Real Estate Journal Online

U.S. Bankruptcy Court Authorizes Sales of NJ Affordable Homes Corp. Real

Approximately 340 properties to be sold at absolute auction

NEW YORK — Sheldon Good & Company Auctions NorthEast, (www.sheldongood.com) the nation’s premiere auction and brokerage company, in a joint venture with DJM Realty, a national real estate disposition firm based in Melville, New York, has been retained by Charles M. Forman, the chapter 7 trustee appointed for NJ Affordable Homes Corp. (NJAH) to sell at auction 340 properties owned and controlled by NJAH. The auction venue is being announced for September 29th, 30th and October 1st at the Meadowlands Convention Center in Secaucus, NJ.

Mr. Forman, of the law firm of Forman, Holt & Eliades, LLC, said: “The auction sale of the NJAH portfolio is the most efficient and cost-effective method of generating a substantial pool of funds from which those who were hurt by this massive fraud can be compensated.”

Mr. Forman added: “Private investors, conventional lenders, other parties and the community as a whole have been victimized by the scheme. We believe that the auction method devised by this real estate team will result in the expeditious sale of these properties thereby ultimately benefiting all concerned, including the investors, lenders, tenants and their neighborhoods.”

Steven L. Good, Chairman and CEO of Sheldon Good & Company Auctions, Inc. said: ”We appreciate the confidence placed in us and in DJM Realty by the trustee and the court. Our auction will be an important step forward in correcting the alleged injustices conducted by the debtor.”

Andrew Graiser, Co-CEO and Founder of DJM Realty, said: “We were brought in based on our experience in helping troubled companies fund operating cash so as to allow for an orderly disposition of the portfolio properties. We teamed up with Sheldon Good & Company because we felt that they were by far the most experienced auction company to handle a portfolio of properties this size.”

Jeffrey Hubbard, Executive Managing Director for Sheldon Good & Company Auctions NorthEast, LLC, said: “This will be the largest residential auction thus far to be conducted in New Jersey, and most likely, in the United States. This auction will have something for everyone: the builder, homeowner, developer and investor. The portfolio of properties includes 80 single-family homes, 78 two-family homes, 96 three-family homes, 19 four-family homes, 2 six-family residences, 57 parcels of land, and 8 commercial properties. This extensive portfolio includes property in every county in New Jersey except two. 195 properties are located in the Essex County area.”

Mr. Hubbard said that all properties would be sold absolute regardless of price, free and clear of liens, subject to the approval of the United States Bankruptcy Court District of New Jersey presiding over NJAH’s bankruptcy case.

Background: On September 12, 2005, the United States Securities and Exchange Commission sought and obtained from the District Court a temporary restraining order that, among other things, froze the assets of NJ Affordable Homes Corp. and Wayne Puff and appointed a temporary receiver over the assets of NJAH.

The SEC alleged that “from at least 1999 to the present, the defendants sold, in unregistered offerings, at least $40 million in notes to more than 490 investors located throughout the United States in connection with their participation in a Ponzi scheme.”

The District Court appointed Nicholas H. Politan, a former federal judge, as the receiver for NJAH. On November 17, 2005, the court authorized the receiver to file a chapter 7 petition under the Bankruptcy Code on behalf of NJAH. Mr. Forman was then appointed by the United States Trustees Office, a branch of the United States Department of Justice, as the chapter 7 Trustee for NJAH’s bankruptcy estate. The United States Bankruptcy Court granted the Trustee’s motion to sell all 340 properties owned and controlled by NJAH in a real estate auction to be conduced by Sheldon Good & Company Auctions NorthEast in conjunction with DJM Realty.

BETHESDA, Md., June 29 — Robert L. Johnson, founder and chairman of The RLJ Companies, today announced the official launch of www.ClubCharity.com, the premier online charity auction site for corporate and celebrity charitable giving.

ClubCharity.com is a custom built auction platform developed in affiliation with CharityBids, an online auction site renowned for its global non-profit fund raising and expertise. ClubCharity.com will allow celebrities to auction off items and experiences as part of their social responsibility using the technology of the Internet.

