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Fleer to Liquidate Remaining Assets

Fleer/Skybox International, L.P. and Fleer Collectibles, LLC, purveyors of sports and entertainment trading cards and collectibles, respectively, have announced that they have each executed Assignments for the Benefit of Creditors under New Jersey Law, conveying all of their respective assets to Warren J. Martin Jr., an attorney with Porzio, Bromberg & Newman, P.C., Morristown, New Jersey. Martin specializes in bankruptcy and insolvency matters.

Pursuant to his obligations under state insolvency law, Martin, as Assignee, will oversee the assets of the two companies and will be required to preserve and protect assets, maximize asset values through public or private sales approved by the court, and distribute the proceeds of asset sales to creditors fairly, in accordance with legal priorities. Creditors will be provided with an opportunity to file claims.

Martin has stated that he looks forward to speaking to creditors and interested parties about the issues in the proceeding: "My job is to be the representative of the creditors, to make sure that assets are fairly liquidated to pay creditor claims."

Martin also announced that he expects to shortly file three motions with the court. The first, in the Fleer/Skybox proceeding, will be to sell the Fleer/Skybox tradename, the second, in the Fleer Collectibles proceeding, will be to sell the entirety of the die cast (miniature vehicles) business, and the third, will be to sell numerous game-used and autographed items, including a large inventory of autographed sports cards. All of these proposed sales will be subject to higher and better offers.

Separately, Martin is analyzing redemption card issues and requests that individual customers not return their redemption cards to Fleer at this time. Those holding redemption cards should check Fleer’s website, www.fleerabc.com, for further information.

The two Fleer companies are represented in these matters by Hal Baume, Esq. of Fox, Rothschild LLP.

Warren Martin, the Assignee, can be reached at 973-889-4096, care of his legal assistant, Matthew Laskowski.

Source: Porzio, Bromberg & Newman, P.C.
Date: June 20, 2005

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