All of the outstanding Common Shares were automatically deemed cancelled, and the rights of beneficiaries in their Units will not be represented by any form of certificate or other instrument.
05, 2016 (GLOBE NEWSWIRE) -- Winthrop Realty Trust (the “Company”) announced that it has transferred its remaining assets to (and its remaining liabilities were assumed by) Winthrop Realty Liquidating Trust (the “Liquidating Trust”) in accordance with the Company's Plan of Liquidation.
As previously reported, August 1, 2016 was the last day of trading of the Company's common shares of beneficial interest (the “Common Shares”) on the New York Stock Exchange, and the Company’s stock transfer books were closed as of the close of business on such date.
Under the terms of the Liquidating Trust Agreement, each holder of Common Shares on August 5, 2016 (each, a "beneficiary") automatically became the holder of one unit of beneficial interest ("Unit") in the Liquidating Trust for each Common Share then held of record by such shareholder.
Based on the average of the high and low trading prices of the Common Shares on August 1, 2016, the deemed distribution for tax purposes to holders of Common Shares at the close of business on August 5, 2016 is $9.21 per Common Share.
Subject to certain exceptions related to transfer by will, intestate succession or operation of law, the Units will not be transferable, nor will a beneficiary have authority or power to sell or in any other manner dispose of any Units.