BNS Co. announced that it has completed the sale of the company’s North Kingstown, RI property for $20.2 million to Wasserman RE Ventures LLC, a Providence-based developer with interests in properties throughout the U.S.
The property consists of the former international headquarters for Brown & Sharpe Manufacturing Company — the name was changed to BNS Co. in April 2001. The North Kingstown property represented one of the last assets remaining in the company. It also holds a gravel extraction and land fill operation in Great Britain which it intends to sell as well.
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The sale of the North Kingstown and UK properties are part of the company’s strategy to dissolve and adopt a plan for liquidation, which will be presented for stockholder approval at a later meeting. Such a plan may involve the sale of the Company, or the establishment of a liquidating trust and payment or provision for payment of claims against its assets, and then making one or more liquidating distributions to stockholders, or to the liquidating trust.
No estimate of the timing and amount of any liquidating distributions can be made at this time, in part because the amount available for distribution may depend on the amount of the Company’s assets required to be retained to pay uncertain future liabilities by order of the Delaware Court of Chancery, if that avenue of liquidation is later selected by the company as part of its plan of dissolution and liquidation. Also, it is not yet certain when the UK property will be sold.
