October 2, 2000
MGI PROPERTIES LIQUIDATING TRUST
ANNOUNCES TERMINATION OF MGI PROPERTIES,
DEREGISTRATION OF MGI PROPERTIES' COMMON SHARES UNDER THE
SECURITIES EXCHANGE ACT OF 1934 AND
DELISTING FROM THE NEW YORK STOCK EXCHANGE
BOSTON, MASSACHUSETTS . . . . W. Pearce Coues today announced that MGI
Properties (formerly NYSE: MGI) terminated its existence as of September 30,
2000, and its remaining assets, consisting of cash and three properties, and
liabilities, were transferred to MGI Properties Liquidating Trust. The last day
of trading of MGI's Common Shares on the New York Stock Exchange was September
27, 2000, at which time MGI's stock transfer books were closed. Mr. Coues also
announced that today MGI filed a Form 15 with the Securities and Exchange
Commission (SEC) to terminate the registration of its Common Shares under the
Securities Exchange Act of 1934 (the "Act"). MGI Properties will no longer file
reports under the Act; however, MGI Properties Liquidating Trust will continue
to communicate periodically with it shareholders by press releases and through
SEC filings such as Current Reports on Form 8-K and Annual Reports on Form 10-K.
With the SEC as required
The purpose of the MGI Properties Liquidating Trust is to dispose of the
remaining properties and satisfy the liabilities of MGI Properties, and to
distribute the remaining assets to the beneficial owners of the MGI Properties
Liquidating Trust. Shareholders of the former MGI Properties became shareholders
of MGI Properties Liquidating Trust.
# # #
For further information contact:
Phillip C. Vitali (617) 248-2300
This Press Release may contain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section21E of the Securities
Exchange Act of 1934. These forward-looking statements are dependent on a number
of factors which could cause actual results to differ materially from those
expressed or implied in the forward-looking statements. Such factors include,
among other things, the risks of future action or inaction by the Board of
Trustees with respect to the Plan of Liquidation (and the actual results
thereof), including the possibility of litigation pertaining thereto; the net
realizable value of and the timing of the sales of the Trust's remaining
properties during the course of the liquidation; the amount and timing of any
remaining liquidating distributions; changes in national and local economic and
financial market conditions,
<PAGE>
as well as those factors set forth in MGI Properties' Form 10-K for the year
ended November 30, 1999, including those set forth under "Forward-Looking
Statements," "Other" and Item 1 - "Adoption and Implementation of Liquidation
Plan," and the Form10-Q for the quarter ended May 31, 2000.
