RIGHTSTAR FORECLOSURE RESOLUTION AGREEMENT ENABLES DEATH CARE ASSETS AUCTIONForeclosure Resolution Agreement • May 10th, 2007 • Vestin Realty Mortgage I, Inc. • Mortgage bankers & loan correspondents
Las Vegas, NV, May 9, 2007 The State of Hawaii, Vestin Realty Mortgage I, Inc. (Nasdaq:VRTA), Vestin Realty Mortgage II, Inc. (Nasdaq:VRTB), Vestin Mortgage, Inc. (collectively reference herein as Vestin) and Comerica Incorporated (NYSE:CMA) today announced that the assets of the embattled RightStar Corporations in Hawaii will be sold to the highest bidder at public auction pending Hawaii Circuit Court approval of the foreclosure resolution agreement. The assets to be sold include RightStar’s 13 cemeteries and funeral homes previously owned by The Loewen Group, Inc. The assets account for nearly 50 percent of the insular Hawaii death care market. The cemeteries and funeral homes have remained going concerns under the aegis of the Circuit Court’s Receiver following loan defaults and trust fund deficits incurred by RightStar.