As a part of the launch event in coordination with the Entertainment Industry Foundation, Academy Award-winning actor Tom Hanks, donated his customized 2004 Prius to support Major League Baseball’s Welcome Back Veterans (WBV) initiative. Welcome Back Veterans was created to assist OEF/OIF veterans and their families with deployment-related mental health concerns. The 2004 Prius has been converted to a plug-in Hybrid and features an autographed glove box personally signed by Hanks.

“I’m truly excited about the relationships we have created for charitable giving. Through ClubCharity.com, this is a great way to connect celebrities and their fans while benefitting charity at the same time,” said Johnson, founder of ClubCharity.com. “Tom Hanks is a prime example of how his star power will directly benefit a worthwhile cause because he is one of the most influential celebrities and his support is invaluable,” he concluded.

“MLB’s Welcome Back Veterans is offering crucial support services to America’s military men and women and their families,” said Hanks. “When it comes to supporting our veterans and their families, I am proud to do whatever I can.”

In addition to Hanks, Johnson has garnered the support from many celebrities in the entertainment industry on behalf of ClubCharity.com. Having donated for auction a stay at his personal villa off the coast of Anguilla, Johnson has rallied other celebrities to become involved for their designated charities. A sample of celebrity items that were donated to the site include:

• Holly Robinson Peete, designer gown, made for and worn by Holly Robinson Peete;
• Emmitt Smith, autographed Reebok Dallas Cowboys #22 Jersey and authentic autographed NFL football;
• Roger Federer, match-worn shirt from the 2009 ATP World Tour Masters 1000;
• Ludacris, personalized sports jacket and autographed sneakers;
• Morgan Freeman, one of a kind autographed script from the movie Invictus starring Morgan Freeman and directed by Clint Eastwood;
• Michael Bolton, VIP Concert Experience; and,
• Joe Frazier, autographed boxing gloves.

To place bids on one of a kind items benefiting charity, visit www.ClubCharity.com to place bids today!

NEW YORK, June 29 - Holley Performance Products Inc. announced that it has significantly improved its capital structure and liquidity through a successful voluntary bankruptcy reorganization that became effective on June 22, 2010. As a result of the reorganization, the Company reduced its debt by over $59 million and obtained new credit arrangements, including a revolving credit facility which provides the Company with substantial flexibility to pursue its growth initiatives.

Holley is a leading designer, manufacturer and distributor of a diversified line of high performance automotive products including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, and fluid transfer products. Holley was originally founded in 1903 by brothers George and Earl Holley and has continuously provided iconic automotive aftermarket products that enhance vehicle performance through increased horsepower, torque, and drivability. Holley products have provided the flow of fuel and air to notable vehicles including the original Model T, World War II fighter aircraft, the hottest factory performance cars of the muscle car era, every NASCAR Cup Series race car, and the majority of winning NHRA Pro Stock race cars.

According to Chief Executive Officer Tom Tomlinson, “Holley has emerged with an extraordinarily strong balance sheet which provides us with the flexibility to reinvest in our business and positions us well for continued growth. We have accomplished a true restructuring in a cooperative, efficient and timely manner, and we are deeply grateful for the support and loyalty we received from our customers, dedicated employees, suppliers, lenders, and shareholders. We have an exciting array of new products slated for introduction in the immediate future, and we are dedicated to the execution of our mission to provide the most highly sought after products in the high performance automotive aftermarket. With our new balance sheet, we now have the financial strength to create value through long-term sustainable organic growth and appropriate strategic acquisitions while continuing to enhance the reputation and reach of our core stable of brands.”

Holley’s reorganization converted principal and interest associated with its former second lien notes into equity and established new credit facilities with its existing senior lenders. Also during the reorganization, Holley successfully completed the sale of its diesel OEM business. Mr. Tomlinson said, “The sale of our diesel OEM business yielded excellent value that we are reinvesting in our performance business. Our team is excited that we are now able to focus 100% of our energy on our very successful high performance automotive aftermarket business.”

David G. Elkins, Chairman of Holley’s Board of Directors said, “We initiated Holley’s voluntary bankruptcy case in September 2009 after carefully evaluating the effects of the economic recession and related collapse of the credit markets. Our goal was to significantly reduce Holley’s corporate debt and overall leverage and thereby establish a sustainable, long-term capital structure that would allow the company to carry out its growth and product expansion plans. We are extremely pleased with the outcome, having reduced debt by over $59 million. Thanks to the efforts of our senior management team and other employees and to the cooperation we received from our stakeholders, suppliers and customers, Holley has emerged from this process as a financially strong company that is well-positioned for future growth and success.”

