JERICHO, N.Y., May 18, 2016 (GLOBE NEWSWIRE) -- WW Investors LLC, an entity owned and controlled by Michael L. Ashner and Steven Witkoff, today released a letter sent to the Board of Directors of New York REIT, Inc. on May 12, 2016.
The full text of the letter can be found below
WW INVESTORS LLC
Two Jericho Plaza
Suite 111-Wing A
Jericho, NY 11753
May 12, 2016
VIA E-MAIL AND FEDEX
The Board of Directors
New York REIT, Inc.
405 Park Avenue
New York, New York 10022
Dear Messrs. Kahane, Burns, Locker, Nelson and Read and Ms. Perrotty:
While WW Investors may have significant disagreements with the current administration of New York REIT, Inc. (“NYRT” or “the Company”) we believe that if we can assist the Company in its strategic review process, as shareholders we should do so. As you may be aware, Winthrop Realty Trust (“Winthrop”), a publicly traded real estate investment trust of which I am Chairman, conducted its own strategic review process which ended with the adoption of its successful plan of liquidation. During that process, Winthrop management met with various interested parties regarding Winthrop where it had the benefit of learning what their goals and needs might be. To that end, I recently contacted one of the suitors of Winthrop suggesting that they may wish to become involved in your process and that as a publicly traded company there could be a natural fit. The interested party officials were enthusiastic about the opportunity to revisit an acquisition of NYRT. We are advised that the interested party sent a proposal to the Board of Directors on or about May 4th with a deadline for response of close of business May 11th. We did not and have not reviewed the contents of that proposal and have no knowledge as to its terms and conditions. We naively assumed the Board would do so open-mindedly. We have been informed that the Board of NYRT allowed the one week deadline to pass with no response. When I say “no response”, I mean not a counter offer, not a suggestion to meet, not a blow off letter, not even telephone call. Nada. Nothing. In my twenty years of personal involvement in public companies, I cannot recall such an egregious disregard of process, nay simple courtesy. The Board announced a strategic review process. Board members specifically requested the activist community to stand down during this process. The Board cancelled the last two quarterly investor calls based on this process. Yet, when given the opportunity to further the process, the Company and its advisors demonstrate both a clear disdain of duty and ugly discourtesy to potential suitors.
Very truly yours,
WW Investors LLC
Michael L. Ashner
Any views expressed in the above letter represent the opinion of WW Investors LLC and its members. No representation or warranty, express or implied, is made as to the accuracy or completeness of any information contained in the letter, and WW Investors LLC and its members expressly disclaims any and all liability based, in whole or in part, on such information or any errors therein or omissions therefrom. The letter is not intended to be, and should not be construed as, investment, legal or tax advice. WW Investors LLC and its members reserve the right to modify or change its views, conclusions and/or investment positions for any reason or no reason at any time, without notice.
Contact at First Winthrop Corporation Michael L. Ashner Investor or Media Inquiries Phone: (516) 822-0022; e-mail: firstname.lastname@example.org
Source:First Winthrop Corporation