LL&E Royalty Trust (LRT) Announces Sale of Assets in Louisiana
As previously announced by LL&E Royalty Trust (NYSE: LRT), the Trust is required by its governing documents to sell all of its assets, and is in the process of doing so. On November 11, 2009, the Trust sold a portion of its assets consisting of its interest in the south Louisiana acreage described in the Trust's public filings as the "Fee Lands." The sale is expected to result in cash proceeds to the Trust, net of fees to the auction company conducting the sale, of $500,172. Fees payable to the auction company that conducted the sale totaled $24,828. The proceeds will be used to reduce the Trust's accounts payable, which were approximately $690,300 at October 27, 2009.
The Trustee of the Trust does not anticipate that any additional Trust assets will be sold prior to December 31, 2009. The Trustee anticipates that the balance of the Trust's assets will be sold during 2010, and as previously announced, has retained an investment banking firm to manage the sale of the assets. The Trustee currently expects that the active marketing of the balance of the Trust's assets will begin in the second quarter of 2010.
In accordance with the documents governing the Trust, if any asset required to be sold has not been sold by December 31, 2010, the Trustee will cause the asset to be sold at public auction to the highest cash bidder. [SM]
The Trustee of the Trust does not anticipate that any additional Trust assets will be sold prior to December 31, 2009. The Trustee anticipates that the balance of the Trust's assets will be sold during 2010, and as previously announced, has retained an investment banking firm to manage the sale of the assets. The Trustee currently expects that the active marketing of the balance of the Trust's assets will begin in the second quarter of 2010.
In accordance with the documents governing the Trust, if any asset required to be sold has not been sold by December 31, 2010, the Trustee will cause the asset to be sold at public auction to the highest cash bidder. [SM]
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