Reit liquidating trust
As The liquidation plan followed the failure in August of a proposed merger between NYRT and JBG Cos., a major metro Washington, D. (JBG went on to a merger with Vornado Realty Trust.) “We are pleased with the outcome of today’s vote, and I would like to thank all of NYRT’s stockholders for their support throughout this process,” Randolph Read, the REIT’s chairman of the board of directors, said in a prepared statement.“We look forward to executing the plan of liquidation with the goal of maximizing value for all stockholders expeditiously.” Exactly that the REIT has not yet laid out a detailed timetable for the liquidation nor for the sale of Worldwide Plaza.
With a 1/2/3 year IRR profile of 25%/12.5%/8.3%, investors are positioned to realize substantial value.
The office and retail-property owner began a strategic process following at least a year of criticism of the company’s management by shareholder WW Investors LLC.
New York REIT announced earlier this month its merger talks with Washington landlord JBG Cos.
The plan “will maximize value for our stockholders, while also preserving the flexibility to pursue a sale of the company, should a compelling offer that delivers superior value be made,” Chief Executive Officer Michael Happel said in the statement. in New York, after earlier slipping as much as 1.8%, the most since June.
The company is down 14% this year, compared with a 10% increase in the Bloomberg REIT Index.
The most current financial information can be found in the Consolidated Financial Statements section of this website. Ray III was appointed Liquidation Trust Manager (“LTM”) on November 18, 2016. Ray served as Chief Counsel to the Trust from September 2015. Ray is Senior Managing Director of Greylock Partners, LLC. Ray has served in various capacities with respect to Chapter 11 bankruptcy estates. Ray served as Chief Restructuring Officer of Overseas Shipping Group and from 2014 to 2015, Chairman of the Board of Overseas Shipping Group. Ray has served as the principal officer of Nortel Networks, Inc. Ray served as the Chairman of the Restructuring Committee of the Board of GT Technologies. Ray was Chairman of the post confirmation Board of Enron Corporation and, from 2005 to 2009, President of post confirmation Enron Corporation.