SimplexDiam has announced that it will liquidate more than a million dollars of closeout diamonds for the bankruptcy estate of Fortunoff Holdings LLC and Fortunoff Cards LLC.
Simplex has designated a part of its Las Vegas presence to aggressively promote the auction. Vice president of marketing Neel Madhvani said the Fortunoff auction would be prominent in the company’s marketing, which will include 20,000 fliers handed out to buyers attending The JCK Show.
Simplex says this will be the first time a specialized asset recovery company will run a loose-diamond auction.
Bids will be sent to an online account with a public provider that is accessible by cleared staff from Fortunoff, its advisors, and Simplex. Bids, by e-mail or electronic fax, will be forwarded in real time to approved parties. Bids will be blind to other bids, and bidders’ names will not be disclosed. The company says this format will prevent physical or electronic contact that could disclose who is bidding.