0001193125-12-119434.txt : 20120316 0001193125-12-119434.hdr.sgml : 20120316 20120316145024 ACCESSION NUMBER: 0001193125-12-119434 CONFORMED SUBMISSION TYPE: DEFA14A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20120316 DATE AS OF CHANGE: 20120316 EFFECTIVENESS DATE: 20120316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 250 WEST 57TH ST ASSOCIATES L.L.C. CENTRAL INDEX KEY: 0000100412 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 136083380 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEFA14A SEC ACT: 1934 Act SEC FILE NUMBER: 000-02666 FILM NUMBER: 12697263 BUSINESS ADDRESS: STREET 1: C/O MALKIN HOLDINGS LLC STREET 2: ONE GRAND CENTRAL PLACE, 60 EAST 42ND ST CITY: NEW YORK STATE: NY ZIP: 10165 BUSINESS PHONE: 2126878700 MAIL ADDRESS: STREET 1: C/O MALKIN HOLDINGS LLC STREET 2: ONE GRAND CENTRAL PLACE, 60 EAST 42ND ST CITY: NEW YORK STATE: NY ZIP: 10165 FORMER COMPANY: FORMER CONFORMED NAME: 250 WEST 57TH ST ASSOCIATES DATE OF NAME CHANGE: 19920703 DEFA14A 1 d317158ddefa14a.htm SOLICITING MATERIAL UNDER RULE 14A - 12 SOLICITING MATERIAL UNDER RULE 14A - 12

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.   )

Filed by the Registrant   x                             Filed by a Party other than the Registrant   ¨

Check the appropriate box:

 

¨   Preliminary Proxy Statement
¨   Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))
¨   Definitive Proxy Statement
¨   Definitive Additional Materials
x   Soliciting Material Under Rule 14a-12
250 WEST 57TH STREET ASSOCIATES L.L.C.
(Name of Registrant as Specified in Its Charter)
        
(Name of Persons(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
x   No fee required.
¨   Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
  (1)  

Title of each class of securities to which transaction applies:

 

 

   

 

  (2)  

Aggregate number of securities to which transaction applies:

 

 

   

 

  (3)  

Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

 

 

   

 

  (4)  

Proposed maximum aggregate value of transaction:

 

 

   

 

  (5)   Total fee paid:
   
   

 

¨   Fee paid previously with preliminary materials:
¨   Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.
  (1)  

Amount previously paid:

 

 

   

 

  (2)  

Form, Schedule or Registration Statement No.:

 

 

   

 

  (3)  

Filing Party:

 

 

   

 

  (4)  

Date Filed:

 

 

   

 

 

 

 


On March 16, 2012, Malkin Holdings L.L.C., the supervisor of 250 West 57th Street Associates L.L.C. (the “Registrant”), mailed the following letter to each of the participants in the Registrant, Empire State Building Associates L.L.C., and 60 East 42nd Street Associates L.L.C., respectively:

March 16, 2012

re: Empire State Realty Trust, Inc.

To Participants in Empire State Building Associates L.L.C., 60 East 42nd St. Associates L.L.C., and 250 West 57th St. Associates L.L.C.:

In our letter of February 13, we told you that the corporation newly formed by Malkin Holdings LLC intended to qualify as a real estate investment trust (the “REIT”) that day filed preliminary Form S-4 documents with the Securities and Exchange Commission (“SEC”). Our purpose with this filing is to allow us to solicit your consent to consolidate all of the office properties we supervise and the vast majority of the retail properties we supervise into the REIT, which we intend to take public through an initial public offering. We expect the solicitation to start later this year after the SEC has reviewed the S-4 and declared it effective.

Until the S-4 filings with the SEC have become effective and we ask for your vote, there is no final solicitation document and nothing you are required to do regarding your investment.

Stop, Look, Listen

Our letter of February 13, as with this letter, is commonly referred to in this process as a “stop, look, and listen” letter. During this period, as throughout this entire current consent process, we must follow SEC rules and regulations. From time to time through what will be a many months long process, we will send such letters to provide brief updates and let you know what lies ahead. Until our Form S-4 is declared effective by the SEC, there is no opportunity for you to vote on the proposals contained in the S-4.

Prior Consents

Our current filing with the SEC impacts more than 3,500 investors in three entities which are registered with the SEC. We have already received all needed consents from the 20 private entities which are not registered with the SEC to be included in the consolidation.

Our Current Filings

Because your three entities are registered with the SEC, we cannot even ask for your consent until the SEC review process is completed and our S-4 filings are declared “effective.” While it is impossible to predict how long the SEC review process will take, we do anticipate at least several months will pass before we are allowed to commence formally soliciting your votes.


We firmly believe that the consolidation provides the best way for investors to have a liquidity opportunity at their time of choosing and to maximize the value of these investments which we structured and have supervised for, in many cases, more than half a century. When we send you the final documents, we will also send a summary statement and recommendation by Malkin Holdings and be in a position to address your questions fully.

Other Correspondence, Litigation

You may be contacted before the voting process begins by dissident investors. They are free to do this at any point. Until the documents filed with the SEC are final, we do not believe there is any action to be taken with regard to their outreach.

We ask that you await completion of the SEC review process, at which time we will actively solicit your consent and provide you with final documents setting forth our reasons and recommendations. The current information concerning our proposal is in our initial SEC filings now under review, which you can find at the SEC website www.sec.gov under “Empire State Realty Trust.”

Out of the more than 3,500 investors involved in this planned solicitation, it is unrealistic not to expect there to be dissenting views. Since this involves the Empire State Building, media attention is inevitable. We anticipated that a transaction of this size would attract a class action lawsuit, and three such suits have already been filed challenging certain aspects of the transaction. We believe these lawsuits, which are virtually identical, are entirely baseless and we will oppose them vigorously.

Business As Usual

During this extended period, we continue to put first the success of the properties we supervise, owned by groups we created, supervised by us for almost 60 years, in which you and all our other investors own interests, and in which our own interests are very significantly invested. Our active day-to-day involvement is not diminished.

We look forward to communicating with you further. If you have any question, please do not hesitate to reach out to us. We will answer what we can when we can.

Sincerely,

MALKIN HOLDINGS LLC

 

/s/ Peter L. Malkin

   

/s/ Anthony E. Malkin

Peter L. Malkin     Anthony E. Malkin
Chairman     President


This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Each of the three public entities, Empire State Building Associates L.L.C., 60 East 42nd St. Associates L.L.C., and 250 West 57th St. Associates L.L.C. (the “Companies”) and their agents, supervisor and officers, and the REIT’s officers and director may be deemed to be participants in the solicitation of consents in connection with the proposed consolidation. The names of such persons and a description of their interests in the Companies and the REIT are set forth, respectively, in each Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and the Registration Statement on Form S-4 of the REIT, which have been filed with the SEC.

We urge you to review the Registration Statement on Form S-4 of the REIT and other related documents now filed or to be filed with the SEC, because they contain important information. You can obtain them without charge on the SEC’s website at www.sec.gov.