SADDLE BROOK, N.J.--(BUSINESS WIRE)--Bulldog Investors, LLC (“Bulldog”), an SEC-registered investment advisor and a shareholder in New York REIT, Inc. (NYSE:NYRT) sent a letter to the company’s Chairman, Randolph C. Read. The text of the letter can be found below.
October 7, 2016
Randolph C. Read
Chairman of the Board
New York REIT, Inc.
405 Park Ave., 14th Floor
New York, NY 10022
Dear Mr. Read:
Bulldog Investors, LLC currently owns, on behalf of its clients, approximately 2.5 million shares of New York REIT, Inc. (NYSE: NYRT). We met with Mike Happel in late August and urged him to try to reach a settlement with WW Investors in connection with the Board’s recent decision to liquidate (which we support). We were disappointed that a settlement was not reached. But, if that is no longer a realistic possibility, then stockholders must have an opportunity to determine the fate of their investment.
The last annual meeting was held on June 22, 2015. At that meeting, directors were elected “to serve for a term ending at the 2016 annual meeting of stockholders.” Since the 2016 annual meeting has not been scheduled, we think that stockholders should be able to vote for the full board of directors (including those that were never elected by stockholders) at the same meeting at which they will vote on the plan of liquidation. After all, the success of the plan will depend on who is going to execute it. Conversely, there is no reason we can think of to bifurcate these matters by holding a special meeting to vote on the liquidation plan without allowing stockholders to simultaneously determine the constitution of the board of directors.
Thank you for your consideration.
Bulldog Investors LLC
About Bulldog Investors
Bulldog Investors is an SEC-registered investment adviser that manages the Bulldog Investors group of private funds, Special Opportunities Fund, Inc. (NYSE:SPE), a closed-end registered investment company, and the accounts of certain high net worth individuals and institutions. www.BulldogInvestors.com