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Colibri auction slated for March 19

March 04, 2009

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Providence, R.I.--An auction for the lines made by The Colibri Group, the Providence R.I.-based jewelry manufacturer shut down due to financial troubles, is scheduled for March 19, National Jeweler has learned.

Chris Ellis, president of Boston-based Consensus Advisors, one of the firms working on the case, said the deadline for those interested in bidding on any of the manufacturer's assets, including its jewelry lines, is March 16.

Brands included in the sale are Colibri, Seth Thomas, Dolan Bullock, Krementz, Firebird, Linden, Oro de Dios, Reload and Darling Diamonds.

Only qualified bidders will be allowed to attend the auction, which will be held in Rhode Island, Ellis said.

A Rhode Island court placed Colibri Group into receivership--a legal action in which a court-appointed receiver takes over a company to handle its assets and run its financial affairs--on Jan. 15.

According to the petition filed in the case, majority stockholder Founders Equity SBIC petitioned for receivership because of Colibri's dire economic circumstances, stating in court documents that it "is informed and believes that [Colibri Group] is insolvent and unable to meet its obligations as they become due."

Colibri Group products have been sold through 20,000 retail outlets in the United States, including both chain and independent stores.

The company, whose products also include lighters and smoking accessories, was founded in 1928, alongside the invention of the world's first automatic lighter.

All inquiries in the case should be directed to colibri@wszlaw.com.
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