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Bid4Assets.com to Participate in FDIC Online Loan Sale Pilot; $12 Million Pool of Home Equity Loans Being Sold on Bid4Assets.com.

SILVER SPRING, Md., Sept. 19 /PRNewswire/ --

Bid4Assets.com, the online marketplace for buying and selling high-value, distressed assets from financial, government and bankruptcy sources, today announced that it has been selected to participate in an online loan sale pilot being conducted for the FDIC. The loan sale includes a $12 million pool of home equity loans being sold by the FDIC as agent for Goldome Credit Corporation.

Bid4Assets.com, which has listed more than $1 billion of assets for auction, is the leading Internet auction marketplace for high-value, distressed assets in multiple categories including financial instruments, real estate, intangible property and personal property. The company's secure online trading solution creates a special assets community and single, full- service marketplace from what is currently a fragmented and regionally focused industry. Government professionals and other sellers benefit from immediate access to Bid4Assets.com's global pool of qualified buyers. Buyers of distressed assets can simplify the acquisition process by buying online, saving hours and dollars formerly spent at public outcry auctions.

Bid4Assets.com was one of two firms selected by the FDIC to participate in this pilot. Traditionally, the FDIC has sold loan pools through sealed bid, offline auctions. This loan sale will be held online on October 25, 2000. Bid4Assets.com will have due diligence available online as well as in hardcopy form. Due diligence materials are available at www.bid4assets.com/loansale. In addition, a document room will be established in the FDIC's Dallas office. Interested bidders must complete and return a confidentiality agreement in order to receive due diligence. The confidentiality form is also available on www.bid4assets.com. Bidders who are unable to bid online can contact Bid4Assets' client services department toll free at 1-877-427-7387.

"We are excited to participate in this sale by the FDIC. Bid4Assets.com has successfully maximized return for financial asset sales for the U.S. Marshals Service, leading U.S. financial institutions and bankruptcy estates. We look forward to helping the FDIC maximize returns," said Tom Kohn, CEO of Bid4Assets.com. "We believe that competitive online auctions create a more dynamic market by opening the sale to a larger pool of buyers and ultimately bringing a higher return."

Bid4Assets.com is the first Internet only auction company to be approved by the General Services Administration and has conducted the first online asset sales for the U.S. Department of Energy and the U.S. Marshals Service. Bid4Assets.com also has conducted sales for several state government agencies and is working to develop relationships with other state and local government agencies throughout the country.

About Bid4Assets.com

Bid4Assets.com (http://www.bid4assets.com) is the Internet's only auction marketplace for buying and selling high-value, distressed assets from financial institutions, government, bankruptcies and private industry. Bid4Assets.com features opportunities in four asset categories: financial instruments, real estate, intangible property and personal property. Since its launch in November 1999, the company has listed more than $1 billion in assets and has created a special assets community and single, full-service marketplace from what is currently a fragmented and regionally focused industry. Through a worldwide network of qualified buyers, pro-active marketing, comprehensive online due diligence, multi-level security and staff of specialists, Bid4Assets.com decreases expenses and increases efficiencies and returns for buyers and sellers of special assets. The company is located in Silver Spring, Md., phone (301) 650-9193, fax (301) 650-9194.
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Publication:PR Newswire
Date:Sep 19, 2000
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