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The Empire State Building’s big gorilla — Anthony Malkin — appears likely to crush opposition to his plan to create a publicly traded REIT around the iconic tower.
A Manhattan judge yesterday signaled that he is likely to deny a motion by dissidents that argue a plan to buy them out for $100 a share is illegal.
“My tentative view is that this matter is straight forward,” state Supreme Court Judge Peter Sherwood told lawyers at a hearing.
Lawrence Kolker, a lawyer for a class that settled with the Malkins, who control the 102-story skyscraper, said, “If the judge’s comments are indicative of the decision he’s about to make, that [complaint] will be denied and we’ll go forward with the final approval hearing [Thursday] on the settlement numbers.”
Opponents to the plan to raise $1 billion for a REIT comprised of King Kong’s favorite building and 20 others claim their shares are each worth more than $300,000.
Stephen Meister, counsel to the opponents, said, “I think it’s coercive. If you hold something that’s worth $300,000 or $400,000 and someone said to you unless you vote yes to this plan, I’m going to confiscate your interest for $100, which way are you going to vote?”
In 1961, when Malkin’s grandfather, Lawrence Wien, bought the ESB, its 3300 shares were worth a reported $10,000 each.
The Malkins need 80 percent shareholder support to gain approval.
Judge Sherwood is expected to offer a written opinion by the end of tomorrow.
Meister said he is preparing to appeal.