal Asscher without due consideration for the fact that another business is operating under a similar name. 

Lita Asscher, president Royal Asscher® of America Inc. states:

“In 2001 Royal Asscher Diamond Company entered into a distributorship agreement with M. Fabrikant & Sons, whereby the company was responsible for the marketing and sale of our branded diamond cut the Royal Asscher® Cut.   Thus Royal Asscher Cut LLC was established as a Fortgang entity, it was owned by Matthew and Susan Fortgang's private trusts and it was without the knowledge of Royal Asscher Diamond Company or my family in Amsterdam. On request of the lawyers of Royal Asscher Diamond Company the Fortgangs changed the name of that company to RA Cut LLC in 2007.

“The dissolution of M. Fabrikant and Sons also dissolved the distributor agreement.  In the event of an agreement termination M. Fabrikant and Sons were clearly precluded from using our good name, a name that has been built over 150 years, in the diamond industry. 

“The agreement did not grant any rights to M. Fabrikant and Sons in our entities or assets--other than as a distributor.  As per the terms of this agreement Royal Asscher®  was not granted any rights in Fabrikant/Fortgang assets. The Fortgangs have no interest whatsoever in any of our entities. Nor are any of our entities in possession of any assets of Fabrikant or of the Fortgang family.

“When M. Fabrikant & Sons filed for bankruptcy they did so to the financial detriment of our company. It has been legally asserted that the Fortgangs are responsible for a significant level of fraud and we welcome the legal moves that have been made to deal with this, it is just unfortunate that our name has been improperly associated with the scandal. Royal Asscher® is a company that prides itself on ethics and integrity; people who deal with us regularly are aware of this, but it is important that we make a statement to protect our brand and reputation.   
 
Royal Asscher®  of America, Inc is the only legal distributor of the Royal Asscher® Cut in the USA and Canada and the marketing and management of the Royal Asscher® brand. The company was created to give the Royal Asscher®  Diamond Company a North American business following M. Fabrikant & Sons filing for bankruptcy. Royal Asscher® of America Inc is wholly owned by Royal Asscher Diamond Company (Koninklijke Asscher Diamant Maatschappij B.V.), a Netherlands corporation. Neither Royal Asscher Diamond Company, Royal Asscher® of America, or for that matter any of the Asscher family have any affiliation with M. Fabrikant & Sons, the Fortgang family or Royal Asscher Cut, LLC.

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re: M Fabrikant mis use of Royal Asschers good name.
Jun 29, 2008 3:56PM    By larry matson (former MFS employee)
The industry is fully aware of the lack of integrity of the Fortgang family. The industry is also fully aware of the FINE name for so many years that the Asscher family has enjoyed. Royal Asscher Diamond will continue to be respected by all.
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The ROYAL Asscher Family
Jun 25, 2008 12:35PM    By David Anderson
For some time, rumors had circulated throughtout the industry of allegations have circulated of fraud and diversion of assets by members of the Fortgang family in anticipation of their companies filing for Bankruptcy. The complaint in the recently commenced Bankruptcy Court action against members of the Fortgang Family individually and some of their companies, details allegations, which if true, will hopefully result in the imposition of severe punishment by the Courts. That such a previously prominent and highly respected family would stoop to such levels is beyond comprehension and is an embarassment to this entire industry.
The depths to which the Fortgangs have allowed themselves to fall however, cannot and should not in any way detract from the incredibly good name of the Royal Asscher Diamond Company deservedly and well earned reputation of the members of the Asscher Family. For over 150 years the Asscher name and the members of the Asscher Family have remained the gold standard of honesty and integrity and it is truly unfortunate that in their own greed and dishonesty, that the Fortgangs were willing to stoop so low as to potentially inflict harm to the good name of Asscher. For those of us who have had the pleasure to deal with the Asscher family over the years, they are truly a "Royal" family. The Asscher family has been and remains a pillar of the worldwide diamond community and a good name to which few others in the industry can ever hope to attain. For any harm they may have done to the Asscher name, the guility members of the Fortgang family deserve all of the justice which our Courts will hopefully impose upon them.
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