The sale of another redevelopment site to the holders isexpected to close by the end of the year. That deal is valued atabout $7 million. In addition, the firm has completed transfer ofeight properties to the Kimco Income real estate investment trustfor approximately $137 million.

On Oct. 16, Philips' stockholders approved a plan to liquidatethe firm. An initial distribution of $13 per share will be payableon Dec. 22. The record date is Dec. 15, but investors must retainownership of their shares until that date to qualify for thepayout. Beginning Dec. 13, the firm's stock will be traded on theNew York Stock Exchange with due bills entitling the owner of thestock to the payment. After Dec. 22, the stock will be tradedex-dividend.

Philips had owned and held interests in about 30 neighborhoodand community shopping centers located mainly in New York andFlorida. Its remaining seven assets are up for sale.