Sunday, 29 March 2015
Last updated 1 day ago
Nov 8 2006 | 3:34pm ET
One-time helicopter manufacturer Gyrodyne Company of America’s board of directors is in danger of being grounded.
Activist hedge fund Opportunity Partners now owns nearly one-fifth of the Saint James, N.Y.-based company, it said in a regulatory filing, and has nominated three candidates for its nine-member board of directors. The Phillip Goldstein-run fund, which in April sought to acquire the whole of Gyrodyne for about $60 million, also announced its intention to trash the company’s poison pill.
Gyrodyne, which got out of the helicopter-making business in the 1970s, transforming itself into a real estate holding company, has proposed expanding the size of its board, as well as purchasing 10 buildings in Port Jefferson Station, N.Y. Last year, the State University of New York at Stony Brook condemned nearly 80% of the company’s flagship property, Flowerfield, in Saint James.
According to Opportunity’s 13D/A filing, both actions are “inconsistent” with Gyrodyne President and CEO Stephen Maroney’s statement in April that “our goal is to put the maximum amount of cash or marketable securities in the hands of our shareholders in a tax-efficient manner.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…