Hedge Fund Sees Opportunity On Gyrodyne’s Board

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.”


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Strippers Accused Of Robbing Hedge-Fund Manager Face Jail

Oct 20 2014 | 9:20am ET

A group of alleged stripper-thieves—whose victims include a hedge-fund manager...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.