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House of Taylor in default for $3.9 million

May 09, 2008

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Washington—House of Taylor Jewelry has received a notice of default on a $3.95 million loan from its senior lender, New Stream Secured Capital, according to a U.S. Securities and Exchange Commission filing.

The May 6 filing contained excerpts from a letter written by New Stream Capital, which entered a loan agreement with House of Taylor on Oct. 12, 2007. In addition to the jewelry manufacturer not meeting its minimum financial obligations for the periods ended Dec. 31, 2007, and March 31, 2008, other default issues arose from the "transfer, conveyance and/or disposition of certain of its assets without the consent of the lender," the letter said.

"While we have previously supported and continued to support the borrower's attempts to liquidate its inventory in order to repay the lender, the sending of this letter should not be construed to limit the right of lender to act without further notice to borrower...in accordance with the terms of the loan agreement and the other financing agreements and applicable law..." the letter said.

House of Taylor's common stock was delisted from the Nasdaq Stock Market Inc. as of April 24 based upon its failure to pay the listing fees and its delayed filing of its annual report.
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