PUBLIC REAL ESTATE AUCTION

Wednesday, July 27th, 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.

auction #1 vacant lot in Apache County, Arizona

auction #2 (moved from 6/24/05 auction) BANKRUPTCY of land in Apache County, AZ

auction #4 BANKRUPTCY 32 acre ranch in Gila County, Arizona, including 3 houses, 2 cabins and a barn

auction #8 vacant lot in Apache County, AZ

auction #9 vacant lot in Apache County, AZ

auction #10 vacant lot in Apache County, AZ

auction #11 vacant lot in Apache County, AZ

auction #12 vacant lot in Apache County, AZ

auction #13 vacant lot in Apache County, AZ

auction #14 (2) 1 acre side-by-side lots in Apache County, AZ

auction #15 (2) side-by-side residential lost just feet north of historic Route 66 in Sun Valley, AZ

auction #16 (2) 1 acre side-by-side lots in Apache County, AZ

auction #17 (2) 1 acre side-by-side lots in Apache County, AZ

auction #18 (2) side-by-side lots just feet north of historic Rout 66 in Sun Valley, AZ

auction #20 BANKRUPTCY 37 acres in Coconino County Arizona

auction #21 Vacant Lot in Sun Valley, AZ Navajo County, AZ

auction #22 BANKRUPTCY 4 acres in Whispering Ranch Arizona

auction #23 2.6 acres in Navajo County Arizona

auction #24 40 acres in Apache County Arizona

auction #25 BANKRUPTCY 4.71 acre lot in Coconino County Arizona

auction #26 vacant lot in Mohave County Arizona

auction #27 9,000 square foot lot in Eloy, AZ

auction #28 BANKRUPTCY vacant lot in Apache County Arizona