Why did Malan Realty Investors become Malan Liquidating Trust?
In August 2002, the shareholders approved a Plan of Liquidation for the Company. At that time, the liquidation process was expected to take up to 24 months, and to the extent the process took longer than that, the assets and liabilities of the Company would be transferred into a liquidating trust due to federal income tax requirements. Such transfer took place on August 27, 2004.
Was the transfer of traded shares to Units a taxable event?
Yes. As previously disclosed at the time of shareholder adoption of the Plan of Liquidation, the exchange of common stock for Units is a taxable event. Information about the value of the Units received in Malan LT will be available when we furnish Form 1099s for 2004, which will also be used for filing tax returns for the year 2004.
How long will the liquidation take?
The objective of the Trust and the Sponsor Trustees is the expeditious but orderly disposition and distribution of Trust assets. We anticipate that the Liquidating Trust's final liquidating process could take as much as two years; the term of the Trust is three years.
When will I get the next distribution and how much will it be?
The amount and timing of distributions is uncertain. However, it is the intention of the Sponsor Trustees to use proceeds from property sales (to the extent that the Trust's liabilities and cash flow needs are met) to make cash distributions to Unitholders as appropriate.
How will I receive information and distributions?
If your stock was held in "street name," correspondence will be routed through your broker; if your stock was held in your own name, correspondence will be mailed directly to you.
What is the value of my Units, and how often will the Company's estimate of value be updated?
As outlined in the 10-Q filed on behalf of Malan Realty Investors for the quarter ended June 30, 2004, the Company's estimate of Net Assets in Liquidation as of that date was $5.87 per share. The Trust anticipates updating this information on this website periodically as events warrant but in no event later than our next annual report.
What properties does Malan still own?
Please see the "Properties" tab on this website.
How do I transfer my stock in the future?
Generally, interests are no longer transferable. Exceptions are in the case of will, intestate succession, or other similar limited circumstances.
Will you continue to make available financial reports? If not, how will I get information on the progress of the liquidation?
Yes. As soon as practicable after the end of each tax year during the term of the Trust and once after final termination of the Trust, Unitholders will receive a written report showing assets and liabilities of the Trust at the end of each such taxable year (or upon dissolution) and also any changes in the Trust assets and liabilities not previously reported.
Also, during the course of the year, whenever a material event relating to the Trust's assets occurs, the Trust will prepare and make available an interim report describing such event.