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Diamond Auction "May Take All Day"

The bids for the sale of Diamond Glass were opened today in the offices of Conaway Young Stargatt and Taylor LLP in Wilmington, Del. According to Michael Richman of Foley & Lardner LLP, counsel for the Kingston, Pa.-based company, the auction was expected to be a day-long process.

"We haven't even begun yet because we're still working on things behind the scenes," he told™/AGRR magazine early this morning on-site in Wilmington, Del.

"There's no way to predict how it's going to go," he added.

Richman advised the auction process is a long one.

"There's a lot of stuff going on-it may take all day," he said.

The opening of the bids is a closed process, but the U.S. Bankruptcy Court for the District of Delaware will hold a hearing tomorrow to review and approve the winning bid. At press time, the winning bidder had not yet been announced.

While the bids have been sealed and have not been revealed to the public, representatives from both Guggenheim and Belron were on-hand at this morning's auction.

Stay tuned to for more information as it becomes available.

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