Biloxi Marsh Lands Corporation Declares Dividend.Business Editors METAIRIE, La.--(BUSINESS WIRE)--Nov. 21, 2002 The Board of Directors of Biloxi Marsh Lands Corporation (Pink sheets: BLMC BLMC British Leyland Motor Corporation BLMC Buried Logic Macrocell BLMC van Buren Logistic Management Consultancy ) has declared a dividend of one ownership unit of a newly formed Louisiana limited liability company for each share of common stock of Biloxi Marsh Lands Corporation that is outstanding on the record date for the dividend The limited liability company will own a 24% mineral royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. arising from, and limited to, an oil, gas and mineral lease on 373.87 acres that are owned by Biloxi Marsh Lands Corporation in St. Bernard Parish, Louisiana St. Bernard Parish (French: Paroisse de Saint-Bernard) is a parish located in the U.S. state of Louisiana. As of 2000, its population was 67,229. In 2006, because of the effects of Hurricane Katrina, its population was estimated to be 25,489[1] . There is no current production on this acreage, but a speculative ("wildcat wildcat, common name of two Old World cats, the European wildcat, Felis sylvestris, of Europe and W Asia, and the African wildcat, or kaffir cat, F. lybica, of Africa and Asia. ") well is currently being drilled by the lessee One who rents real property or Personal Property from another. A lessee of land is a tenant. Cross-references Landlord and Tenant. lessee n. the person renting property under a written lease from the owner (lessor). . The units of the limited liability company will be subject to significant transfer restrictions, and Biloxi Marsh Lands Corporation expects that a trading market will not exist for them. If minerals are not found in paying quantities on the acreage by the lessee under the lease, the units of the limited liability company may ultimately have no value. The record date for the dividend is November 29, 2002. Biloxi Marsh Lands Corporation intends to make the record date earlier (but not before November 22, 2002) if it can obtain the SEC's consent to do so under SEC Rule 10b-17. |
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