Mr. Elkins went on to say, “We are pleased with the team that has been assembled to lead the Company into the future. Tom and other members of our senior management team are true automotive enthusiasts who share a genuine passion for the high performance automotive aftermarket. We are encouraged by the Company’s performance since Tom assumed his CEO duties in 2009, and we look forward to exciting things from Holley in the years to come.”

James Wilton and James Wright of Ropes & Gray served as lead counsel to the debtors, and David Stratton of Pepper Hamilton served as co-counsel. Christopher K. Wu, Managing Director of Carl Marks Advisory Group LLC, served as financial advisor to Holley.

More information about Holley and its products may be found at www.holley.com.

Jon Winick, President, Clark Street Capital, and Anthony Falor, Chief Operating Officer, Hodges Ward Elliot, will discuss how to manage the commercial real estate bubble, one loan at a time. The discussion will happen in a Coleman Publishing Webinar on Wednesday, July 14 at 2:00 PM ET.

Bob Coleman, the nation’s small business banking expert, will moderate the event. He is the editor of the Coleman Report, a newsletter covering the SBA 7(a) and 504 small business loan programs that provides critical analytical information for small business lenders. He is the nationally recognized expert about Main Street access to capital issues. He is a frequent contributor for Fox Business News. All major financial media outlets including CNN, The Wall Street Journal and Bloomberg about Main Street access to capital issues have quoted him.

For the webinar, we are bringing back the panel of national experts that spoke at the 2010 Franchise Leadership & Development Conference, the premier event for franchise sales and development professionals. This panel, who spoke to franchisors, has assembled a webinar to reach out to the lenders.

The program’s agenda includes discussion on:

•Where are we in the CRE Cycle?
•Refinancing with SBA and USDA
•Financing on CRE: CMBS & Banks
•The Distressed CRE Cycle and Recovery Rates
•The Regulators on Workouts
•The Distressed Market: Who’s Buying and What are their Returns?
•FDIC Loan Sale Pricing
•Best Practices in Selling Loans
•Have a Plan: Defense & Offense

Coleman Publishing
PO Box 546
La Canada Flintridge, CA 91012

818- 790-4591

Coleman Publishing is an online media company providing critical information for small business bankers.

http://www.colemanpublishing.com

Auction is exclusively for owner-occupant homebuyers

ONTARIO, Calif., June 28 — Real estate auction specialist REDC and Bank of America today announced plans to auction more than 100 bank-owned homes in the Inland Empire. The auction will be open to homebuyers seeking a home as a primary residence, municipalities participating in the U.S. Housing and Urban Development (HUD) Neighborhood Stabilization Program (NSP), and housing nonprofit organizations.

The auction will be held on Saturday, July 24, at the Ontario Convention Center. Registration begins at 8:00 a.m. PDT and the auction begins at 9:30 a.m. PDT.

The July 24 auction is for bidders who intend to occupy the homes as their principal residence, without competition from investors. The Bank of America-owned homes to be auctioned have been removed from the market, inspected and repaired, and are ready for sale.

More information on the auction, including a list of all homes in the auction, property descriptions and photos can be found at REDC’s website www.Auction.com/ie. To be considered for purchase approval, potential homebuyer’s are advised to bring the following items to the auction: government-issued photo identification such as a driver’s license or passport; funds for deposit; past two years W-2s or if self-employed the last two years of complete tax returns; most recent 30 day paystub showing Year-to-Date income; most recent two months bank statements on all accounts; and a recent utility bill in the buyer’s name.

Because homebuyers have found it difficult competing with investors in today’s market, this auction is exclusively for homebuyers, with Bank of America offering very attractive financing options onsite, in addition to a three percent commission for agents who bring their homebuyer clients to the auction.

REDC has conducted similar auctions earlier this year in Arizona, Nevada and California, auctioning a total of 368 properties to individuals and families with a combined purchase price of $32.7 million.

