Accredited Mortgage Loan REIT Trust Adopts Plan Of Liquidation And Declares Special Distribution
SAN DIEGO, Jan. 25, 2013 /PRNewswire/ -- On January 17, 2013, the shareholders of Accredited Mortgage Loan REIT Trust ("Accredited REIT") approved a Plan of Liquidation previously adopted and submitted to the shareholders by its Board of Trustees. Pursuant to the Plan of Liquidation, Accredited REIT will continue to collect amounts payable to it, marshal and liquidate its remaining assets and make periodic distributions to its shareholders. The primary purpose for adopting the Plan of Liquidation was to clarify that future distributions to shareholders should be treated as liquidating distributions for federal income tax purposes. The Plan of Liquidation contemplates completion of the liquidation process within three years.
Accredited REIT has received additional payments from the Liquidating Trust and Consolidated Holdco estate in the matter styled In Re: Accredited Home Lenders Holding Co., et al., Case No. 09-11516 ("AHL Bankruptcy") pursuant to the provisions of the Debtors' Fifth Amended Chapter 11 Plan of Liquidation ("Fifth Amended Plan") approved on May 24, 2011, by the U.S. Bankruptcy Court for the District of Delaware ("Bankruptcy Court"). The Board of Trustees of Accredited REIT has declared a partial liquidating distribution to the holders of its 9.75% Series A Perpetual Cumulative Preferred Shares in the aggregate amount of $20,468,390.00, representing $5.00 per preferred share outstanding. The distribution from Accredited REIT will be paid on February 22, 2013, to holders of record of its preferred shares as of the close of business on February 6, 2013. Upon completion of this latest distribution, Accredited REIT will have distributed an aggregate of $59,358,331.00, or $14.50 per share, to its preferred shareholders since confirmation of the Fifth Amended Plan.
Accredited REIT has now received its final payment from the Liquidating Trust. Accredited REIT may receive additional payments from the Consolidated Holdco estate pursuant to the Fifth Amended Plan. However, the timing and amount of any such future payments are beyond the control of Accredited REIT. Copies of the Fifth Amended Plan, the Fifth Amended Disclosure Statement, the Bankruptcy Court's Order Confirming the Fifth Amended Plan and other information concerning the AHL Bankruptcy may be found at www.kccllc.com. The Board of Trustees of Accredited REIT will declare additional liquidating distributions to the holders of its preferred shares if, as and to the extent determined in the sole discretion of its Board of Trustees, subject to the provisions of law, the Plan of Liquidation, and the Declaration of Trust of Accredited REIT, as amended and supplemented to date.
Accredited Mortgage Loan REIT Trust, a subsidiary of Accredited Home Lenders Holding Co., is a Maryland real estate investment trust that was formed in May 2004 for the purpose of acquiring, holding and managing real estate assets. Statements regarding future events constitute forward-looking statements within the meaning of the federal securities laws. Such statements are based on current expectations, and the actual results and the timing of certain events could differ materially from those contemplated by these forward-looking statements due to a number of factors including, but not limited to, developments in the AHL Bankruptcy and the liquidity of Accredited REIT.
CONTACT: Mark Chevallier, McGuire, Craddock & Strother, P.C., + 1-214-954-6800
SOURCE Accredited Mortgage Loan REIT Trust