SAN DIEGO, Nov. 16, 2016 /PRNewswire/ -- Pursuant to the Plan of Liquidation approved by shareholders on January 17, 2013, the Board of Trustees of Accredited Mortgage Loan REIT Trust ("Accredited REIT") has declared an additional liquidating distribution to the holders of its 9.75% Series A Perpetual Cumulative Preferred Shares in the aggregate amount of $286,557, representing $0.07 per preferred share outstanding. This additional liquidating distribution will be paid on December 22, 2016, to holders of record of its preferred shares as of the close of business on November 28, 2016. Upon completion of this additional liquidating distribution, Accredited REIT will have distributed an aggregate of $78,926,112, or $19.27 per share, to its preferred shareholders since confirmation of the 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 in the matter styled In Re: Accredited Home Lenders Holding Co., et al., Case No. 09-11516.
Accredited REIT's previous distribution on October 28, 2016, was then expected to be the final liquidating distribution to its preferred shareholders. The current additional distribution is the result of actual expenses subsequently incurred being less than estimated. No further distributions are anticipated. Accredited REIT intends to file a notice of termination with the Maryland State Department of Assessment and Taxation promptly following this additional distribution.
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.
CONTACT: Mark Chevallier, McGuire, Craddock & Strother, P.C., + 1-214-954-6800
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SOURCE Accredited Mortgage Loan REIT Trust