Bid4Assets to Auction Forfeited Helicopter For U.S. Marshals Service

Last Asset to Be Sold in Multi-million Dollar International Fraud Case



Apr 10, 2001, 01:00 ET from Bid4Assets, Inc.

    SILVER SPRING, Md., April 10 /PRNewswire/ -- Bid4Assets, a leading full-
 service asset disposition and advisory services company specializing in assets
 from distressed situations, today announced that it has been contracted to
 auction a forfeited 1983 Augusta A 109A II helicopter for the U.S. Marshals
 Service.  The online auction will be held April 19 - 26.  Bid4Assets has been
 conducting asset sales for the U.S. Marshals Service since December 1999,
 including the sale of three 10-acre tracts of land in Hawaii in March 2001 for
 more than $400,000 and a 1994 Lamborghini Diablo for $125,000 in September
 2000.
     The helicopter, located in Midland, TX, is an Italian-manufactured, wide-
 bodied VIP aircraft.  It is the last asset to be sold from a restitution case
 resulting from international investment fraud involving more than $117 million
 in investor funds.  The case established that the defendants, from whom this
 helicopter and other assets were seized, had collected $117 million in
 investor monies for the purpose of purchasing viaticated insurance policies.
     Viatical settlements are the purchase of life insurance policies or their
 benefits at a discounted rate from a terminally ill person.  A viatical
 investor is supposed to receive the full benefits when the terminally ill
 person dies.  In this case, only about $6.5 million were used to buy insurance
 policies and the remainder was used by the defendants to purchase numerous
 houses in Florida, Vermont, South Carolina, Massachusetts, Georgia and
 Toronto, Canada, as well as helicopters and luxury automobiles.
     Bidding begins at $670,000.  The helicopter has been preserved and stored
 since August 1999 and includes a new interior.  Photographs and other due
 diligence materials are available online at www.bid4assets.com.  The
 helicopter is available for inspection and interested buyers can schedule a
 time to view the helicopter through Bid4Assets by sending an email to
 service@bid4assets.com.
     "Bid4Assets is pleased to be helping the U.S. Marshals obtain the maximum
 return on seized assets by opening their auctions to a larger audience and
 reducing the time to sell," said Tom Kohn, CEO of Bid4Assets.  "We look
 forward to returning as much money as possible to the innocent victims in this
 case."
 
     About Bid4Assets
     Bid4Assets, Inc. (http://www.bid4assets.com) is a full-service asset
 disposition and advisory services company that specializes in selling assets
 from distressed situations.  The company sources assets from financial
 institutions, government agencies, bankruptcies and private industry.
 Bid4Assets combines a centralized Internet marketplace with essential offline
 solutions to sell financial instruments, real estate, intangible property,
 personal property and bankruptcy claims to a worldwide network of
 sophisticated buyers more quickly and efficiently than traditional methods.
 Since its launch in November 1999, Bid4Assets has conducted more than 4,000
 auctions for assets in all 50 states.  The company is located in Silver
 Spring, Md., phone (301) 650-9193, fax (301) 650-9194.
 
     Bid4Assets is a trademark of Bid4Assets, Inc.
 
 

SOURCE Bid4Assets, Inc.
    SILVER SPRING, Md., April 10 /PRNewswire/ -- Bid4Assets, a leading full-
 service asset disposition and advisory services company specializing in assets
 from distressed situations, today announced that it has been contracted to
 auction a forfeited 1983 Augusta A 109A II helicopter for the U.S. Marshals
 Service.  The online auction will be held April 19 - 26.  Bid4Assets has been
 conducting asset sales for the U.S. Marshals Service since December 1999,
 including the sale of three 10-acre tracts of land in Hawaii in March 2001 for
 more than $400,000 and a 1994 Lamborghini Diablo for $125,000 in September
 2000.
     The helicopter, located in Midland, TX, is an Italian-manufactured, wide-
 bodied VIP aircraft.  It is the last asset to be sold from a restitution case
 resulting from international investment fraud involving more than $117 million
 in investor funds.  The case established that the defendants, from whom this
 helicopter and other assets were seized, had collected $117 million in
 investor monies for the purpose of purchasing viaticated insurance policies.
     Viatical settlements are the purchase of life insurance policies or their
 benefits at a discounted rate from a terminally ill person.  A viatical
 investor is supposed to receive the full benefits when the terminally ill
 person dies.  In this case, only about $6.5 million were used to buy insurance
 policies and the remainder was used by the defendants to purchase numerous
 houses in Florida, Vermont, South Carolina, Massachusetts, Georgia and
 Toronto, Canada, as well as helicopters and luxury automobiles.
     Bidding begins at $670,000.  The helicopter has been preserved and stored
 since August 1999 and includes a new interior.  Photographs and other due
 diligence materials are available online at www.bid4assets.com.  The
 helicopter is available for inspection and interested buyers can schedule a
 time to view the helicopter through Bid4Assets by sending an email to
 service@bid4assets.com.
     "Bid4Assets is pleased to be helping the U.S. Marshals obtain the maximum
 return on seized assets by opening their auctions to a larger audience and
 reducing the time to sell," said Tom Kohn, CEO of Bid4Assets.  "We look
 forward to returning as much money as possible to the innocent victims in this
 case."
 
     About Bid4Assets
     Bid4Assets, Inc. (http://www.bid4assets.com) is a full-service asset
 disposition and advisory services company that specializes in selling assets
 from distressed situations.  The company sources assets from financial
 institutions, government agencies, bankruptcies and private industry.
 Bid4Assets combines a centralized Internet marketplace with essential offline
 solutions to sell financial instruments, real estate, intangible property,
 personal property and bankruptcy claims to a worldwide network of
 sophisticated buyers more quickly and efficiently than traditional methods.
 Since its launch in November 1999, Bid4Assets has conducted more than 4,000
 auctions for assets in all 50 states.  The company is located in Silver
 Spring, Md., phone (301) 650-9193, fax (301) 650-9194.
 
     Bid4Assets is a trademark of Bid4Assets, Inc.
 
 SOURCE  Bid4Assets, Inc.