Source: Company Press Release
 
The Liquidating Trustee for The PSC Liquidating Trust, is pleased to announce that it has entered into an asset purchase agreement for the sale of the television broadcast operations to MM Broadcasting, LLC, an affiliate of Silver Point Capital, LP, a private investment firm. The purchase price for the assets of the broadcast business is $49,500,000, subject to higher and better bids and approval by the United States Bankruptcy Court for the District of Maine following an auction to occur in early August 2006. In addition, any sale of the broadcast operations is also subject to the approval by the Federal Communications Commission. All documents related to the sale will be posted on the Trust's website ( http://www.psc-trust.com/). Stuart Erickson of Miller Buckfire & Co., LLC, is the investment banker for the Trust and Russell Parks of Akin Gump Strauss Hauer & Feld, LLP is the lead counsel advising the Trust with this transaction. 
 
The Liquidating Trustee also announced that a motion for a Third Distribution to beneficiaries of The PSC Liquidating Trust was filed on June 5, 2006, for a distribution of up to $21,000,000. A hearing to approve the distribution is scheduled for June 29, 2006. This distribution does not include any proceeds arising from the sale of the television broadcast operations. 
 
The Liquidating Trustee also announced that it has revised its estimate of recoveries to the beneficiaries of the Trust, and has posted this revised estimate on the Trust's website. The Liquidating Trustee now estimates that recoveries to beneficiaries of the Trust may range from 50.13% to 52.97% of the claim amount, subject to many variables which may effect the final recovery to the beneficiaries. The Liquidating Trustee does not guarantee that the final recovery will be within the estimated range provided in the report to beneficiaries.