OK I see no mention of an r/s other than on this board. I guess it was mentioned in a conference call. Short term we have this transaction set to close on the 31st. This might result in some news.
The Company will receive approximately $5.1MM for real estate and approximately $7.5 for remediation management, including historical water and water storage tanks located on the Cenco refinery, formerly owned by Lakeland Development Company. Exact figures will be released after closing, due to lot line adjustments now in process with the City of Santa Fe Springs, which will impact the total acreage sold. The purchaser shall remain confidential until closing which is anticipated to be on or before May 31, 2014.
The Company estimates that net cash proceeds from the real estate sale and remediation contract will be approximately $8MM after all transaction expenses are paid, including real estate taxes.
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