“Bank of America has a comprehensive neighborhood stabilization strategy for communities hardest hit by the foreclosure crisis, ranging from industry-leading loan modification efforts and targeted home retention outreach, to being the first major servicer to create an REO sales process specifically for HUD NSP recipients. Recognizing the Inland Empire’s unique housing and economic challenges, it is best when we can sell our inventory of real-estate owned properties to families who will live in the homes and contribute to the revitalization of the greater community,” said Matt Vernon, national servicing executive, Bank of America.

Jeffrey Frieden, CEO of REDC, says “For families looking to buy a home in the Inland Empire, this special auction event will be an amazing opportunity. There will be over 100 homes that are ready to move in, and borrowers may be able to qualify for conventional or FHA financing, allowing buyers to purchase a home with only 3.5% down payments with FHA financing and nominal closing costs. We’ve had great success this year putting families into homes and we expect this event will be a great boost to the local communities.”

“This auction event is an example of Bank of America’s pledge to stabilize communities and promote homeownership opportunities, and to help manage their REO inventory in an effective, responsible manner,” he adds.

In addition to community auctions like this one, Bank of America works with nearly 400 communities and housing nonprofits through the NSP program in high foreclosure markets across the country, providing a daily inventory of pre-listed and listed properties in the bank’s servicing portfolio, and a dedicated team of trained asset managers assigned to NSP participants to expedite the REO sales process. More than 655 properties totaling more than $62 million have already been sold with NSP funds, with 161 additional properties currently in escrow. Bank of America also works with the National Community Stabilization Trust to further serve over 100 localities across the nation hardest hit by the foreclosure crisis to offer ‘first look’ purchase opportunities for owner-occupied buyers.

Says Frieden: “This unique auction event will help turn these bank-owned properties into homes for many deserving families. Bank of America and REDC are trying to pave the road to recovery one house at a time.”

About REDC

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC’s primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at www.Auction.com. REDC is based in Irvine, California with additional offices in Dallas and New York.

TULSA, Okla. — National Commercial Auctioneers [www.natcomauctions.com] announces a court-ordered event auction event featuring properties in Fort Smith, Ark., and Haskell, Okla., on August 24, according to Stephen Karbelk, CAI, AARE, President.

“We have some excellent investment opportunities here,” noted Karbelk. “Now is the prime time to pick up investment real estate at auction prices.”

The first property in this auction is a 1,750 square-foot historic bank building with large windows and ornate brick. Located at 100 East Main Street in Haskell, Okla., this ornate structure was built in 1920. It was converted to a chiropractic office several years ago, but still retains many of the original features.

Located on the corner of busy Main Street and Broadway (Hwy 64), the outside has extensive stone and brick work creating tremendous curb appeal. There are large half circle windows on the front and along the side. The original two-story vault is still intact, minus the vault door.

Karbelk explained, “This bank was solidly built during the era of gangsters and bank robbers, and was actually robbed in 1933 by the infamous Underhill Gang. This is your opportunity to buy a piece of Oklahoma’s famous gangster history!”

The second property in downtown Fort Smith is a 14,000 square-foot corner lot located on the heavily traveled US64 at 405 South 14th Street near Sparks Regional Medical Center. Zoned commercial heavy (C-5) with city water and sewer, the property is located close to shopping, restaurants, entertainment and public transportation.

The final property is the adjoining 7,000 square-foot lot at 405 South 14th Street, which is currently improved with a two-story four/five bedroom, two bath home in fair condition with kitchens on both levels. This property is zoned transitional (T).

Bidders must register prior to the auctions. Broker participation is encouraged. For more details about the property, including how to obtain a property information package, visit www.natcomauctions.com or call toll free (877) 895-7077.

National Commercial Auctioneers is a nation-wide auction company that specializes in the sale of commercial real estate at auction for banks, receivers and bankruptcy courts.

HOUSTON — Asset Plus Companies has announced the ground breaking for 25Twenty, a student housing development in Lubbock, Texas. Managed by Asset Campus Housing, 25Twenty is located on a 3.6-acre site adjacent to Jones AT&T Stadium, home of Texas Tech Red Raider football. The upscale 562-bed student housing community will feature the major components of a successful pedestrian-orientated development. “This project will be much like The Lofts at Wolf Pen Creek development, which we completed last fall in College Station, Texas,” according to Company President Michael S. McGrath. “The Lofts at Wolf Pen Creek was 97% leased when it opened last year and is leading the market this year in pre-leasing as well,” added McGrath.

