Consolidated Freightways Announces Major Real Estate Sale of Houston Distribution Facilities on December 2

Business Wire, Nov 23, 2004

HOUSTON -- As Consolidated Freightways completes the largest real estate sale in transportation history - 229 total properties with an appraised value over $400 million - the company announced that it is now placing its Houston distribution facilities located at 4847 Blaffer St. for sale individually or together to the highest bidder, through a reserve auction process scheduled for December 2, 2004.

The CF properties consists of a 91-door cross-dock distribution facility (terminal #1) situated on 11 acres and 97-door cross-dock distribution facility (terminal #2) situated on 6.28 acres. Both facilities have been closed to operations since September 3, 2002 when the 74-year-old company filed for bankruptcy protection. Since then CF has been liquidating the assets of the corporation under orders of the bankruptcy court. 417 CF employees formerly worked at the Houston terminals.

A starting price has been established for terminal #1 at $1,100,000 and for terminal #2 at $595,000. Those bidders interested in purchasing the entire property will start the bidding at $1,695,000.

Interested parties who would like to participate in the December bankruptcy auction should submit the form Request to be Designated a Qualified Bidder at Auction. That form can be found at www.cfterminals.com/Overbidder.html and must be submitted prior to the date of the auction. The indicated deposit must also be received, via wire or certified check, prior to the date of the auction.

To date, 213 CF properties throughout the U.S. have been sold for $375 million. Potential bidders should direct any questions about the property and the bidding procedures that cannot be answered at the company's web site www.cfterminals.com, to Transportation Property Company at (800) 440-5155.