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$65 MILLION LOAN AUCTION SCHEDULED BY RTC FOR PHILADELPHIA ON SEPT. 23; EVENT EXPECTED TO OFFER EXCELLENT BUSINESS OPPORTUNITIES

 $65 MILLION LOAN AUCTION SCHEDULED BY RTC FOR PHILADELPHIA ON SEPT. 23; EVENT EXPECTED TO OFFER EXCELLENT BUSINESS OPPORTUNITIES
 PHILADELPHIA, Aug. 26 /PRNewswire/ -- The Valley Forge Office of the Resolution Trust Corp. announced today that it is sponsoring a public auction at 2 p.m. on Wednesday, Sept. 23, 1992, in the ballroom of the Wyndham Franklin Plaza Hotel at Two Franklin Plaza in Philadelphia. The purpose of the auction is to sell $65 million of non-performing loans -- mostly commercial loans with some residential and consumer.
 Approximately 775 loans have been stratified into 40 portfolios based on the type of loan, the collateral and the geographic distribution. The loans are predominantly secured, being collateralized by commercial real estate, other commercial assets, residential properties and consumer goods.
 This event is the first public "outcry" loan auction in the Northeast to be sponsored by the RTC; it will be the RTC's 10th public outcry loan auction. Unlike most RTC auctions, which sell real estate, this auction will offer non-performing loans. An awareness seminar and panel discussion is scheduled for 7 p.m. on Sept. 22 at the Wyndham to orient bidders and to educate new bidders as needed. In addition, the panel discussion format will give bidders an opportunity to ask specific questions and contribute valuable input to the RTC.
 RTC contracted First Financial Auction Network to market and sell the loan portfolios. First Financial Auction Network is a five- company enterprise consisting of four national auction companies and a major asset marketing firm. The companies are: Traiman Auction Co. of Philadelphia, Dunnings Auction Service Inc. of Chicago, J.L. Todd Auction Co. of Rome, Ga., Eddie Haynes Inc. and First Financial Network Inc., both of Oklahoma City.
 Bliss Morris, chief executive officer of First Financial Auction Network and the project manager of the auction, said, "This event will be the first chance for many companies which are in a position to manage and service loans to review such an array of different business opportunities. Among the portfolios are many kinds of loans, variously collateralized by commercial real estate, other commercial assets, residential properties and consumer assets."
 According to Doug Clemens, the president of Traiman Auction Co. and the auctioneer for the event, "Experienced portfolio investors and real estate and acquisition developers will want to go through these assets carefully. Having done so, we believe you will want to participate at this auction as we expect it presents an exceptional opportunity."
 Qualified parties can review the loan files by appointment between Aug. 31 and Sept. 22 at 50 Monument Road, in Bala Cynwyd, a suburb of Philadelphia. For more information, for loan review scheduling or to receive a bid package, call First Financial Auction Network at 800-245-8695.
 -0- 8/26/92
 /CONTACT: Elizabeth Farrington for Resolution Trust Corp., 215-631-4788; or Bliss Morris, CEO of First Financial Auction Network, 800-245-8695, or George Duggan, of National Media Associates, 818-542-6880/ CO: Resolution Trust Corp.; First Financial Auction Network ST: Pennsylvania IN: FIN SU:


JB-KJ -- LA003 -- 3315 08/26/92 08:30 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
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