25Twenty will be a four-story stucco and brick structure which will offer a mix of 249 units arranged around two beautifully landscaped courtyards. The main courtyard will feature a sunning ledge, a grand resort-style pool with water feature, outdoor BBQ kitchen and hammock area. Not to be outdone by the larger courtyard, the second courtyard will hold its own and highlight a pro-style sand volleyball court, competition horseshoe pit and an area to kickback and relax around an outdoor fire pit.

A 9,600 square-foot clubhouse will offer a game room packed with amenities and featuring a golf simulator. Other amenities will include a theatre with stadium seating, a fully equipped Internet Cafe, business center along with private breakout study rooms, tanning room and a premier exercise facility.

One-bedroom/one-bath, two-bedroom/two-bath, and four-bedroom/four-bath units will range from 571 square feet to 1,704 square feet. Floor plans feature an open concept design, reinforced by 10-foot ceilings on the ground floor. All units will be fully furnished and will include washer and dryers, high-speed internet and flat panel HD TVs with DVR service. Modern kitchens will include stainless appliances, pendant lights, granite countertops and islands with seating.

25Twenty is only part of an overall redevelopment of the northwest corner of Marsha Sharp Freeway and University Avenue (formerly the Town & Country shopping center). Tao Development Group, LLC, a Texas Tech Alumni owned company, is building a new eleven story mixed-use parking garage containing both retail and restaurant space. Residents of 25Twenty will park in the garage and utilize a sky bridge connecting both developments.

Asset Campus Housing, Inc. (“ACH”) is a sister company of Houston based Asset Plus Companies, a third party property management firm specializing in real estate services for investors, developers, and owners. Asset Campus Housing manages a student housing portfolio of 40+ properties, exceeding 25,000 beds located throughout the United States.

NEW YORK — Six Flags Entertainment Corporation (formerly Six Flags, Inc.) announced today that it has completed its balance sheet restructuring and emerged from Chapter 11. The terms of the restructuring were confirmed by the Court effective as of April 30, 2010.

The restructuring reduced Six Flags Entertainment’s indebtedness and mandatorily redeemable preferred stock from approximately $2.7 billion at December 31, 2009 to approximately $1.0 billion at emergence (excluding seasonal drawings under the company’s revolving credit facility at emergence). As a result, the Company’s annual cash interest expense will be significantly reduced to approximately $75 million. The restructuring also included $725 million in new equity committed by the new shareholders. The plan also provides for payment in full of all of the Company’s trade creditors.

“This reorganization constitutes the final step in the repositioning of Six Flags,” stated Mark Shapiro, President and CEO of Six Flags Entertainment. ”Since the new management team arrived in 2006, we have concentrated on broadening our audience base by improving the product offering. In that vein, we instituted significant operational changes – upgrading and investing in the appearance and cleanliness of the parks; creating a more diversified family entertainment experience; growing in-park revenue by increasing length of stay and offering guests high quality brands; elevating guest service through targeted staffing initiatives; and growing sponsorship and licensing revenues.”

Mr. Shapiro continued, “Now, with the restructuring completed, the Company’s opportunities are no longer limited by the legacy debt levels. With our new balance sheet, we now have the financial strength to generate long-term sustainable growth while continuing to enhance the reputation and reach of our brand.”

Coupled with the equity investment, the restructuring was financed by approximately $1.0 billion of senior secured credit facilities, and a $120 million revolving credit facility. In addition, an affiliate of Time Warner agreed to provide the Company with a $150 million multi-draw term loan facility to be used to fund annual Partnership Park put obligations above specified levels.

Application will be made to list the new common stock of Six Flags Entertainment on the New York Stock Exchange.

LOS ANGELES — An affiliate of Aurora Capital Group (“Aurora”) has entered into a definitive agreement to purchase the assets of Parking Company America Airports (“PCAA”), a leading off-airport parking operator. PCAA currently operates 27 parking lot facilities near major domestic airports including seven of the nation’s ten busiest airports and maintains over 30,000 parking spaces nationwide.

