PRESS RELEASES

Nassau Asset Management Completes Equipment Liquidation
For Miners Fuel Co. Bankruptcy

Nassau's Remarketing Process Nets Top Dollars by Seller's Deadline

ROSLYN HEIGHTS, NY, May 18, 2004 - Nassau Asset Management announced today that the company recently completed its liquidation of remaining equipment from the Miners Fuel Co.'s Chapter 7 bankruptcy in Tremont, PA, attracting a winning bid of $800,000 for the entire lot of more than 100 tractors and walking-floor trailers.

Ed Castagna, senior executive vice president of Nassau, says his company's remarketing process ensured that the winning sale price reflected the highest fair market value possible for the equipment, which had been used heavily in Miners' trash-hauling business. Multiple bids were obtained in a timely fashion prior to the desired time line.

Nassau's remarketing process combines the benefits of orderly liquidations with the power of the Internet. Nassau posts information and photos of available equipment on its international Web site, www.nasset.com, gathering competitive bids within the time frame and price range specified by the seller. Castagna says the process tends to net higher prices than public auctions do for selling off machinery and business equipment, including trucks, buses, machine tools, construction equipment and medical devices. In addition to liquidations, Nassau remarkets end-of-lease stockpiles, returns and repossessions for equipment leasing and finance companies.

In the Miners Fuel Co. bankruptcy, the trustee had previously assigned the liquidation to an auctioneer. Castagna says the trustee decided to reassign the equipment liquidation after observing the speed and sale prices available through Nassau's remarketing process, which was already being used by two creditors in the case.

"Nassau had completed condition reports on the creditors' equipment, advertised it, and sold it before the auctioneer had finished his first inspection of the remaining equipment," he adds.

ABOUT NASSAU

Nassau Asset Management of Roslyn Heights, NY, has been providing full-service asset management, including asset recovery, collections, remarketing, plant liquidations, and appraisals for more than 25 years to the equipment leasing and finance industry. For more information, please visit www.nasset.com or call 1-800-4.NASSAU.

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MEDIA CONTACTS:

Edward Castagna
Senior Executive Vice President
Nassau Asset Management
1-800.4.NASSAU, ext. 301
ecast@nasset.com

Carla Young Harrington
PR Agent for Nassau
540-899-3913
carla@crosslink.net