PUBLIC REAL ESTATE AUCTION

Friday, June 24^th, 2005 10:00 A.M.

Phoenix Airport Marriott Hotel

1101 North 44^th Street

Phoenix, AZ 85008

BANKRUPTCIES and non-bankruptcies

map to auction location

NO RESERVE

NO BUYERS PREMIUM

Several bankrupt and non-bankrupt properties to be sold at no reserve to the highest bidder, regardless of price.

real estate auction #1 eastern side of Adobe Mountain in Phoenix, AZ

real estate auction #1A northern and western top of Adobe Mountain in Phoenix, AZ

real estate auction #2 BANKRUPTCY of land in Yavapai County, AZ

real estate auction #3 20 acres in Utah

real estate auction #4 lot in Eloy, AZ

real estate auction #5 2 lots in Douglas, AZ

real estate auction #6 (moved to 7/27/05 auction) BANKRUPTCY of land in Apache County, AZ

real estate auction #7 BANKRUPTCY of 40 acres in Mohave County, AZ

real estate auction #8 BANKRUPTCY of lot in Cochise County, AZ

real estate auction #9 land in Arlington, AZ

real estate auction #10 land in Nogales, AZ

real estate auction #11 land in Rio Rico, AZ

real estate auction #12 land in Arlington, AZ

real estate auction #13 2 vacant lots near Show Low, Arizona

real estate auction #14 vacant residential lot in Eloy, Arizona

real estate auction #15 2 vacant lots near Show Low, Arizona

real estate auction #16 2 vacant lots in Sun Valley, Arizona

real estate auction #17 vacant lot in Eloy, Arizona

real estate auction #18 vacant lot in Eloy, Arizona

real estate auction #19 vacant lot in St. John's, Arizona

real estate auction #20 vacant lot in St. John's, Arizona

real estate auction #21 vacant lot in St. John's, Arizona

real estate auction #22 vacant lot in Apache County, AZ