EQK Sells Harrisburg East Mall at Auction to Prudential.Business Editors ATLANTA--(BUSINESS WIRE)--Sept. 22, 2000 EQK Realty Investors I announced today that the Harrisburg East Mall, in Harrisburg, Pennsylvania This article is about the capital city of the Commonwealth of Pennsylvania. For other places named Harrisburg, see Harrisburg (disambiguation). Harrisburg is the capital of the Commonwealth of Pennsylvania, a state of the United States of America. , its sole real estate asset, was sold in a Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. auction on September 21, 2000, to The Prudential Insurance Company of America, the holder of the Mall's first mortgage debt, for a credit bid of $30,000,000. The amount of the first mortgage indebtedness was approximately $45,000,000. The previously announced transactions with American Realty Investors, Inc. (ARI ARI Acute respiratory infection, see there ) and American Realty Trust, Inc. (ART) are expected to close on October 2, 2000. The proceeds of those transactions, $1,125,000 in cash and shares of ARI Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. with an aggregate stated value Stated Value A value that, instead of being par value, is assigned to a corporation's stock for accounting purposes. Stated value has no relation to market price. Notes: of $1,250,000, will be distributed to EQK's creditors. Proceeds from the auction, the ARI/ART transactions and other funds in the bankruptcy estate will be insufficient to permit any distribution to EQK's shareholders. Upon the closing of the transactions with ARI and ART, EQK will be wholly owned by ARI and ART. |
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