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5 MANDATORY Post-Sale Inspection/Internet Fee for all Ride & Drive and Auction Guarantee designated vehicles.
Effective October 1, 2012, the Trust made its sole (since its inception on January 1, 2011) and final liquidating distribution to the Beneficiaries in the total amount of $2,894,971.84, or $0.0964 per Beneficial Unit (each such unit being equal to one share of the former common stock of REMEC, Inc.).
With this final distribution, the Trust completed its sole purpose, which was to complete the winding-up of the affairs of REMEC, Inc.
At this time, the final distribution date is undetermined.
We will continue to update the GREIT website with information as it becomes available. A: A single promissory note (the “Note”) in the principal amount of $12,000,000. A: A partial payment of $1,000,000 toward the balance due on the Note, initiated partially to ensure all investor information is current and that checks are received by the proper individuals and entities. A: This was only a partial distribution of funds collected against the total amount due under the Note.
On November 16, 2010, pursuant to the Plan of Dissolution, REMEC, Inc. Sackett, as Trustee, entered into a Liquidating Trust Agreement for the creation and operation of the REMEC Liquidating Trust.