Mesa Offshore Trust Announces Dissolution of Mesa Offshore Royalty Partnership
June 28 2010 - 5:44PM
Business Wire
Mesa Offshore Trust (OTCBB: MOSH) announced today that Pioneer
Natural Resources USA, Inc. (“Pioneer”), in its capacity as
Managing General Partner of Mesa Offshore Royalty Partnership (the
“Partnership”), informed the Trustee that it filed a Certificate of
Termination with the Secretary of State of the State of Texas on
June 23, 2010 and the Partnership was dissolved in accordance with
the First Amended and Restated Articles of General Partnership and
with the settlement agreement. Pioneer also advised the Trustee
that it does not anticipate recovering any potential remaining
payments that might otherwise be forthcoming in favor of the
Partnership due to outstanding liabilities owed by the Partnership.
The Partnership was owned 99.99% by the Trust and 0.01% by
Pioneer.
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 remaining 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. The
Trustee currently anticipates that it will pay current liabilities
and determine such reserves for other liabilities during the first
week of July 2010, determine and announce the final liquidating
distribution, and make payment of the final liquidating
distribution by the end of July 2010. As previously announced as
part of the liquidation and termination of the Trust, the Trustee
set February 22, 2010 as the record date for unit holders
entitled to payments of any final liquidating distributions.
Accordingly, the Trustee will make payment of this final
liquidating distribution only to unitholders of record as of
February 22, 2010.