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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

Friedman-Roth Realty Services LLC has completed the $15.784 million, off-market sale of a 65 Bank St. The Greenwich Village apartment building, is located between West 4th St. and Bleecker St. The 50-ft. wide, six-story, walk-up building features 35 residential units and a commercial office space and contains 25,614 s/f....

The purchaser was represented by Matthew Kasindorf of Meister Seelig & Fein LLP and the seller was represented by Yaron Kornblum of Rivkin Radler LLP.


Attorneys Mentioned: Matthew E. Kasindorf

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