All Bets Are Off for Empire State Realty Trust
"The sooner the proposed transaction is approved, the sooner the expenses and disruption to all participants may be brought to an end, and the participants can receive reimbursement for the costs of the transaction, cash reserves and the class action settlement proceeds," they said.
According to SNL Financial (in March 15), Edelman pointed to the underlying numbers, which suggest that Malkin Holdings is still a ways away from the necessary approval.
"If you average their numbers, 89-92% voting to date and 62-66% forms received you get only a 58% approval," he said. "That's a long way from 80% with only about a week left to mail ballots that have to be in MacKenzie's office by 3/25."
Edelman said the figures in the filing were in line with the opposition group's own findings. "This is right on the money with our consistent results polling ESBA participants that shows a final tally of between 30-40% No Vote."It's ironic that King Kong fought for the same namesake building some 82 years ago. Standing atop the 102nd floor tower, Kong fought tirelessly for the one thing he loved the most. With bullets being fired from all directions, Kong was not able to hang onto the one thing he loved but in retrospect, he went down fighting. In a similar light, there will be a winner and a loser but we know one thing is true - the Empire State Building is an extraordinary property and a winner will soon be "crowned" as the King of the Jungle. The clocks ticking.... Source: Tom Yeatts with SNL Financial contributed to this story. At the time of publication the author had no position in any of the stocks mentioned. This article is commentary by an independent contributor, separate from TheStreet's regular news coverage. Follow @swan_investor This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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