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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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October 21, 2014
10:00 EDTNYRTOn The Fly: Analyst Initiation Summary
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07:42 EDTNYRTNew York REIT initiated with a Neutral at SunTrust
Target $12.
October 8, 2014
06:58 EDTNYRTEmppire State Realty may be interested in buying New York REIT, WSJ reports
According to sources, there have been several parties that have expressed interest in buying New York REIT (NYRT), including Empire State Realty Trust (ESRT), the Wall Street Journal reports. New York REIT announced yesterday that it has engaged Barclays Capital and Realty Capital Securities to help it evaluate strategic alternatives. Reference Link
October 7, 2014
06:04 EDTNYRTNew York REIT engages financial advisors to help evaluate strategic alternatives
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