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  <TITLE> Odimo Incorporated (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	December 1, 2006
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  	Odimo Incorporated
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	000-51161
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  	223607813
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	14051 N.W. 14th Street, Sunrise, Florida
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  	&nbsp;
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  	33323
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
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  	Registrant&#146;s telephone number, including area code:
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  	&nbsp;
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  	954-835-2233
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
  </P>
  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 1.02 Termination of a Material Definitive Agreement.
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  Contemporaneous with the closing of the sale by Odimo Incorporated (the "Company") of specified assets to ILS Holdings, LLC  ("ILS") (as reported in Item 2.01 of this Form 8-K), the Company terminated  its lease agreement  for its corporate office space  by delivering to its landlord $500,000 and  releasing its rights to a security deposit of approximately $80,000. The Company intends to vacate its current space and lease substantially reduced and less expensive office space for its ongoing operations by December 31, 2006.
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  	Item 2.01 Completion of Acquisition or Disposition of Assets.
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  On December 1, 2006 the Company sold to ILS Holdings, LLC, certain specified assets, including all of its rights to the domain name www.worldofwatches.com and related trademarks, copyrights, product images and other intangibles and selected equipment in exchange for $410,000 pursuant to the terms of an Asset Purchase Agreement and related agreements entered contemporaneous therewith.<br><br>Copies of the Asset Purchase Agreement is filed as Exhibit 10.1  to this Form 8-K and is incorporated herein by reference.<br>
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  	Item 2.06 Material Impairments.
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  In connection with the termination of its lease agreement (as reported in Item 1.02 of this Form 8-K), the Company will record an impairment charge of approximately $383,000 relating to leasehold improvements. <br><br>The Company&#x2019;s remaining property and equipment, including computers, software and equipment with a net book value of approximately $5.5 million, may be subject to an impairment charge as a result of the sale of the assets (as reported in Item 2.01 of this Form 8-K) depending upon, among other things, the Company&#x2019;s future business operations. The impairment charge, if any, is not presently ascertainable.<br><br><br> <br>
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  	Item 8.01 Other Events.
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  Upon the closing of the sale of the specified assets to ILS (as reported in Item 2.01 of this Form 8-K), the Company intends to cease its  online retailing operations.  The Company  is obligated through December 31, 2006 to place a link on the www.ashford.com website to online retailing websites owned and operated by Ice.com, Inc. (www.diamond.com and www.ice.com) and  to redirect www.ashford.com online traffic to these websites. Under this arrangement, the Company will not be the seller of record of any products sold through www.ashford.com nor will it generate any revenue. This results from an agreement entered between the Company and Ice in September 2006 whereby Ice released in September 2006 $400,000 of the $500,000 being held in escrow as security for the Company's  indemnification and other obligations under the related agreements concerning the sale of the Company's online jewelry and diamond business to Ice in May 2006. The Company intends to explore opportunities to place other third party links on its www.ashford.com website to websites owned and operated by third parties in exchange for fees based on sales commissions.<br> <br>Except for the Company's limited operations of offering third parties the right to have links placed on www.ashford.com  for the purpose of redirecting www.ashford.com online traffic, the Company is a shell company and is considering all available alternatives, including  the acquisition of a new business  and/or the redeployment of its remaining business assets.<br>
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  	Item 9.01 Financial Statements and Exhibits.
