The Company has filed a Form 15 with the Securities and Exchange Commission (the “Commission”) to terminate the registration of its Common Shares under the Securities Exchange Act of 1934 and the Company will cease filing reports under that act.It is expected that the Liquidating Trust will only be required to file with the Commission annual reports on Form 10-K and current reports on Form 8-K.All of the outstanding Common Shares were automatically deemed cancelled, and the rights of beneficiaries in their Units will not be represented by any form of certificate or other instrument.Shareholders of the Company are not required to take any action to receive their Units.Pursuant to the Plan of Liquidation, the Company has filed with the State of Maryland all documents required to convert the Company into a Maryland statutory trust. Upon the Conversion, each outstanding share of common stock of the Company will be converted into and exchanged for one unit of beneficial interest of Crossroads Liquidating Trust and all physical certificates representing common stock of the Company will become null and void.In addition, DST Systems, Inc., will no longer serve as the transfer agent for the Company and American Stock Transfer & Trust Company, LLC (“AST”) will be the distribution agent for Crossroads Liquidating Trust.Examples are numerous throughout history: you could have been a horse and buggy manufacturer in the early days of the automobile, a netsuke carver in early modern Japan, or Blockbuster in the age of Netflix.
After September 25, 1985, the outstanding certificates that formerly represented shares of common stock of City are deemed to evidence the same number of units of beneficial interest in the Trust.
Immediately prior to reconvening the special meeting, the Company filed Form N-54C with the SEC to withdraw its election to be regulated as a business development company.
The special meeting was reconvened on June 23, 2017, at which time the stockholders approved the Plan of Liquidation to convert the Company into Crossroads Liquidating Trust, a statutory trust formed for the purpose of liquidating and distributing the Company’s assets (the “Conversion”). Andrew Dakos, Phillip Goldstein, and Gerald Hellerman will serve as the initial trustees of the liquidating trust.
Though impossible to predict how long liquidation will take, management is moving swiftly.
With a 1/2/3 year IRR profile of 25%/12.5%/8.3%, investors are positioned to realize substantial value.