Mission West Properties Transfers Remaining Assets And Liabilities To Mission West Liquidating Trust
CUPERTINO, Calif., Dec. 28, 2012 /PRNewswire/ -- Mission West Properties, Inc. (NASDAQ: MSW) today announced that it transferred its remaining assets to, and its remaining liabilities were assumed by, the Mission West Liquidating Trust (the "Liquidating Trust") in accordance with the Company's Plan of Liquidation (the "Plan of Liquidation") and an Agreement and Declaration of Trust (the "Trust Agreement") effective December 28, 2012. Carl E. Berg will serve as the trustee (the "Trustee") of the Liquidating Trust. The Company's stock transfer books will be closed as of the close of business on December 28, 2012 (the "Record Date").
The Company also announced that it will file a Form 15 with the Securities and Exchange Commission to terminate the registration of the Company's common stock under the Securities Exchange Act of 1934 (the "Act") and to delist the Company's common stock from trading on the Nasdaq Global Market.
As of the Record Date, all common stockholders, holders of vested options and certain former limited partners of the Company's operating partnerships (each, a "beneficiary") will automatically become the holder of one unit of beneficial interest in the Liquidating Trust for each share of the Company's common stock or an interest representing a share of common stock on a 1:1 basis. In accordance with the Plan of Liquidation, all outstanding shares of the Company's common stock are deemed cancelled when the assets and liabilities of the Company are transferred to the Liquidating Trust. Stockholders are not required to take any action to receive beneficial interests. The rights of beneficiaries in units are not represented by any form of certificate or other instrument. Subject to certain exceptions related to transfer by will, intestate succession or operation of law, beneficial interests in the Liquidating Trust are not transferable, nor does a beneficiary have authority or power to sell or in any other manner dispose of any such beneficial interests.
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