Kay's supporters, who say that prior reviews of Kay's job performance were conducted by UA academics with little expertise in her field, assembled the five-member review panel under university rules that allow faculty members to request an "enhanced" appraisal that includes outside academics.
After determining market value, its automated underwriting Loan Prospector software allows homeowners with good credit ratings and a down payment of at least 20percenttoto skip a formal appraisal on loans up to $275,000, although the homeowner or lender can still request a standard appraisal.
While blessing the accounting treatment as within the rules, the memo adds: "Because it will be important to insure that all transactions are priced at fair value, we informed the company that we will likely request an independent third-party appraisal".
Detroit bankruptcy manager Kevyn Orr says there is no such plan, but we won't really know until Christie's auction house completes a requested DIA appraisal, expected by October.
Mackey requested a meeting.
Most diamond retailers hire their own gemologists and appraisers, but many consumers find it more desirable to request third party appraisal from an independent gemologist who specializes in the appraisal of diamonds.
