Ex-RTC Official Named CEO of AmeriBid

Real estate developer Stanley Tate, who served as chairman of the Resolution Trust Corp.'s National Advisory Board in 1990 and 1991, has been named chairman of the board of Las Vegas-based AmeriBid. Termed a "real estate legend" by AmeriBid CEO Larry Latham, Mr. Tate was nominated in July 1993 to become CEO of the RTC but withdrew his name in November in the wake of allegations that he improperly used his influence as chairman of an RTC regional advisory board in Florida. Mr. Tate strongly denied the allegations. In the news release from AmeriBid, Mr. Tate compared today's foreclosure problems with the situation after the savings-and-loan crisis. "The RTC sold hundreds of billions of dollars of assets, but this housing crisis is much bigger," Mr. Tate said. "We must sell these homes now, before neighborhoods suffer further deterioration." AmeriBid said the strategy behind its method is to share with the community a portion of the marketing savings or earned conversion revenue through donations and other means. AmeriBid can be found online at http://www.ameribid.com.