The shareholders of San Diego-headquartered Accredited Mortgage Loan REIT Trust have approved a liquidation plan previously adopted and submitted by the REIT’s board of trustees.
According to the plan, Accredited will continue to collect amounts payable to it, marshal and liquidate its remaining assets and make periodic distributions to its shareholders.
The completion of the liquidation is expected to take about three years.
The board of trustees of Accredited has declared a partial liquidating distribution to the holders of its 9.75 percent Series A Perpetual Cumulative Preferred Shares in the aggregate amount of about $20.47 million -- representing $5.00 per preferred share outstanding. The distribution from Accredited REIT will be paid on Feb. 22, 2013, to holders of record of its preferred shares as of the close of business on Feb. 6, 2013.
Upon completion of this latest distribution, Accredited will have distributed an aggregate of about $59.36 million or $14.50 per share, to its preferred shareholders since confirmation of its Fifth Amended Liquidation Plan last year. The liquidation plan is a Chapter 11 rather than a Chapter 7 for disbursement purposes.
Accredited Mortgage Loan REIT Trust, a subsidiary of Accredited Home Lenders Holding Co., was formed in May 2004.