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day. Luxembourg-incorporated Samsonite, which started bookbuilding for institutional investors Monday, plans to offer 671.24 million shares, of which 82% are secondary shares from existing shareholders, at an indicative price range of HK$13.50-HK$17.50 each, the term sheet said. The company is scheduled to launch the Hong Kong public offering on June 3, the term sheet said. Samsonite, which makes suitcases, casual bags and travel products, had more than 37,000 points of sales by the end of 2010, of which 36,384 were wholesale and 734 were rtried unsuccessfully to destroy with drain cleaner -- showed Shah and Kankariya had replaced many of the jewels in the safe with empty boxes just hours before the purported hold-up. The supposed robbers sometimes put the boxes they'd just grabbed back in the safe and mishandled the plastic ties they used to restrain Shah and an employee.
After the jewelers made a $7 million insurance claim, insurers and authorities became suspicious as it emerged that the jeweler's businesses were in hundreds of thousands of dollars in debt.
The men shared offices in Manhattan's Diamond District. Kankariya's company, Real Creations, dealt in jewelry; Shah's business, Dialite Imports, bought and sold loose diamonds.
While insurer Lloyd's of London ultimately didn't pay the claim, it spent large sums investigating it, attorney Owen B. Carragher Jr. told the court.
Shah and Kankariya maintained throughout their trial that they really were robbed. But their lawyers said Friday the gem dealers now accept responsibility.
Shah "has lost everything," said his lawyer, Benjamin Brafman, who said Shah's relatives face the possibility of losing their home. "Most important, he has lost his honor and his name."
About two dozen of the men's relatives lined courtroom benches at the sentencing.
Kankariya didn't speak at his sentencing, but lawyer Michael Bachner said he was "enormously remorseful."
"As a result of serious financial issues, they just messed up," Bachner said.
Kankariya made matters worse for them after the trial by asking a bail bondsman if there was "any way I can bribe the judge ... because in my country, you know, we normally do that" and asking about removing his electronic monitoring ankle bracelet, according to the bondsman's testimony at a hearing in March. State Supreme Court Justice Thomas Farber then jailed both jewelers, who had been free on bond.
Kankariya regrets the remarks, made as part of a conversation about cultural aspects of how the U.S. and Indian justice systems work, Bachner said Friday.
"This was not an event that was ever really going to happen," he said.
Shah had nothing to do with Kankariya's remark, Brafman said.
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