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Auction Listing

Jewelry, Designer Fashion & Accessories, Fine Art, Wine, Vehicles
& Personal Property
for the US Receiver in the matter of
William Wise/Millennium Bank & Others of Raleigh, NC

Featuring the personal property seized from Raleigh-based banker and lawyer, William Wise. The auction is being conducted by Iron Horse Auction Company, Inc. of Rockingham, NC and Leland Little Auction & Estate Sales, Ltd. of Hillsborough, NC. The auction is being conducted under a Federal Court order to sell the assets to benefit the 375 investors who lost a reported 80 million dollars in Wise’s elaborate, Caribbean-based, Ponzi scheme.

Offerings include hundreds of designer handbags, shoes, and accessories by Chanel, Louis Vuitton, Cartier, Burberry, Tory Burch, Judith Leiber, Gucci, Bulgari, Fendi, Versace, Christian Louboutin, Yves St. Laurent, Chloe, Prada, Kate Spade, Stuart Weitzman, Jimmy Choo, and more; fine diamond jewelry; costume jewelry including a Chanel Multi CC Logo Necklace; fine wines; Original paintings by Thomas Kinkade; Fine home furnishings by La-Z-Boy, Ethan Allen, and others; Lenox; Mont Blanc; Royal Copenhagen; Royal Doulton; Baccarat; Lladro; Waterford crystal; Lalique artglass; Swarovski crystal collectibles; 2009 Cadillac Escalade Platinum Edition; 2008 Mercedes S600; 2009 Mercedes SL600; and much, much more!!! No minimums! Absentee, telephone, and internet bidding available!

This sale is featured on the front page of Raleigh’s News & Observer (October 26, 2009) and is a top story on their website http://www.newsobserver.com/news/local_state/story/158204.html. WRAL is also following the proceedings and has video footage documenting Wise’s dealing at http://www.wral.com/news/local/wral_investigates/story/5484934/?navkeyword=wise.

Terms -No Reserves. All sales subject to the terms and conditions of sale. Cash, Official Bank Check, Personal or Company Check with a Bank Letter of Guarantee, Visa, MC. The method of payment on large purchases must be approved prior to removal unless accompanied by a Bank Letter of Guarantee (a copy of which can be found under the "FILES" tab on the left).  A 15% Buyer’s Premium will apply to on site bidders. A 20% Internet Buyer’s Premium will apply for Internet bidders via http://www.proxibid.com/ (http://www.proxibid.com/ironhorse). A 7.75% Sales Tax Fee will apply to all purchases, unless exemption forms are completed before or at the auction. No items will be released until satisfactory funds are received in Iron Horse Auction Escrow Account. These items have been used, they do have wear and tear, they are not perfect, so please inspect all items and bid accordingly. Neither Iron Horse Auction Co. Inc, or Leland Little Auction & Estate Sales, Ltd.., hereinafter referred to as (auctioneers) nor the UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS WITCHITA FALLS DIVISION, hereinafter referred to as (the seller) will be responsible for the auction items after the end of the auction. These items are being sold AS/IS WHERE/IS.

Purchases become the responsibility of, and shall be, and remain at the risk of the purchaser immediately upon acceptance of his/her bid. It shall be the responsibility of the purchaser to insure his/her purchases immediately.

No sale shall be invalidated by reason of any defect or inaccuracy in any of the lots by reason of their being incorrectly described in the listing or elsewhere and no liability shall be borne by the auctioneers in respect of any such fault or errors. This listing has been prepared only as a guide based on information from sources generally believed to be reliable and from the seller but the accuracy thereof cannot be guaranteed or warranted by the auctioneers. Bidder acknowledges that it is their responsibility to inspect all equipment and to make his own inquires.

There shall be no guarantees or warranties, expressed or implied statutory or otherwise of any nature whatsoever. Each and every lot will be sold “AS IS” “WHERE IS”. Specifically, but not to restrict the generality of the foregoing, the auctioneers make no representation or warranty on any of the lots which are the subject of the auction.

Since the property sold is second-hand property, seller makes no warranty of any kind and sells the goods on an “AS IS” basis, further, seller makes no warranty of any kind whatever, expressed or implied: and all implied warranties or merchantability and fitness for a particular purpose are hereby disclaimed to the seller.

Immediately at the end of the auction, all accounts must be settled at the conclusions of the auction. No item will be released, until satisfactory funds have been received in the auctioneers escrow account. Satisfactory funds are described as: Cash, Official Bank Check, Personal or Company Checks accompanied by bank letter of guarantee of payment or the following Credit Cards: Visa and MasterCard. The following is a sample of a Bank Letter of Guarantee of Payment.