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  Financial statements, if required by Item 9.01, shall be filed by amendment not later than 71 calendar days after the date of this report.<br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Odimo Incorporated
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  	&nbsp;&nbsp;
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  <I>
  	December 1, 2006
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  <I>
  	By:
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  <I>
  	Jeffrey Kornblum
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  	&nbsp;
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  <I>
  	Name: Jeffrey Kornblum
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  	Title: President
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Asset Purchase Agreement dated as of December 1, 2006 by and between Odimo Incorprated, Worldofwatches.com, Inc. and ILS Holdings, LLC
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_16770.htm", "description": "LIVE FILING", "secsgml_size_bytes": 13664}]
metadata_filer: {"company-data": {"conformed-name": "Odimo INC", "cik": "0001292026", "assigned-sic": "5944", "irs-number": "223607813", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-51161", "film-number": "061254873"}, "business-address": {"street1": "14001 N.W. 4TH STREET", "city": "SUNRISE", "state": "FL", "zip": "33325", "phone": "954-835-2233"}, "mail-address": {"street1": "14001 N.W. 4TH STREET", "city": "SUNRISE", "state": "FL", "zip": "33325"}}
text: Odimo Incorporated (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  December 1, 2006
  Odimo Incorporated
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  000-51161
  223607813
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  14051 N.W. 14th Street, Sunrise, Florida
  33323
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  954-835-2233
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.02 Termination of a Material Definitive Agreement.
  Contemporaneous with the closing of the sale by Odimo Incorporated (the "Company") of specified assets to ILS Holdings, LLC  ("ILS") (as reported in Item 2.01 of this Form 8-K), the Company terminated  its lease agreement  for its corporate office space  by delivering to its landlord $500,000 and  releasing its rights to a security deposit of approximately $80,000. The Company intends to vacate its current space and lease substantially reduced and less expensive office space for its ongoing operations by December 31, 2006.
  Item 2.01 Completion of Acquisition or Disposition of Assets.
  On December 1, 2006 the Company sold to ILS Holdings, LLC, certain specified assets, including all of its rights to the domain name www.worldofwatches.com and related trademarks, copyrights, product images and other intangibles and selected equipment in exchange for $410,000 pursuant to the terms of an Asset Purchase Agreement and related agreements entered contemporaneous therewith.
  Copies of the Asset Purchase Agreement is filed as Exhibit 10.1  to this Form 8-K and is incorporated herein by reference.
  Item 2.06 Material Impairments.
  In connection with the termination of its lease agreement (as reported in Item 1.02 of this Form 8-K), the Company will record an impairment charge of approximately $383,000 relating to leasehold improvements.
  The Company's remaining property and equipment, including computers, software and equipment with a net book value of approximately $5.5 million, may be subject to an impairment charge as a result of the sale of the assets (as reported in Item 2.01 of this Form 8-K) depending upon, among other things, the Company's future business operations. The impairment charge, if any, is not presently ascertainable.
  Item 8.01 Other Events.
  Upon the closing of the sale of the specified assets to ILS (as reported in Item 2.01 of this Form 8-K), the Company intends to cease its  online retailing operations.  The Company  is obligated through December 31, 2006 to place a link on the www.ashford.com website to online retailing websites owned and operated by Ice.com, Inc. (www.diamond.com and www.ice.com) and  to redirect www.ashford.com online traffic to these websites. Under this arrangement, the Company will not be the seller of record of any products sold through www.ashford.com nor will it generate any revenue. This results from an agreement entered between the Company and Ice in September 2006 whereby Ice released in September 2006 $400,000 of the $500,000 being held in escrow as security for the Company's  indemnification and other obligations under the related agreements concerning the sale of the Company's online jewelry and diamond business to Ice in May 2006. The Company intends to explore opportunities to place other third party links on its www.ashford.com website to websites owned and operated by third parties in exchange for fees based on sales commissions.
  Except for the Company's limited operations of offering third parties the right to have links placed on www.ashford.com  for the purpose of redirecting www.ashford.com online traffic, the Company is a shell company and is considering all available alternatives, including  the acquisition of a new business  and/or the redeployment of its remaining business assets.
  Item 9.01 Financial Statements and Exhibits.
  Financial statements, if required by Item 9.01, shall be filed by amendment not later than 71 calendar days after the date of this report.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Odimo Incorporated
  December 1, 2006
  By:
  Jeffrey Kornblum
  Name: Jeffrey Kornblum
  Title: President
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Asset Purchase Agreement dated as of December 1, 2006 by and between Odimo Incorprated, Worldofwatches.com, Inc. and ILS Holdings, LLC