Mesa Offshore Trust Announces Final Liquidating Distribution
November 15 2010 - 4:29PM
Business Wire
On November 15, 2010, Mesa Offshore Trust (OTCBB: MOSH) (the
“Trust”) announced that JP Morgan Chase Bank, N.A. (the “Trustee”)
intends to make the final liquidating distribution in the amount of
$0.012984 per unit, for an aggregate distribution of approximately
$934,591, to unit holders on or about November 29, 2010, absent any
unforeseen circumstances. Distributions will be made in cash to
unit holders of record as of February 22, 2010. The Trustee
has paid or reserved approximately $660,000 in additional expenses
since September 30, 2010 in connection with Trust expenses and the
winding up and liquidation of the Trust from the cash balance of
approximately $1.6 million as of September 30, 2010.
The Trustee will continue to act as Trustee and exercise its
powers for the purpose of liquidating and winding up the affairs of
the Trust at its termination until its duties have been fully
performed and the Trust estate is finally distributed. In
accordance with the Trust Indenture, the Trustee will as promptly
as possible distribute the assets in the Trust estate (including
settlement proceeds), after paying, satisfying and discharging all
of the liabilities of the Trust, or, when necessary, setting up
reserves in such amounts as the Trustee in its discretion deems
appropriate for contingent liabilities.