Empire State Building Investors Seek To Block $55M IPO Deal

Law360, New York (January 29, 2013, 2:38 PM EST) -- A group of investors in the company that owns the Empire State Building sought Monday to intervene in a putative class action over the owner's plans to take its assets public, saying the $55 million settlement reached in November is "grossly inadequate and unfairly apportioned."

Several investors in Empire State Building Associates, who originally bought public securities issued for the purpose of owning the iconic building in the 1960s, argue that the court should deny a recent request to certify the existing class and that ESBA participants should be admitted as a subclass.

The ESBA participants claim they would be uniquely...

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