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SimplexDiam to auction $1M in Fortunoff diamonds

May 20, 2009

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New York--Asset-recovery firm SimplexDiam Inc. will auction more than $1 million in loose diamonds leftover from the bankruptcy of Fortunoff Fine Jewelry and Silverware LLC.

The auction, according to a release issued by SimplexDiam, marks the first time an asset-recovery company has run a loose-diamond auction.

But, the company has considerable experience when it comes to diamond sales, having bought and sold more than 200,000 carats of closeout diamonds in the last 12 months.

"The entire team is excited to be a part of this," SimplexDiam Chairman and Chief Executive Officer Yogesh Madhvani said in the release. "This is the first time ever that a wholesale bankruptcy auction is tied to aggressive marketing. We expect far more applications for viewing than we have spots available. Within the first day of signing, we spoke to 25 potential buyers who showed considerable interest."

According to the release, the auction will be run with complete transparency. The team has set up an online account with a public provider accessible by cleared staff from Fortunoff, its advisors and SimplexDiam only. Bids will go directly to this account via e-mail or electronic fax, and bidders will not have access to other bids or other bidders' names.

Neel Madhvani, SimplexDiam's vice president of marketing, said while no exact dates for the auction have been set, SimplexDiam is looking to start viewing in the next couple of days, ending the auction within four weeks.

Space will be limited for serious buyers only, and deposits will be required.

For information on the auction, contact Neel Madhavani, (212) 883-0888 ext. 1004 or sales@simplexdiam.com.

Like so many other retailers, a combination of poor holiday sales, decreased consumer spending and lack of liquidity felled Fortunoff, a home goods, furniture and jewelry retailer that first opened its doors in 1922.

The company filed for Chapter 11 bankruptcy protection in February and began its going-out-of-business sales that same month.
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