Mission West Properties Transfers Remaining Assets And Liabilities To Mission West Liquidating Trust
The Liquidating Trust was organized for the purpose of winding up the Company's affairs and distributing its assets. The transfer of the Company's assets and liabilities to the Liquidating Trust is intended to preserve the Company's ability to have deducted amounts distributed pursuant to the Plan of Liquidation and thereby not be subject to federal income tax on such amounts. The Company anticipates the initial distribution from the Liquidating Trust will be $9.18 per unit and completed on or before January 15, 2013. Subsequent distributions from the Liquidating Trust will be based on cash available after satisfying outstanding debts, applicable taxes and related transaction costs. No assurances can be given as to the amount or timing of any distributions by the Liquidating Trust.
All of the distributions from the Liquidating Trust will be deemed a 2012 event for income tax purposes and each stockholder on the Record Date, will receive information from the Liquidating Trust reporting the amount of the distribution in 2013.
This news release contains forward-looking statements that are subject to risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of these statements could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including the expected timing of the completion of the liquidation or distributions; the estimated per unit distribution from the liquidation; attributes of the Liquidating Trust; tax treatment with respect to distributions; and any statements or assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the possibility that expected benefits of the liquidation may not materialize as expected and other risks detailed from time to time in the reports the Company files with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2011, as amended, and Form 10-Q for the quarter ended September 30, 2012, copies of which are available on the SEC's website at www.sec.gov. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof. Mission West and the Liquidating Trust each disclaims any obligation to update, or continue to provide information with respect to, any forward-looking statement, whether as a result of new information, future events or otherwise.SOURCE Mission West Properties, Inc.
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