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Stock Market & Financial Investment News

News Breaks
August 19, 2014
13:11 EDTNYRTNew York REIT gets favorable ruling in Worldwide Plaza litigation
New York REIT announced that it received a favorable ruling in a suit initiated against NYRT by RXR Realty. RXR alleged that it suffered "lost profits" in connection with NYRT's purchase of Worldwide Plaza in October 2013. RXR had been in contract to purchase a 48.9% stake in Worldwide Plaza from the seller in 2013, but had not closed the acquisition. NYRT then agreed to purchase such interest in Worldwide Plaza, and RXR immediately sued to enjoin the sale to NYRT. Justice Shirley Kornreich of the Supreme Court of the State of New York denied RXR's motion for an injunction in October 2013, and the Appellate Division, First Department then denied RXR's application for an emergency stay of the sale. NYRT closed the acquisition of its stake in Worldwide Plaza, including a future option to buy the property in its entirety, on October 31, 2013. RXR then filed an amended complaint against the seller of Worldwide Plaza and NYRT for disgorgement of an alleged $200M profit NYRT obtained on the deal. The seller and NYRT filed motions to dismiss the amended complaint earlier this year. On August 12, Justice Kornreich dismissed all of RXR's claims against the seller and dismissed RXR's disgorgement claims against NYRT, permitting only a limited claim against NYRT for RXR's cost of producing due diligence-related material to proceed.
News For NYRT From The Last 14 Days
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June 23, 2015
08:23 EDTNYRTNew York REIT moves positive, says JMP Securities
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June 22, 2015
16:52 EDTNYRTNew York REIT to pursue divestures of non-core assets
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16:51 EDTNYRTNew York REIT appoints Randolph Read non-executive Chairman of the Board
16:50 EDTNYRTNew York REIT announces $150M share repurchase program
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June 18, 2015
18:03 EDTNYRTFirst Winthrop,Witkoff Group offer to become external advisor to New York REIT
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17:53 EDTNYRTNew York REIT closes up almost 10% after Rambleside calls for sale, liquidation
Ealier today, Rambleside Holdings, owner of 1.2M shares of New York REIT, sent a letter to Michael Happel CEO of New York REIT. The letter said in part: "We read with interest Sorin Capital's letter to you on Tuesday. As among your largest shareholders with 1.2 million shares of NYRT, Rambleside Holdings is also very disappointed with the current situation. At this time, it is appropriate to discuss how you and the Board can ensure shareholders realize full value for our company...As indicated in our letter to you of June 10th, Rambleside believes NYRT trades at a discount of at least 40% to true NAV...We are also skeptical of plans to 'unlock excess value' of our properties through joint ventures. While we don't disagree with you the equity value of the portfolio's top 5 assets has increased by $500M, or $3 per share, since their acquisition by NYRT, selling minority interests in our properties will ultimately make these assets less valuable...It's almost embarrassing NYRT trades at a 5% dividend yield when comparable Class A Office REITs trade closer to a 2% dividend yield and significantly closer to NAV. As NYRT cannot issue capital of any kind that wouldn't either dilute or endanger equity holders, the only credible solution to the situation we find ourselves in is to sell the entire company immediately, or liquidate its portfolio over the next 6-9 months to achieve the highest value." Shares of New York REIT closed up 9.83% or 94c to $10.50.

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