Presidential Realty Class B Common Stock to be Suspended from Trading on NYSE Amex
September 20 2011 - 4:00PM
Business Wire
Presidential Realty Corporation, today announced that effective
the opening of trading on September 21, 2011, the NYSE Amex LLC
(the “Exchange”) will suspend trading in the Company’s Class B
common stock (Amex: PDLB) in accordance with the previously
disclosed letter, dated September 6, 2011, from the staff of the
Exchange to the Company with respect to the Company’s inability to
comply with the Exchange’s continuing listing standard set forth in
Section 1003(a)(iii) of the Exchange’s Company Guide. The Company
expects the Exchange to submit an application to the Securities and
Exchange Commission (the “SEC”) promptly to strike the Company’s
Class B common stock from listing on the Exchange and registration
under Section 12(b) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”). The Company will then be deemed
registered under Section 12(g) of the Exchange Act and will
continue to file periodic and other reports pursuant to the
requirements of the Exchange Act. The Company cannot predict
whether any trading market, including any over-the-counter trading
market, for the Company’s Class B common stock will develop or be
sustained. The Company’s Class A common stock currently trades in
the over-the-counter market under the symbol PDNLA.
About Presidential Realty
Presidential Realty Corporation, a real estate investment trust,
is engaged principally in the ownership of income-producing real
estate and in the holding of notes and mortgages secured by real
estate or interests in real estate. On January 20, 2011,
Presidential stockholders approved a plan of liquidation, which
provides for the sale of all of the Company’s assets over time and
the distribution of the net proceeds of sale to the stockholders
after satisfaction of the Company’s liabilities.
Forward-Looking Statements
Certain statements made in this press release that are not
historical fact may constitute “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements include statements
regarding the intent, belief or current expectations of the Company
and its management. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of the Company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among other things, the
following:
- the risk that management may not be
able to execute the sale of all or substantially all of the
Company’s assets and complete the plan of liquidation, either
through a sale of individual assets or in a strategic
transaction;
- the risk that the proceeds from the
sale of the assets may be substantially below the Company’s
estimates;
- the risks that the proceeds from the
sale of the assets may not be sufficient to satisfy the Company’s
obligations to its current and future creditors;
- the risk and expense of stockholder
litigation with respect to the plan of liquidation or other
possible transactions affecting the Company and other unforeseeable
expenses relating to the liquidation;
- disruption resulting from the
liquidation process making it more difficult to maintain
relationships with customers or employees;
- continuing generally adverse economic
and business conditions, which, among other things (a) affect the
demand for retail and office space at properties owned by the
Company and (b) affect the availability and credit worthiness of
prospective tenants and the rental rates obtainable at the
properties;
- continuing adverse conditions in the
real estate markets, which affect the ability of the Company or the
joint venture in which the Company is a member to sell, or
refinance the mortgages on, their properties and which may also
affect the ability of prospective tenants to rent space at these
properties;
- general risks of real estate ownership
and operation;
- governmental actions and
initiatives;
- environmental and safety requirements;
and
- the Company’s ability to continue as a
real estate investment trust (“REIT”).
Additional factors that could cause Presidential’s results to
differ materially from those described in the forward-looking
statements can be found in the Company’s 2010 Annual Report on Form
10-K and its Quarterly Report on Form 10-Q for the quarter ended
June 30, 2011. Except as required by law, the Company expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any changes in the Company’s expectations with
regard thereto or change in events, conditions or circumstances on
which any such statement is based.