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NEW YORK CITY-Plans to launch a REIT IPO backed by the Empire State Building and 19 other commercial properties crossed a threshold this week, winning the approval of “more than the required supermajority” of shareholders in Empire State Building Associates LLC and 60 East 42nd St. Associates LLC, according to an SEC filing Wednesday. Voting will remain open for shareholders who have not yet weighed in on the proposed consolidation and IPO, a spokesman for Malkin Holdings tells GlobeSt.com. The vote was required under the agreements that established the ESB syndication in 1961.

In a separate SEC filing on May 24, Malkin Holdings informed shareholders that New York State Supreme Court Justice O. Peter Sherwood had issued an opinion and order approving the April 30 settlement of a class-action suit opposing the REIT IPO. “The 12 investors who have opted out will not receive any share of the settlement proceeds, but can pursue separate claims for monetary damages,” Malkin Holdings chairman Peter Malkin and president Anthony Malkin wrote shareholders. “They are bound by the settlement agreement regarding equitable relief, so they cannot seek an injunction to halt the consolidation or IPO.”

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