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Empire State Conference Call Remarks 9/12/2013

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.