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HMG > SEC Filings for HMG > Form 8-K on 3-Apr-2013All Recent SEC Filings

Show all filings for HMG COURTLAND PROPERTIES INC | Request a Trial to NEW EDGAR Online Pro



Completion of Acquisition or Disposition of Assets, Financial Statem

Item 2.01 Completion of Acquisition or Disposition of Assets

On March 29, 2013, pursuant to a Membership Interests Purchase Agreement (the "Agreement") entered into in December 2012, HMG/Courtland Properties, Inc. and its 95% owned subsidiary, Courtland Investments, Inc. (the "Company"), completed the sale of the Company's 50% membership interests in Bayshore Landing LLC, Bayshore Rawbar LLC and Bayshore Restaurant LLC, (collectively the "Monty's property) to the other 50% owner, The Christoph Family Trusts, which are unrelated entities. The purchase price for the membership interests of $3 million was paid in cash. The Company estimates a consolidated loss on the sale of these interests of approximately $150,000 (or $.15 per share).

In connection with the disposition, the Company is hereby filing, as Exhibit 10(y) a copy of the Agreement.

Item 9.01 Financial Statements and Exhibits

(d) Exhibit.

Exhibit Number                                Description

10(y)             Membership Interests Purchase Agreement (HMG to Christoph) by and
                  among The Christoph Family Trusts, as Purchasers and HMG Bayshore,
                  LLC, Courtland Bayshore Rawbar, LLC and Courtland Bayshore
                  Restaurant, LLC as Sellers

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