Stockholder group deliver proposal to New York REIT
Michael L. Ashner, Steven Witkoff, and WW Investors, a jointly owned entity of Michael L. Ashner and Steven Witkoff, announced that they, on behalf of their affiliate, Winthrop Realty Partners, have delivered to New York REIT a proposal to be appointed as the replacement advisor for the Company in connection with the Company's proposed plan of liquidation. WW Investors' proposal is to manage the Company during its proposed liquidation or, in the event no plan of liquidation is adopted, on an ongoing basis. Based on WW Investors' conservative estimates, Winthrop's management of the Company during its proposed liquidation will generate savings exceeding $50M in liquidation costs and $4M in annual operating costs compared to the existing advisory agreement. Winthrop did not request any transitional fee or reimbursement for transitional costs in connection with its management of NYRT. Additionally, WW Investors believes an expedited full liquidation would have a maximum duration of 12 months. Winthrop and WW Investors have agreed not to seek to acquire any NYRT assets or interests therein. WW Investors is confident that in a fair process, WW Investors will win the bid. WW Investors' proposal also announced the inclusion of Wendy Silverstein as CEO of NYRT. At Vornado, Ms. Silverstein participated in more than $30B of capital markets' transactions. WW Investors asks that shareholders who desire for its proposal to be approved by NYRT's Board of Directors to please make their voices heard.