SAN DIEGO, June 27 /PRNewswire-FirstCall/ -- Burnham Pacific Properties,
Inc. (NYSE: BPP) today announced that its Board of Directors has approved the
transfer of Burnham's remaining assets to (and the assumption of its remaining
liabilities by) the co-trustees of the BPP Liquidating Trust, Scott C. Verges
and Douglas Wilson (the "Trustees"), and the dissolution of Burnham on
June 28, 2002, in accordance with Burnham's Plan of Complete Liquidation and
Dissolution. As previously announced by Burnham, June 27, 2002 (the "Record
Date") was the last day of trading of Burnham common stock on the New York
Stock Exchange, and Burnham's stock transfer books were closed as of the close
of business on such date.
Burnham also announced that on June 28, 2002, it will file a Form 15 with
the Securities and Exchange Commission to terminate the registration of
Burnham common stock under the Securities Exchange Act of 1934 and that it
will cease filing reports under that act. However, the Trustees will issue to
beneficiaries of the BPP Liquidating Trust and file with the Commission annual
reports on Form 10-K and current reports on Form 8-K.
As previously announced, under the terms of the Liquidating Trust
Agreement to be entered into by Burnham, Scott C. Verges and Douglas Wilson on
June 28, 2002, each stockholder of Burnham on the Record Date (each, a
"beneficiary"), automatically will become the holder of one unit of beneficial
interest ("Unit") in the BPP Liquidating Trust for each share of Burnham
common stock then held of record by such stockholder. All outstanding shares
of Burnham common stock will be automatically deemed cancelled, and the rights
of beneficiaries in their Units will not be represented by any form of
certificate or other instrument. Stockholders of Burnham on the Record Date
will not be required to take any action to receive their Units. The Trustees
will maintain a record of the name and address of each beneficiary and such
beneficiary's aggregate Units in the BPP Liquidating Trust. Subject to
certain exceptions related to transfer by will, intestate succession or
operation of law, the Units will not be transferable, nor will a beneficiary
have authority or power to sell or in any other manner dispose of any Units.
SOURCE Burnham Pacific Properties, Inc.
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CONTACT:
Daniel B. Platt, Chief Financial Officer of
Burnham Pacific Properties, Inc., +1-619-652-4700, fax,
+1-619-652-4711, dbplatt@bpac.com
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