I am heartened to know that the Empire State Building is desirable to several people with the means to acquire it. Almost more importantly, those folks have had creative ideas about how best to be fair to all of us within the complications of this ownership.
The respect and fairness deserved by this loyal group of owners, has not been demonstrated by the Malkins throughout the process of this deal. Without the knowledge or approval of the owners, the Malkins secretly set up the REIT while hiring assistance from outside firms at our expense. We then saw the language in their communications change to undecipherable legal gibberish. Before we knew what was up, they were submitting their proposal to the SEC under the cloak of secrecy.
Approved at last by the SEC, they bombarded our diverse group of people with threats and half-truths at best, in reaching for the 80% approval they needed to approve the deal. A despicable ruse.
This building had no appraised value before the SEC demanded it. Nor projected income figures that I know of. This prevented anyone on the outside from submitting bids, if indeed that would have been allowed by law as the REIT played through.
The buyout deal before us is a much better deal for ESB owners and it should be pursued.
I have created an internet blog site to encourage narrative amongst us outside of these conference calls. Please search for Empire State Legacy Owners Blog. Please visit; your voice is welcome there. Thank you.
2 comments:
I am confuse as to why any investor would be against the cash sale of the ESB if in fact they were thinking of selling it anyway. This past year or two has caused lots of confusion to all of us and I can only think the Malkin Holdings (MH) have an ulterior motive that is not for the benefit of all of us legacy owners or any other owners. I would like to know what the rest of you plan to do ,if anything. I can be reached at : hippie1942@aol.com . Thank you
And now that it's said and done, there is suddenly silence on the Malkin's part, leaving us all to figure things out on our own. The only thing I've figured out so far is that our suspicions about this deal being bad for legacy investors is correct. It's a complete and utter travesty, as well as tragedy. Shame on you, Tony and Peter Malkin!!!
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