News

Advanced Search

‘Diamonds Are a Girl’s Best Friend’ Nets $50K

Oct 23, 2018 10:09 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... A brand-management company that owns the Marilyn Monroe estate has bought the trademark rights to “Diamonds Are a Girl’s Best Friend” at an auction of assets belonging to Nirav Modi’s US businesses.

ABG Intermediate Holdings, which trades as Authentic Brands Group (ABG), acquired the intellectual property related to the actress and singer’s famous song title for $50,000 last month, according to a court filing. The purchase covers several trademarks registered in the US, Canada, the European Union and with the World Intellectual Property Organization, as well as relevant internet domain names — including diamondsareagirlsbestfriend.com — and a video-game registration.

A. Jaffe and Firestar Diamond, two of Modi’s American jewelry brands, were the previous owners. They filed for Chapter 11 in February after the Indian tycoon became the subject of a fraud investigation, with bankruptcy trustee Richard Levin subsequently liquidating the companies’ assets, including jewelry and intellectual property.

“There were a lot of industry players excited and contemplating what we believe was a six-figure property,” Donald Palmieri, president of the Gem Certification and Assurance Lab (GCAL) and appraiser to the trustee, told Rapaport News Monday. “Many expressed interest, even excitement, but when the sale occurred, only one bidder showed up who had serious interest and an open wallet.”

That bidder, ABG, offered $25,000, but later doubled the amount after Levin declared the property unsold.

“They…asked what the trustee wanted,” Palmieri continued. “He said ‘$50,000,’ and [ABG] said ‘$50,000.’ There were plenty of major players in the room who could have jumped in, but there were no further bids.”

ABG, founded by Canadian businessman Jamie Salter, acquired the rights to the Marilyn Monroe estate in 2011 for an undisclosed amount. The company did not respond to a request for comment Monday.

Image: Marilyn Monroe from the trailer for the film
Gentlemen Prefer Blondes.
Tags: a. jaffe, ABG, ABG Intermediate Holdings, Authentic Brands Group, Canada, Diamonds Are a Girl’s Best Friend, Donald Palmieri, European Union, firestar diamond, gcal, Gem Certification and Assurance Lab, Jamie Salter, Marilyn Monroe, Nirav Modi, Rapaport News, trademarks, US, World Intellectual Property Organization
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.