Judge Backs $1B Empire State Building REIT IPO For Now

Law360, New York (April 29, 2013, 6:21 PM EDT) -- A New York state judge said Monday he "tentatively" agreed with investors who want to roll the Empire State Building into a real estate investment trust with a $1 billion initial public offering, indicating he was skeptical that a group of holdouts can block the deal.

Judge O. Peter Sherwood said during a hearing that a group of investors who bought participation interests in the iconic Manhattan skyscraper in the 1960s couldn't challenge the provisions of the REIT plans because their participation interests in the limited...
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