Anthony DiSimone, Managing Partner of Aurora Resurgence, the complex situations fund within Aurora Capital Group, commented, “We are excited about the long term prospects available to the new company and look forward to bringing our resources to PCAA to support its employees in building a leading national platform.”

As previously announced, on January 28, 2010, PCAA filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware. The Bankruptcy Court established a bid process whereby interested parties, including Aurora, could submit bids for PCAA’s assets. The Bankruptcy Court has approved the sale and the parties are working together to close the transaction as expeditiously as practical. The transaction is also subject to the expiration or early termination of the waiting period under the Hart-Scott-Rodino Act and other customary closing conditions.

Total Weekend Generates $48M in Sales at REDC Live and Online Real Estate Auctions

“Today’s housing market is a great buyers market, and it is the perfect time for the public to get great deals on properties at a REDC auctions.”

Irvine, Calif.- Real estate auctions continue to be the hottest and trendiest way for homebuyers and investors to purchase new residences, a second home or an investment property. This weekend, Real Estate Disposition, LLC (REDC), the nation’s leading real estate auction company, sold 100% of luxury San Lorenzo condos in Miami in just two and half hours for $6.5 million before a crowd of 400 at Hyatt Regency Miami.

Overall, REDC conducted a combination of live and online auctions over the weekend that generated $48 million in sales.

“The San Lorenzo condo auction was a once in a lifetime opportunity for buyers to gain ownership in a premier community, and many people took advantage of this unique opportunity to be at the heart of this magic city at a price they can afford,” says REDC CEO Jeff Frieden. “Consumers walked away with incredible deals. Many people bought the residence of their dreams at a huge discount.”

For REDC’s next auction, go to its web site, Auction.com.

The San Lorenzo Condominiums feature an ideal blend of location, views and amenities. The redevelopment of downtown Miami as an urban icon is redefining the future of the city itself, and reviving the lifestyle of the vibrant South Florida community. Thousands of families, young couples, and professionals are moving to the area as part of the most dramatic transformation ever seen in Miami. Projects like the Center for Performing Arts, the Midtown Mall, and the new Florida Marlins baseball stadium are giving downtown Miami and Little Havana a complete makeover, making it one of the most ideal places to live in the country.

“The sellers were very motivated to sell these properties and get them back in the hands of home buyers,” Frieden says. “That’s the case at all our auctions. Auctions are the only way to buy real estate where the pricing starts at the bottom and works its way up. Auctions are also the only buying alternative where you can set your own price. That’s why we continue to see amazing deals at our auctions, one after another.”

San Lorenzo’s one- and two-bedroom residences include Panoramic views including downtown and the Miami skyline, European style cabinets in kitchen and bathroom, Impact resistant glass windows and sliding doors, Private and expansive balconies and Washer and dryer in each condo. Building features include 24-hour secure gated entry, Covered garage parking, Recreation plaza with BBQ area, Swimming pool in garden setting, Meditation gazebo, Elegant lobby and ground floor retail, and Fitness center.

“For people looking to buy or invest in today’s housing market, now is the best time,” Frieden says. “Today’s low prices and low interest rates have created a ‘perfect storm’ for home buyers at REDC auctions. This is a very unique period in the real estate market.”

On Saturday, REDC auctioned 218 properties in a national online auction that netted $11.4M; 156 properties were auctioned at a live auction in Phoenix for $9.6M; 126 properties in Michigan were auctions for $1.7M. Yesterday, 249 propertiies in Salt Lake City, Tucson, Ariz. and Phoenix were auctioned for $14.3M as well as 82 in Michigan for $1.7M.

“This illustrates the popularity of REDC real estate auctions,” Frieden says.”Today’s housing market is a great buyers market, and it is the perfect time for the public to get great deals on properties at a REDC auctions.”

With today’s low prices and low interest rates, “It’s a perfect storm for home buyers,” he says. “This is a very unique time in the real estate market. If someone is thinking about buying, you can’t find a better combination than low prices and low interest rates.”

Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC’s primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at www.Auction.com. REDC is basedin Irvine, California with additional offices in Dallas, New York and London.