Accredited Mortgage Loan REIT Inc. is making a partial liquidating distribution to the holders of its 9.75% Series A Perpetual Cumulative Preferred Stock of $1.50 per share. The distribution will total over $6.1 million and will be paid on Oct. 30.
The REIT has received various payments from the liquidating trust and holding company estate of Accredited Home Lenders Holding Co., the parent company of what had been one of the high flyers of the subprime mortgage world. The plan of liquidation was approved on May 24, 2011 and since that time, including this latest amount, has distributed $65.5 million (or $16 per share) to the Series A shareholders.
Accredited REIT is still collecting residual payments on its assets as well and those are being distributed to the shareholders.
However, it has received the final payment from the liquidating trust, but may receive more payments from the consolidated holding company estate. In January, Accredited REIT shareholders
It was formed in 2004 to acquire, hold and manage real estate assets for Accredited Home Lenders Holding. The parent company filed for bankruptcy protection in 2009.
