Exhibit 99.3
BOS582840.1
Exhibit 99.3
EQUIS FINANCIAL GROUP
200 NYALA FARMS
WESTPORT, CT 06880
_______________________
For further information, contact:
James A. Coyne
at (203) 341-0515
NEWS RELEASE
Westport, CT
December 31, 2002
On December 26, 2002, AFG Investment Trust B (the "Trust") completed its
proxy voting in accordance with the proxy solicitation statement dated as of
November 25, 2002. The proxy solicitation sought approval for the following:
Proposal 1: Approval of the liquidation and dissolution of the Trust under the
terms and conditions of the Plan of Liquidation and Dissolution (the "Plan").
Proposal 2: Approval of the amendment Section 7.3 of the Trust Agreement to
allow for the sale of assets by the Trust to its affiliates.
Proposal 3: Approval of the sale of the Trust's membership interest in MILPI
Holdings, LLL, which is owned jointly with affiliates of the Trust.
Proposal 4: Approval of the Amendment to Section 8.1(b) of the Trust Agreement,
to permit the Managing Trustee to make special distributions in-kind to
affiliates of the Trust, and to concurrently amend Section 7.7 of the Trust
Agreement.
The Altman Group, Inc. certified the tabulation of the proxy voting for
Class A Interests on December 27, 2002 as follows:
Proposal 1 Proposal 2
---------- ----------
For Against Abstain For Against Abstain
--- ------- --- -------
235,557 12,800 1,000 231,157 15,200 3,000
------- ------ ----- ------- ------ -----
Proposal 3 Proposal 4
For Against Abstain For Against Abstain
--- ------- --- -------
231,157 13,200 5,000 226,157 19,200 4,000
------- ------ ----- ------- ------ -----
The Managing Trustee and affiliate voted all of the 997,374 Class B
Interests held in accordance with the vote of the majority of the Class A
Interests as outlined in the proxy solicitation statement. As a result, the
combined tabulation of the proxy voting for Class A Interests and Class B
Interest is as follows:
Proposal 1 Proposal 2
---------- ----------
For Against Abstain For Against Abstain
--- ------- --- -------
1,232,931 12,800 1,000 1,228,531 15,200 3,000
--------- ------ ----- --------- ------ -----
Proposal 3 Proposal 4
For Against Abstain For Against Abstain
--- ------- --- -------
1,228,531 13,200 5,000 1,223,531 19,200 4,000
--------- ------ ----- --------- ------ -----
In furtherance of the Plan, the Trust entered into a Liquidating Trust
Agreement (the "Liquidating Trust Agreement") with Wilmington Trust Company, as
trustee of the AFG Investment Trust B Liquidating Trust (the "Liquidating
Trust"). As of December 31, 2002, each unitholder of the Trust received a pro
rata beneficial interest in the Liquidating Trust in exchange for such holder's
Trust units.
In accordance with the Plan and the Liquidating Trust Agreement, the Trust
has transferred all of its remaining cash and non-cash assets and all of its
remaining liabilities to the Liquidating Trust, including a cash reserve for
contingent liabilities of the Trust and the Liquidating Trust. On December 31,
2002, the Trust filed a Certificate of Cancellation with the Secretary of State
of the State of Delaware.