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NEWS RELEASE


TRANZON COMPANIES SUCESSFULLY AUCTION LARGE BAYFRONT PARCEL FOR $1,320,000 IN NORTHHAMPTON COUNTY ON THE EASTERN SHORE OF VIRGINIA  

New York,  NY. July 24, 2008 – Tranzon Integrated Property Group (“Tranzon IPG”) announced  today the closing of a large parcel of direct bayfront land located near Jamesville, on the Eastern Shore of VA..  Tranzon IPG conducted this public auction pursuant to a Court Order signed by the Delaware Bankruptcy Court approving Tranzon IPG as auctioneer and allowing Chesapeake Shores Development Inc. (“Chesapeake Shores”) to proceed with an auction sale of this unique Property.   Tranzon IPG worked closely on this auction sale with it’s partner Tranzon Fox.

Tranzon was engaged on May 28 to conduct the Auction auction on June 25, 2008.   Prior to engaging Tranzon, Chesapeake Shores had the property listed by a local brokerage firm for quite some time, but no real interest had been generated. During Tranzon’s short marketing campaign, over 70 interested buyers had been identified and were personally contacted by Tranzon.  Potential bidders all downloaded Tranzon’s full Property Information Package and were offered scheduled helicopter tours of the property, affording interested parties the ability to have aerial views of the property before bidding.  

“In today’s difficult environment, it was comforting to see that we were able to generate such an overwhelming interest” said Joshua Olshin, President of Tranzon IPG.  

Olshin goes on to add that “typical of a Tranzon auction, there were inquiries from across the country with calls coming in from as far as California and Arizona to Maine to Florida to nearby areas such as Maryland, West Virgina, North Carolina, Delaware, Washington D.C. and Pennsylvania.  The ultimate buyer came from Pennsylvania, though he has close ties to the community on the Eastern Shore.

“This year we at Tranzon are seeing an increased amount of bankruptcy work and to date have tremendous success at satisfying the requirements of a Chapter 11 Debtor in Possession not only procedurally, but also at selling these properties at attractive prices” noted Steve Fox, President of Tranzon Fox.  

“As as an attorney for the debtor, it was interesting to see how Tranzon used its experience and ingenuity to set up the bidding rules – from assisting us in locking up a stalking horse to implementing the auction in reverse or “Dutch” style.  This involved utilizing an auction form popularized by Google when it did its initial public offering that starts at a high price and then bid-calls down, with the first person to bid winning the auction” remarked Jim Atkins, a partner at Duffy & Atkins in New York City.  “We were very happy with the work Tranzon did and would not hesitate to bring this professional team in again to handle other dispositions in the future.”

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Tranzon Integrated Property Group based in the New York metropolitan area is a full-service auction and real estate disposition company and a member Company of Tranzon, L.L.C.  With over 32 independently owned offices from coast to coast, the member companies of Tranzon auctioned more than 1,000 properties last year and over the past five years, have conducted auctions in 45 states and the District of Columbia.  The professionals working at Tranzon member companies specialize in providing real estate, business asset and liquidation auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S.  


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