OAK BROOK, Ill., June 20 /PRNewswire-FirstCall/ -- Banyan Strategic Realty
Trust (Nasdaq: BSRTS) announced today that it has entered into a series of
amendments to the sale contract relating to its Northlake Tower Festival Mall
in Atlanta, Georgia. Among other provisions, the amendments extend the
closing date from July 17, 2002 to September 17, 2002.
These amendments, which mark the completion of the due diligence period,
also extend the time period within which the Northlake purchaser must obtain
approval of its application to assume Banyan's first mortgage loan, to August
25, 2002. If the purchaser's application for assumption is rejected, the
contract will be terminated without penalty to the purchaser.
In accordance with the terms of the contract, upon the expiration of the
due diligence period on June 19, 2002, the purchaser has increased its earnest
money from $200,000 to $400,000. The earnest money is now nonrefundable,
except in the event of a default by Banyan, or the failure of a condition
precedent.
L.G. Schafran, Banyan's Chairman, CEO and Interim President, commenting on
the amendments, stated: "We are pleased to announce the successful completion
of the purchaser's due diligence period and their decision to deposit
additional earnest money. Although the closing has been unavoidably delayed
due to a lengthy approval process, we are confident that the purchaser is
committed to acquiring our property in September, or sooner if possible."
Nasdaq Delisting
Banyan appeared today before the Nasdaq Listing Qualifications Panel in
Washington, D.C., to appeal a Nasdaq determination that the shares of
beneficial interest of the Trust should be delisted from the Nasdaq National
Market System, due to the failure of the shares to trade above $1.00 during
the 90-day period from February 14, 2002 to May 15, 2002.
The Trust expects to be advised of the Panel's decision within twenty-one
(21) days. In accordance with the Nasdaq rules, the Trust will be advised of
the decision on appeal only after it becomes effective. The Trust intends to
announce the decision as soon as practical after the Trust becomes aware of
the result.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) that adopted a Plan of Termination and Liquidation on January 5, 2001.
On May 17, 2001, the Trust sold approximately 85% of its portfolio in a single
transaction. Other properties were sold on April 1, 2002 and May 1, 2002.
Banyan now owns a leasehold interest in one (1) real estate property located
in Atlanta, Georgia, representing approximately 9% of its original portfolio.
This property is subject to a contract of sale, currently scheduled to close
on July 17, 2002, but expected to be extended to September 17, 2002. Since
adopting the Plan of Termination and Liquidation, Banyan has made liquidating
distributions totaling $5.25 per share. An additional distribution of $0.20
per share is scheduled for July 15, 2002. As of this date, the Trust has
15,496,806 shares of beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties such as the sale of the Trust's
remaining property, the amount of the remaining liquidating distributions, the
outcome of pending litigation and other risks and uncertainties that are
detailed from time to time in the Trust's reports filed with the Securities
and Exchange Commission, including the report on Form 10-K for the year ended
December 31, 2001 which was filed with the Securities and Exchange Commission
on March 21, 2002. Please see also the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" section which was included
in our Form 10-Q for the quarter ended March 31, 2002 which was filed with the
Securities and Exchange Commission on May 6, 2002. Without limitation, the
foregoing words such as "anticipates", "expects", "intends", "plans", and
similar expressions are intended to identify forward-looking statements.
See Banyan's Website at http://www.banyanreit.com .
SOURCE Banyan Strategic Realty Trust
 back to top
Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, First Vice President,
General Counsel, +1-630-218-7255, bhiggins@banyanreit.com , or
Investor Relations, L.G. Schafran - Chairman and Interim
CEO-President, +1-630-218-7250, ir@banyanreit.com , both of
Banyan Strategic Realty Trust
|
