Market Overview

Gyrodyne Receives State of New York a Certificate of No Further Appeal

On June 25, 2012, Gyrodyne Company of America (NASDAQ: GYRO) received from the State of New York a Certificate of No Further Appeal in connection with the judgment of the Court of Claims entered in favor of the Company for $125 million plus statutory interest of nine percent from the date of the taking of November 2, 2005 through the date of payment and for an additional allowance of $1,474,940.67 for actual and necessary costs, disbursements and expenses, including attorneys' fees and expenses, resulting from the condemnation of 245.5 acres of the Company's Flowerfield property. The Company had requested the Certificate, which it has forwarded to the State Comptroller in order to receive payment in accordance with Section 20 of the Court of Claims Act.

The total amount of the judgment, including statutory interest and the amount for costs, disbursements and expenses, is approximately $166,600,000 as of June 25, 2012. The timing of payment is still unknown at this time.

Posted-In: News Legal After-Hours Center

 

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