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The Company also announced today that the conversion of the Company from a Maryland corporation to a Delaware limited liability company to be known as New York REIT Liquidating LLC (the "LLC") is expected to become effective at p.m. In connection with the conversion of the Company to the LLC, the Company intends to withdraw its shares of common stock from trading on the New York Stock Exchange ("NYSE") and the Company expects the last day of trading will be November 2, 2018 and that the Company's stock transfer books will be closed as of p.m. When the conversion becomes effective, Company stockholders will automatically receive one unit of common membership interest in the LLC (which units will be in book entry form) for each share of the Company's common stock held by such stockholder.
Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements the Company makes.The selling price is consistent with the Company's last reported net assets in liquidation as of June 30, 2018.The liquidating distribution is being paid from the net proceeds from the sale of the Viceroy Hotel and existing cash on hand.Following the sale of the Viceroy Hotel, the Company's only remaining asset is a 50.1% interest in a joint venture which indirectly owns the Worldwide Plaza office and retail property, and this will continue to be the only asset of the LLC after the conversion becomes effective.For tax purposes, the fair value of each unit in the LLC received by Company stockholders when the conversion becomes effective, which reflects the value of the remaining assets of the Company (net of liabilities), will equal the average of the high and low trading prices for shares of the Company's common stock on the last three days on which shares are traded on the NYSE.