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SAN DIEGO-Burnham Pacific Properties Inc. today announced that its board of directors has approved the dissolution of the REIT and transfer of Burnham’s remaining assets to a liquidating trust.

Scott C. Verges and Douglas Wilson, co-trustees of the trust, will also assume remaining debt on Friday in accordance with Burnham’s liquidation and dissolution plan. Thursday, June 27, was the last day of trading of Burnham common stock on the New York Stock Exchange, and Burnham’s stock transfer books were closed as of the close of business.

Under the terms of the liquidating trust agreement to be entered into by Burnham, Scott C. Verges and Douglas Wilson, each stockholder of Burnham automatically will become the holder of one unit of beneficial interest in the BPP Liquidating Trust for each share of Burnham common stock.

All outstanding shares of Burnham common stock will be automatically deemed cancelled. The trustees will maintain a record of the name and address of each beneficiary, and the units will not be transferable.

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