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March 22, 2010

Orleans Announces the Engagement of PMCM, LLC, an Affiliate of Phoenix Management Services, Inc.

BENSALEM, Pa., March 22 /PRNewswire-FirstCall/ — Orleans Homebuilders, Inc. (Pink Sheets: – News) (“Orleans” or the “Company”) announced today that its Board of Directors approved the retention of PMCM, LLC, an affiliate of Phoenix Management Services, Inc. (“Phoenix Management”) on March 16, 2010, but retroactive to March 4, 2010, to act as the Company’s restructuring financial advisor as the Company seeks a restructuring plan that focuses on maximizing enterprise value for all constituents after filing for Chapter 11 Bankruptcy protection on March 1, 2010. The retention of Phoenix Management is subject to Bankruptcy Court approval.

In connection with the retention of Phoenix Management, the Company’s Board also appointed Mr. Mitchell B. Arden, Managing Director and Shareholder of Phoenix Management, as the Company’s Chief Restructuring Officer pursuant to the terms of Company’s interim debtor-in-possession financing approved by the Bankruptcy Court and subject to Bankruptcy Court approval. Mr. Arden will report to the Board of Directors. Specifically, the Chief Restructuring Officer, and his additional temporary staff from Phoenix Management will provide certain services, including but not limited to: the implementation of the restructuring plan, including assisting in consummating the sale of the Company to maximize enterprise value; communications and negotiations with Orleans’ bank lenders and their advisors; communications and coordination with the U.S. Trustee, the unsecured creditors committee, as well as other parties of interest; overseeing the preparation, monitoring, modifying of the Company’s cash flow forecasts, as well as the disbursements of cash; and overseeing the preparation, monitoring and modification of all bankruptcy reporting.

Working collaboratively with Mr. Arden is Mr. Vince J. Colistra, also of Phoenix Management, who will, in conjunction with Orleans’ investment banking professionals, BMO Capital Markets Corp., its mergers and acquisitions consultant, Lieutenant Island Partners LLC, its existing senior management and other interested parties, explore a sale of all or substantially all of the Company’s assets subject to an auction process pursuant to the Bankruptcy Code.

About PMCM, LLC, an affiliate of Phoenix Management Services:

Phoenix Management Services is an operationally-focused advisory firm based in Chadds Ford, PA, which provides turnaround, crisis and interim management and capital advisory services to middle market companies in transition. Since 1985, Phoenix Management has aggressively advocated on behalf of their clients in more than 950 assignments nationwide by providing tangible operating solutions, effecting real change and performance improvement.

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