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Michael Ashner's lieutenant, Wendy Silverstein, is officially in charge of New York REIT as the newly appointed CEO.She has a long history, so does Ashner, in the New York real estate scene.Winthrop has now set themselves up as a professional liquidator and its interesting to see how they've structured their incentive fee with New York REIT: ) any other amounts paid to the Stockholders on account of their Common Shares in connection with a merger or other Change in Control transaction pursuant to an agreement with the Company entered into after the Transition Date (such Distributions and payments, the “Hurdle Payments”), in excess of .00 per share (the “Hurdle Amount”), when taken together with all other Hurdle Payments, the Company shall pay an Incentive Fee to Service Provider as compensation for Services rendered by Service Provider and its Affiliates in an amount equal to 10.0% of such excess; provided, however, that the Hurdle Amount shall be increased on an annualized basis by an amount equal to the product of ( They've done their homework and clearly think its worth more than .00 per share when today it trades at about .70 per share.
In 1986, Interstate Properties and Donald Trump each bought approximately 20% of Alexander's, a failing retailer whose real estate holdings included its flagship store, occupying the entire block between East 58th and 59th streets and Lexington and Third avenues. In 1995, Vornado bought Citicorp's interest in Alexander's.Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. In 1989, the Vornado name was licensed to a new company in the Wichita area currently known as Vornado Air, LLC to manufacture heating and cooling equipment.Outside of the brand licensing agreement, the Trust has no relation to Vornado Air, LLC. Kogod were added to the board of directors of Vornado.It began as a public non-traded REIT, then known as American Realty Capital New York Recovery REIT, and was brought public in April 2014 and externally managed by American Realty Capital (run by Nick Schorsch).So it had two strikes against it: 1) former non-traded REITs tend to have disparate portfolios since they turn into indiscriminate buyers of anything that's for sale as their commission incentivized sales force pushes client assets into the REIT; 2) externally managed vehicles are often filled with conflicts, especially in regard to adding assets to boost the external manager's fees.