This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Court Of Claims Enters Judgment In Condemnation Case

ST. JAMES, N.Y., Aug. 24 /PRNewswire-FirstCall/ -- Gyrodyne Company of America, Inc. (Nasdaq: GYRO) announced today that the Court of Claims entered judgment on August 17, 2010 with respect to the Court's recent finding in favor of Gyrodyne of $125 million plus statutory interest.  On August 19, 2010, Gyrodyne served the State of New York with a copy of the judgment and written notice of its entry.  Under New York's Court of Claims Act, a party seeking to appeal the judgment must file a notice of appeal within thirty days after service of a copy of the judgment with notice of entry.  Accordingly, the deadline for serving a notice of appeal in this case is September 20, 2010.

The gross amount of recovery calculated by the Court in the judgment includes the $26,315,000 advance payment previously made by the State plus interest thereon.  Under Section 20 of the Court of Claims Act, however, the State's comptroller is required to deduct from such gross amount the amount of any advance payment as well as interest calculated on such advance payment that was included in the Court's calculation.  Accordingly, the State would be required to pay Gyrodyne $98,685,000 plus statutory interest through the date of payment.  Applying the same 9% statutory interest rate reflected in the Court's filing of the judgment, interest on the remaining $98,685,000 through today's date ( August 24, 2010) would amount to $42,729,257.24 and when added to the principal would total $141,414,257.24.

Gyrodyne brought this claim in April 2006 for just compensation for the 245.5 acres of its Flowerfield property in St. James and Stony Brook, New York (the "Property"), taken by the State.  The State had paid Gyrodyne $26,315,000 for the Property at the time of the taking, which Gyrodyne elected, under the eminent domain law, to treat as an advance payment while it pursued its claim.

Gyrodyne intends on submitting an application to the Court seeking reimbursement of attorneys' fees and costs.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
GYRO $26.15 -0.27%
AAPL $94.27 -0.76%
FB $101.00 1.47%
GOOG $684.12 0.89%
TSLA $143.67 -3.09%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs