Member access

4-Traders Homepage  >  Shares  >  Nyse  >  State Street Corporation    STT   US8574771031

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

State Street Corporation : Empire State Building accord wins preliminary approval

02/22/2013 | 12:24am US/Eastern

(Reuters) - A New York court gave preliminary approval for a $55 million settlement aimed at allowing the initial public offering of a real estate investment trust that would include the iconic Empire State Building, Bloomberg reported.

The settlement was reached in September between Malkin Holdings and a group of investors in Empire State Building Associates, who had earlier sued to stop the plan, in part because they objected to the tax treatment they would face. (

The agreement, which must receive final court approval, will let Empire State Realty Trust Inc <ESB.N>, which controls the Manhattan skyscraper, continue its plan to become a real-estate investment trust and sell shares on the New York Stock Exchange.

"We are very pleased with today's decisions which granted preliminary approval of the settlement," Malkin Holdings said in a statement to Bloomberg. "We will continue to move forward with the vote on the proposed transaction, which we believe is in the best interests of all investors."

Lawyers representing Malkin Holdings and the investor group could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

(Reporting by Maneesha Tiwari in Bangalore and Terry Baynes in New York; Editing by Richard Pullin)

React to this article
1d ago STATE STREET : Announces Date for Release of Fourth-Quarter and Full-Year 2014 F..
2d agoDJSTATE STREET : Correction to State Street Personnel Story
2d ago STATE STREET : Change in Directors or Principal Officers (form 8-K)
2d ago STATE STREET : Swiss & Global Asset Management Appoints State Street to Provide ..
2d agoDJState Street Names Rogers Chief Operating Officer
2d agoDJState Street Names Michael Rogers Chief Operating Officer
2d ago STATE STREET : Appoints Michael Rogers As President, COO
2d ago STATE STREET : Names Michael F. Rogers to President and Chief Operating Officer
2d agoDJState Street Names Michael Rogers Chief Operating Officer--Update
2d agoDJU.S. HOT STOCKS : Hot Stocks to Watch
Duration : Period :
State Street Corporation Technical Analysis Chart | STT | US8574771031 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes