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                                                                    EXHIBIT 99.1


                        THE L.L. KNICKERBOCKER CO., INC.

                  REPORTS FILING OF MOTION FOR ORDER APPROVING
                       OVERBID PROCEDURES AND TOPPING FEE
                   IN CONNECTION WITH SALE OF COMPANY'S ASSETS

Lake Forest, California, July 27, 2001/PR Newswire/ - The L.L. Knickerbocker
Co., Inc. reported today the filing with the United States Bankruptcy Court of a
motion for order approving overbid procedures and topping fee in connection with
a proposed sale of substantially all of the company's assets (the "Motion"). The
United States Bankruptcy Court has scheduled a hearing on the Motion for July
31, 2001.

The subject of the Motion is to establish bidding procedures and a topping fee
for the sale of substantially all of Knickerbocker's assets to a company to be
formed by Brian Blosil or his designee. In consideration for the purchase of
Knickerbocker's assets, the purchaser will assume approximately $4 million of
Knickerbocker's debts and liabilities and will issue to the pre-petition
unsecured creditors of Knickerbocker redeemable preferred units with an
aggregate redemption value of approximately $3 million.

The Motion asks the Bankruptcy Court to approve procedures related to the sale
of Knickerbocker's assets including the following: (1) the purchase price of
competing bids must be at least $6 million in cash plus a topping fee of 3%,
(2) competing bidders must provide to Knickerbocker a deposit of $1 million,
(3) Brian Blosil will have the opportunity to match any competing bid and (4) if
Brian Blosil does not match any competing bid, the assets will be sold to the
competing bidder and the 3% topping fee will be paid to Brian Blosil as
compensation for his costs and expenses. If the overbidding procedures are
approved and no substantial overbid for Knickerbocker's assets is received, it
is unlikely that the shareholders of Knickerbocker will receive any proceeds
from the sale of assets.

The L.L. Knickerbocker Co., Inc. is a multi-brand collectible products, gift,
toy and jewelry company that designs, develops, produces and markets products
over diverse distribution channels. The Company's products are sold through
independent gift and collectible retailers, department stores, electronic
retailers, Internet, and international distributors. The Company is a major
supplier of collectible products and fashion jewelry to the leading electronic
retailer.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: This news release contains forward-looking statements. Such statements
reflect the current views of the Company with respect to future events and are
subject to certain risks, uncertainties and assumptions. Although the Company
believes that the expectations reflected in such forward-looking statements are
reasonable, should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual future results or events
may vary materially from those described herein.