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RTC TO CONDUCT GLOBAL AUCTION OF NON-PERFORMING LOANS

 RTC TO CONDUCT GLOBAL AUCTION OF NON-PERFORMING LOANS
 SAN ANTONIO, April 20 /PRNewswire/ -- For the first time, the


Resolution Trust Corporation ("RTC") will sell non-performing loans at an auction that will be seen and participated in worldwide.
 The auction -- to be held May 12 at 1 p.m. (CST) at the San Antonio Marriott Rivercenter -- will be handled by the Cambridge Financial Group, a joint venture among the D'Loren Organization, Larry Latham Auctioneers, Inc., and Riverside Realty Advisors, LTD.
 The auction will utilize open outcry live bids and electronic bids carried electronically by Cantor Fitzgerald Brokerage Corp., which has secured space on the Telerate System, a Dow Jones subsidiary. Through agreements with Telerate, Cantor has the exclusive right to display prices of various fixed-income securities and loans on a worldwide network of 90,000 electronic terminals in more than 40 countries.
 The $26 million portfolio will be sold in 19 pools of non-performing secured and unsecured loans. Loan offerings and live bids will be displayed worldwide on the Telerate pages, beginning on page 22235.
 "By utilizing the worldwide information network, we are opening up the auction bidding process to groups and individuals around the world who would otherwise have been unable to participate," said Kenneth M. Woods, loan auction manager of the RTC's Southern Consolidated Office, San Antonio. "This auction merges the best marketing qualities of the open outcry auction with a dynamic global information system, to assure that we get the highest possible number of participants and bids worldwide."
 Woods explained that the event will involve a live auction site where participants will bid in the traditional manner. "This activity will be augmented by phone bids from Cantor. All bids, live and phone, will be displayed instantaneously on the worldwide electronic network."
 Robert D'Loren, president of the D'Loren Organization, noted that the electronic network system provides the RTC with numerous benefits. "The system can serve as a worldwide billboard, advertising RTC assets 24 hours per day and instantaneously updating them to close the sale. Furthermore, the ability of bidders to participate in an auction process with screen displays and telephonic bidding will permit large numbers of bidders to participate from their offices -- where decisions to increase bids can be made quickly."
 According to D'Loren, bidders also will be solicited by mail, telephone and print advertising. "The combined number of bidders solicited through the electronic network and traditional multimedia advertising is sure to be tremendous, and will provide the RTC with a savings of both time and expense."
 Further information can be obtained at the RTC Loan Information Center, Bexar Savings Tower, 1777 NE Loop 410, San Antonio, Tesas, or by phoning 212-938-4200.
 -0- 4/20/92
 /CONTACT: Michael or Lee Cherenson of the Cherenson Group, 201-992-7800/ CO: Resolution Trust Corporation; Cambridge Financial Group ST: Texas IN: FIN SU:


KD-TQ -- NY045 -- 0070 04/20/92 12:38 EDT
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Publication:PR Newswire
Date:Apr 20, 1992
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