Investment Partners Asset Management Will Vote Against Foxby Corp. Management Agreement

    METUCHEN, N.J., November 15 /CNW/ - Investment Partners Asset Management,
Inc. announced today that it intends to vote against the proposed revised
investment management agreement between Foxby Corp. (AMEX:  FXX) and CEF
Advisers, Inc. Foxby Corp. is a closed-end fund whose shares trade on the
American Stock Exchange. Investment Partners Asset Management is a registered
investment adviser and, together with its clients, has beneficial ownership of
approximately 9.4% of the shares of Foxby Corp.

    Foxby Corp. attempted to obtain stockholder approval for a new investment
management agreement with its existing investment adviser, CEF Advisers, at
its annual meeting of stockholders, originally scheduled for October 10, 2007,
but adjourned until November 20, 2007. The new agreement provides that Foxby
Corp. may request additional services to be provided by CEF Advisers or its
affiliates and paid for by Foxby Corp. According to the proxy statement, these
services may include, without limitation, accounting, administration,
bookkeeping, broker/dealer record keeping, clerical, compliance, custody,
dividend disbursing, fulfillment of requests for fund information, proxy
soliciting, securities pricing, registrar, and transfer agent services.

    Investment Partners Asset Management said that Foxby's expenses are
already unusually high. It noted that Foxby's ratio of total expenses to
average net assets is currently 2.73%, according to the fund's most recent
report to shareholders, and that the ratio has been as high as 7.76% in recent
years. These ratios are substantially higher than those of other closed-end

    Investment Partners Asset Management also said that it had sent a letter
to the directors of Foxby Corp., expressing its concern with the fund's fees
and costs, ability to utilize its sizable tax loss carry-forward, and
historical discount to net asset value, and seeking a meeting with the fund's
independent directors in order to discuss these concerns. A copy of the letter
is attached to the most recent amendment to its Schedule 13D, available online
137439-07-000520-index.htm. (Due to its length, this URL may need to be
copied/pasted into your Internet browser's address field. Remove the extra
space if one exists.)

    Investment Partners Asset Management is a registered investment adviser
for personalized asset management, financial planning, and estate preservation
and providing highly personalized investment management and advisory services
for mid to high net-worth clients. More information is available at its

For further information:

For further information: Investment Partners Asset Management, Inc.
Frank Abella, President and CEO 732-205-0391

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