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A $50 million B-piece originated by DekaBank was also purchased by SL Green, a source said.

A representative for CWCapital did not immediately respond to a request for comment. SL Green declined to comment. A representative for DekaBank said the transaction could not be verified due to the time difference with Germany.

Stephen Meister, who represents Ralph and David Sitt, said "Ralph enjoys an excellent relationship with SL Green and looks forward to resolving the matter."


Attorneys Mentioned: Stephen B. Meister

Opponents to the plan to raise $1 billion for a REIT comprised of King Kong’s favorite building and 20 others claim their shares are each worth more than $300,000.

Stephen Meister, counsel to the opponents, said, "I think it’s coercive. If you hold something that’s worth $300,000 or $400,000 and someone said to you unless you vote yes to this plan, I’m going to confiscate your interest for $100, which way are you going to vote?"


Attorneys Mentioned: Stephen B. Meister

Investors last year filed five class actions, or group lawsuits, accusing the company and Malkin of breaching their fiduciary duty. The trust announced a $55 million settlement of the cases in November.

Sherwood gave preliminary approval to the settlement in February and denied a motion by Andrew Penson, owner of Manhattan’s Grand Central Terminal, and the other investors opposing the deal to intervene in the case.

Sherwood did allow them to argue their claim that the $100 buyout provision is illegal. A final hearing on the settlement is set for tomorrow.

Stephen Meister, an attorney for the opponents, said yesterday he would seek a stay of the proceedings. He declined to comment today on when that would be.

The Malkins said last month they would leave voting open until Sherwood rules on the $100-a-share buyout or until tomorrow’s hearing on the class-action settlement.

Opponents can avoid being bought out if they change their vote to "yes" within 10 days after receiving written notice that the 80 percent approval has been achieved, a time frame Meister called "impermissibly short."


Attorneys Mentioned: Stephen B. Meister

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