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 2) How can I transfer my investments to someone else? 3) When will my investments be liquidated? 4) What is the value of my investments? 5) When are distributions made? 6) When will my tax information be sent? 7) How can I update my address? 8) How often are property updates sent?
Real estate investments are, generally, not liquidated until the underlying assets are sold. Investments in M & J Wilkow related entities typically take the form of units in a limited partnership or in a limited liability company; there is no public trading market for these interests. Real estate investments often represent long-term commitments and should not be considered as liquid since we cannot guarantee that a sale of your units will be possible. From time to time, M & J Wilkow is able to facilitate the sale of units (often at a discount from the Liquidation Value), based upon a variety of factors including the current market climate, number of units available, etc. If you are interested in pursuing this option, please contact our Director of Investor Services at jharshbarger@wilkow.com.
Please note that we will require certain documentation, the nature of which will depend upon the circumstances: In the event of the death of an individual:
In the event of the death of the grantor of a trust:
In the event of a gift:
In each case, please note:
Jennifer Harshbarger Should you have any questions concerning these requirements, please contact us at (312) 726-9622 or via e-mail at jharshbarger@wilkow.com. We reserve the right to require additional information on a case-by-case basis, if necessary to establish ownership identity or authority.
A final distribution, representing each investor's proportionate share of the proceeds (minus any liabilities) will be made when either:
The per unit Liquidation Value is estimated once a year, as of the last day of the year, and has generally been arrived at by estimating the amount of net sale proceeds which would result from the sale of the properties owned by the investment entity based upon each property's perceived fair market value as of said date, and calculating the portion thereof which would be distributable to the holder of one unit. The Liquidation Value is adjusted downward, from time to time, by the amount of any subsequent special distributions made since the date of valuation. Fair market value means the most probable price for which a property would sell after reasonable exposure (up to one year) in a competitive market under all conditions requisite to a fair sale, with a buyer and seller acting prudently, knowledgeably and for self interest, and assuming that neither is under undue duress. In connection with the determination of the Liquidation Value of a unit, no discount is taken into account for the facts that: (i) the assets of the subject entities, consisting of real estate or interests in real estate, are generally not "liquid", (ii) an isolated sale of these units (representing minority interests) in a manner which is separate from the remaining interests, would result in a significant discount from their pro rata share of the value of the underlying assets, and (iii) there is no public trading market for these units. In addition, most of the properties are encumbered by significant debt. It is not always possible to predict how a given lender will respond upon the scheduled maturity of property debt. Significant equity paydowns, fees, guarantees or other security may be necessary in order to refinance property level debt. The impact of refinancing issues, which cannot be projected at this time, could have a material impact on cash flow and property valuations. You may request a current Liquidation Value Statement for your investments by contacting us in writing at: Jennifer Harshbarger Please note that for security reasons, we cannot accept e-mail requests for these Statements, and can only honor requests made by the registered owner of the interests. Estimates of Liquidation Value are generally completed in April of each year as of the last day of the immediately preceding calendar year (e.g. Liquidation Values as of December 31, 2002 should be determined sometime in April 2003). We issue quarterly distributions, whenever possible, on the 10th day of the month in January, April, July and October, for the quarters ending in December, March, June and September, respectively.
Each investor's Schedule K-1 package is mailed as soon as it is finished. Please refer to the Calendar of Important Dates for information concerning this year's final target date. We are not able to send multiple copies of the schedules; however, we will be happy to send your package directly to your accountant. You may arrange for this by utilizing the Address Change Form or by calling our Director of Investor Services at (312) 726-9622. If you have questions about the information contained within your Schedule K-1, we recommend that you consult your tax advisor. If he or she needs additional clarification, our Vice President of Tax Services may be contacted at (312) 726-9622. You may provide us with mailing address changes, tax-information addresses or seasonal addresses by utilizing the Address Change Form or by calling the Director of Investor Services at (312) 726-9622.
It is our practice to send annual updates on all properties in which each investment entity has an ownership interest. These Memoranda are mailed each year to individual investors on January 10th. In addition, partners in First Wilkow Venture receive the Chit-Chat, featuring partnership updates, with each quarterly distribution check. We also issue special Memoranda from time to time, when there are significant developments to report. Please refer to our website for press releases featuring acquisitions, sales, and major lease transactions, as well as general information about our portfolio.
If you were not able to cash your distribution check in a timely manner, you may return the check to us to have it reissued. If your check has been lost or stolen, and has not been deposited, we will stop payment on the check and reissue it. Please note that we reserve the right to charge a small administrative fee, in the event that this becomes a recurring problem. Copyright © 2005 M&J Wilkow |