NEW YORK--(BUSINESS WIRE)--Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today issued the following open letter to the Boards of Trustees of BlackRock Muni New York Intermediate Duration Fund, Inc. (NYSE: MNE), BlackRock New York Municipal Bond Trust (NYSE: BQH) and Blackrock Credit Allocation Income Trust (NYSE: BTZ).
August 28, 2019
Boards of Trustees of
BlackRock Muni New York Intermediate Duration Fund, Inc.
BlackRock New York Municipal Bond Trust
Blackrock Credit Allocation Income Trust
To the Members of the Boards of Trustees:
Weeks have now passed since the completion of the annual meetings of BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE), BlackRock New York Municipal Bond Trust (BQH) and Blackrock Credit Allocation Income Trust (BTZ). The shareholders of these funds have been waiting for the results of the proposals that are crucial to the future management of these funds.
Unfortunately for BlackRock, not reporting the results won’t change the results.
Based on proxies submitted to the independent Inspector of Elections, Saba believes all three of its shareholder proposals passed with resounding support.
This includes one proposal calling for a tender of 50% of the shares outstanding in BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE). If more than 50% of MNE’s outstanding shares are submitted for tender, the tender offer should be cancelled and the board should take the steps necessary to liquidate or convert MNE into an open-end mutual fund.
On Page 3 of BlackRock’s “2019 Proxy Voting Guidelines”, BlackRock makes it clear that boards should implement shareholder proposals that have received a majority of votes cast.
We thank the shareholders of these three funds for their trust. Closed-end fund shareholders deserve the same rights as any other shareholder, and BlackRock should not subvert their will.
About Saba Capital
Saba Capital Management, L.P. is an Investment Adviser based in New York. Launched in 2009, Saba currently manages assets across three core strategies: Credit Relative Value, Tail Hedge, and Closed-End Funds.