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News Breaks
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December 2, 2011
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| 07:04 EDT |  | PICO |
| theflyonthewall.com: | PICO Holdings announces closing of sale of Nevada Land and Resource Company | | PICO Holdings announced that the sale of the company's wholly - owned subsidiary, Nevada Land and Resource Company, has closed. PICO received $31M in cash in exchange for the sale of PICO's membership interest in NLRC. Excluded from the sale of NLRC were existing promissory notes of approximately $3M and certain water rights and related land assets. The NLRC assets sold included in excess of 480,000 acres of Nevada real property together with a sizable mineral estate. It is estimated that the sale of NLRC, after deducting selling costs, will result in a gain before tax of approximately $10M in PICO's consolidated results of operations in Q4. :theflyonthewall.com |
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