{"id":129090,"date":"2024-03-27T02:55:30","date_gmt":"2024-03-27T06:55:30","guid":{"rendered":"https:\/\/d5t8g5d.farmpresstheme.com\/restaurants\/lub-liquidating-trust-issues-2023-annual-report\/"},"modified":"2024-03-27T02:55:30","modified_gmt":"2024-03-27T06:55:30","slug":"lub-liquidating-trust-issues-2023-annual-report","status":"publish","type":"post","link":"https:\/\/d5t8g5d.farmpresstheme.com\/restaurants\/lub-liquidating-trust-issues-2023-annual-report\/","title":{"rendered":"LUB Liquidating Trust Issues 2023 Annual Report"},"content":{"rendered":"
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BOSTON<\/span><\/span>, March 22, 2024<\/span><\/span> \/PRNewswire\/ —\u00a0LUB Liquidating Trust (the “Company” or the “Trust”), which was formed to complete the monetization of the assets previously held by Luby’s, Inc., announced today it has filed its annual report on Form 10-K for the year ended December 31, 2023<\/span>.<\/p>\n Liquidation Status<\/b><\/p>\n Holders of units representing beneficial interests in the Trust are reminded that the conversion of Luby’s, Inc. to the Trust occurred on May 31<\/span>, 2022.\u00a0 As previously disclosed, beneficial interests in the Trust are generally not transferable except by will, intestate succession or operation of law.<\/p>\n The Company currently owns two properties, both of which are being operated as Luby’s Cafeterias, under a management agreement with the owner of the Luby’s brand.\u00a0 The Trust continues to pursue monetization options for these properties as well as the notes receivable.\u00a0<\/p>\n Distributions<\/b><\/p>\n The Trust made a distribution of $1.00<\/span> per unit in August 2023.\u00a0 Since the approval of the Plan of Liquidation we have distributed an aggregate of $3.70<\/span> per unit\/common share.<\/p>\n Financial Results<\/b><\/p>\n Liquidation Basis of Accounting<\/i><\/b><\/p>\n Based on the liquidation basis of accounting, the net assets in liquidation at December 31, 2023<\/span> are currently estimated to result in future aggregate liquidating distributions of $0.89<\/span> per unit based on the number of beneficial trust units outstanding on that date.\u00a0 After taking into account the $1.00<\/span> per unit distribution that was paid in August 2023<\/span>, this represents a $0.02<\/span> decrease from our last reported estimate.\u00a0 This estimate of future liquidating distributions includes projections of sales proceeds and net operating revenues to be received and costs and expenses to be incurred, including costs to dispose of the Trust’s assets to complete the plan of liquidation.\u00a0<\/p>\n There is inherent uncertainty with these projections, and accordingly, these projections could change materially based on a number of factors both within and outside of the Trust’s control. There can be no assurance that these estimated values will be realized.\u00a0 Such amounts should not be taken as an indication of the timing or the amount of future distributions or our actual dissolution.<\/p>\n The current estimate of net assets in liquidation at December 31, 2023<\/span> has been estimated based on undiscounted cash flow projections and assumes a final liquidation of the Company on December 31, 2026<\/span>, even though the actual timing of the monetization of the Company’s remaining assets cannot be determined with any specificity at this time.\u00a0 As such, the final liquidation of the Company and the monetization of its remaining assets is subject to future events and uncertainties.\u00a0 Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation.\u00a0 It is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to holders of beneficial interests and no assurance can be given that the distributions will equal or exceed the estimate presented in this release.<\/p>\n Tax Information<\/b><\/p>\n LUB Liquidating Trust grantor trust letters (Schedule K-1 equivalents) are expected to be completed and mailed to unitholders on or about March 31, 2024<\/span>.<\/p>\n About LUB Liquidating Trust<\/b><\/p>\n LUB Liquidating Trust is the liquidating entity of Luby’s Inc., which previously announced its plan of liquidation and dissolution, as approved by its shareholders on November 17, 2020<\/span>. LUB Liquidating Trust continues to actively seek buyers for its two remaining properties.<\/p>\n Forward Looking Statements<\/b><\/p>\n This press release contains statements that are “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. All statements contained in this press release, other than statements of historical fact, are “forward-looking statements” for purposes of these provisions, including the statements regarding sales of assets, effects of the Plan, expected value or proceeds attributable to the sale of assets, and expected proceeds to be distributed to beneficial holders of units or the timing thereof. Readers are cautioned that various factors could cause its actual financial results to differ materially from those indicated by forward-looking statements made from time-to-time in news releases, reports, and other written communications, as well as oral statements made from time to time by representatives of the Trust. The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause actual results to differ materially from the expectations the Trust describes in such forward-looking statements: general business and economic conditions; the effects of inflation; and other risks and uncertainties disclosed in the Trust’s annual reports on Form 10-K, including information regarding the risks, uncertainties and other factors relating to the Plan, the expected net proceeds from the sale of assets, and expected proceeds to be distributed.<\/p>\n For additional information contact: SOURCE LUB Liquidating Trust<\/p>\n \n<\/div>\n<\/div>\n Originally published at https:\/\/www.prnewswire.com\/news-releases\/lub-liquidating-trust-issues-2023-annual-report-302097140.html<\/a> BOSTON, March 22, 2024 \/PRNewswire\/ —\u00a0LUB Liquidating Trust (the “Company” or the “Trust”), which was formed to complete the monetization of the assets previously held by Luby’s, Inc., announced today it has filed its annual report on Form 10-K for the year ended December 31, 2023. Liquidation Status Holders of units representing beneficial interests in […]<\/p>\n","protected":false},"author":1,"featured_media":129091,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[564],"tags":[],"class_list":["post-129090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-restaurants"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
John Garilli<\/span>, Trustee
[email\u00a0protected]<\/span><\/a><\/p>\n
\nImages courtesy of https:\/\/pixabay.com<\/a><\/em><\/font><\/p>\n","protected":false},"excerpt":{"rendered":"