$1B Empire State Building IPO Approved By Shareholders

Law360, New York (May 29, 2013, 3:04 PM EDT) -- A supermajority of Empire State Building investors have approved a controversial plan to put the building in a $1 billion publicly traded real estate trust, despite ongoing litigation over the proposal, according to a Wednesday regulatory filing.

Malkin Holdings LLC, which has been spearheading the plan, announced that 80 percent of the iconic New York building's unitholders had greenlighted the proposal to create a REIT known as Empire State Realty Trust Inc., according to a filing with the U.S. Securities and Exchange Commission. The plan calls...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.