New York REIT shareholder Bulldog Investors LLC called on the company to schedule the stockholder vote on its full slate of directors at the same time as the vote on its liquidation plan.
Phillip Goldstein, who co-owns Bulldog Investors with Andrew Dakos and Steven Samuels, said in an Oct. 7 letter to New York REIT Chairman Randolph Read that his group was disappointed that a settlement was not reached between the REIT and activist shareholder WW Investors LLC with respect to the board's recent decision to liquidate. He noted that his group supports the decision to liquidate and reached out to New York REIT President and CEO Mike Happel in August to try to reach a settlement with WW Investors.
Goldstein argued in the letter that shareholders should be given the chance "to determine the fate of their investment," if a settlement is no longer possible. "After all, the success of the [liquidation] plan will depend on who is going to execute it," Goldstein added.
Bulldog Investors owned 2,478,293 shares, or 1.49%, of New York REIT's common stock as of Oct. 7.