The plan provides for the orderly sale of assets, establishing reserves for the payment of liabilities and expenses, distribution of net proceeds of the liquidation to common shareholders, wind-up of operations and dissolution of the company.

The board believes net proceeds to shareholders will range from $4.75 to $8.50 per share. Malan stock opened the week trading at $4.50 per share. The liquidation plan is expected to take up to two years or more to complete.

"We believe that $8 per share is realistic based upon certain assumptions that we consider reasonable," says Jeffrey Lewis, president and chief executive officer of the company. "This value is based on an orderly disposition of assets that reflects their underlying values. However, actual circumstances could differ from our assumptions and shareholders could receive more or less than the $8 estimate."

The estimated per-share range includes income earned from properties during the liquidation process less expenses, including advisory fees.

Malan officials say they have sold six properties this year totaling more than 820,000 sf for almost $30 million before debt repayment.

The company owns and manages 52 properties that are leased primarily to national and regional retail companies.