BANK GUARANTEE FORM

DATE: ________________ (BANK LETTERHEAD)

Our bank, (bank’s name), irrevocably will guarantee any checks written to IRON HORSE AUCTION CO., INC. for the purchase of items at the Auction by (you or your company name) from account number (fill in number) up to the total amount of $______________.

Sincerely,

(Bank Officer’s Name, Title and Phone)

_______________________________________________________________________________

Please note: WE ARE SELLING THESE ITEMS BY A FEDERAL COURT ORDER, THIS MEANS IF YOU ARE A WINNING BIDDER AND THEN DECIDE THAT YOU ARE NOT GOING TO PAY, YOU ARE SUBJECT TO BEING HELD IN CONTEMPT OF COURT OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS WITCHITA FALLS DIVISION. These terms are as noted unless you the bidder make other arrangements with the auctioneer.

This listing with pictures is only a guide and may not be accurate in anyway. Every item will sell “AS IS” “WHERE IS”. Please inspect the equipment prior to bidding. All sales are final. We reserve the right to put a hold on your account for an amount up to the amount of your bid prior to the end of the auction.

Bidders who bid understand and acknowledge that they may not be able to inspect an item as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor. The Auctioneers shall endeavor to describe in detail each item and any pertinent information about it. The Auctioneers will not be responsible for any error or omissions in the description of the merchandise unless it is a material and intentional misrepresentation of the item itself. Bidder agrees that everything is sold “AS IS” and that they may not return any item purchased.

Bidders understand that due to the fact that we are selling these items for the UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS WITCHITA FALLS DIVISION, if you are a Winning Bidder and you fail to pay, you are subject to be held in CONTEMPT OF COURT.

Titled Equipment and Vehicles: Titles and transfer documents will be mailed via registered mail to the buyer within 14 days after the conclusion of the auction. Titles and transfer documents will be made out the name of the bidder unless otherwise authorized in writing.

By bidding on any item, the bidder shows acceptance of the terms of the auction. The auction companies reserve the right to refuse service to any person.

Bidder agrees that everything is sold as is and that they may not return any item they purchase for any reason.

Iron Horse Auction Company Inc and Leland Little Auction & Estate Sales, Ltd. frequently deal with international online buyers via our internet auctions. It is our policy to require a $1,000.00 deposit in order to bid from another country. This is immediately refundable if you do not purchase any items and will be applied towards your balance if you are a successful purchaser.

Bidders acknowledge that any and all cause of action that may arise as a result of this Contract shall be interpreted in accordance with the laws of the State of North Carolina and any action brought thereon must be brought in the General Court of Justice of Richmond County, North Carolina as the sole and exclusive venue unless the UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS WITCHITA FALLS DIVISION dictates otherwise.

Due to the fact that we are selling these items for the UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS WITCHITA FALLS DIVISION if you are a Winning Bidder and you fail to pay, you are subject to be held in CONTEMPT OF COURT.

SHIPPING INSTRUCTIONS:

Shipping may be arranged with the auctioneers with contact prior to the date of the auction. Shipping arrangements and cost are the buyer’s sole responsibility.

REMOVAL

No item may be removed from the sale site unless settlement is made in full to the satisfaction of Iron Horse Auction Co., Inc.

Purchases not removed from the sale site on the day of the auction can be picked up at Leland Littles’s location at 620 Cornerstone Court in Hillsborough, NC. Items must be in the week following the auction during business hours 8:30 a.m. to 5:00 p.m., or by appointment!

The firms of Iron Horse Auction Company, Inc. of Rockingham, NC (NCAL #3936) & Leland Little Auction & Estate Sales, Ltd. of Hillsborough, NC (NCFL # 7452) are handling the auction as a joint venture.

Iron Horse Auction Company, Inc.
PO Box 1267
Rockingham, NC 28380
800.997.2248
http://www.ironhorseauction.com/

Leland Little Auction & Estate Sales, Ltd.
620 Cornerstone Court
Hillsborough,NC 27278
919.644.1243
www.LLAUCTIONS.com

Court Ordered Ponzi Scheme Auction

Nov 18, 2009

1pm Eastern

Auction to be held at North Raleigh Hilton
3415 Wake Forest Road
Raleigh, NC

Jewelry, Designer Fashion & Accessories, Fine Art, Wine, Vehicles & Personal Property
for the US Receiver in the matter of
William Wise & Millennium Bank of Raleigh, NC

A List of Shippers is Located Above
Terms & Conditions

Conducted By:

Iron Horse Auction Company

(800) 997-2248