"The sale of this Big Kmart store moves us closer to completing the orderly liquidation of the company," says Jeffrey Lewis, president and chief executive officer of Malan Realty Investors. Malan is continuing to liquidate assets and expects remaining assets and liabilities to be transferred to a liquidating trust no later than Aug. 28.
Each shareholder of Malan will automatically become the holder of one unit of beneficial interest in the trust for each share of Malan common stock, and all outstanding shares of Malan common stock will automatically be deemed cancelled. Malan has been working on a liquidation plan since August 2002. With the sale, the REIT owns a portfolio of 19 properties located in seven states that contains approximately 1.2 million sf of gross leasable area.
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