BOSTON, Aug. 4, 2023 /PRNewswire/ — LUB Liquidating Trust (the “Company” or the “Trust”), which was formed to complete the monetization of the assets previously held by Luby’s, Inc., announced today it has declared a cash liquidating distribution of $1.00 per unit to be paid on August 14, 2023 to unitholders of record.
Holders of member interests in the Trust are reminded that the conversion of Luby’s, Inc. to the Trust occurred on May 31, 2022. As previously disclosed, member interests in the Trust are generally not transferable except by will, intestate succession or operation of law.
The Company currently owns six real estate assets, of which two are operating locations, two are vacant and two are land. The two operating locations are Luby’s cafeterias which are managed by a third party. The Trust continues to pursue disposition options for owned properties and leases.
The Trust received permission from the Delaware Court system to distribute available cash to unitholders, subject to certain minimum reserve requirements.
On August 4, 2023, the Trust declared a cash liquidating distribution of $1.00 per unit to be paid on August 14, 2023 to unitholders of record. Future liquidating distributions will depend on, among other things, the timing and amount of monetization of remaining assets. There can be no assurance that future distributions will be similar to the current distribution.
Inclusive of the distribution announced today, the Company, together with its predecessor, will have distributed an aggregate of $3.70 per unit/common share since the approval of the Plan of Liquidation.
About LUB Liquidating Trust
LUB Liquidating Trust is the liquidating entity of Luby’s Inc., which previously announced its plan of liquidation and dissolution, as approved by its shareholders on November 17, 2020. LUB Liquidating Trust is actively seeking buyers for its remaining real estate assets.
Forward Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical fact, are “forward-looking statements” for purposes of these provisions, including the statements regarding sales of assets, effects of the Plan, expected value or proceeds attributable to the sale of assets, and expected proceeds to be distributed to beneficial holders of Units or the timing thereof. Readers are cautioned that various factors could cause its actual financial results to differ materially from those indicated by forward-looking statements made from time-to-time in news releases, reports, proxy statements, registration statements, and other written communications, as well as oral statements made from time to time by representatives of the Trust. The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations the Trust describes in such forward-looking statements: general business and economic conditions; the effects of inflation; and other risks and uncertainties disclosed in the Trust’s annual reports on Form 10- K, including information regarding the risks, uncertainties and other factors relating to the Plan, the expected net proceeds from the sale of assets, and expected proceeds to be distributed.
SOURCE LUB Liquidating Trust
Originally published at https://www.prnewswire.com/news-releases/lub-liquidating-trust-declaration-of-distribution-of-1-00-per-unit-301893743.html
Images courtesy of https://pixabay.com