Gyrodyne engages financial and legal advisers to pursue strategic alternatives
Gyrodyne Company of America has engaged Rothschild as its financial adviser as the company looks to maximise shareholder value through cash distributions and/or a potential sale, merger or other combination.
Gyrodyne has also engaged Skadden, Arps, Slate, Meagher & Flom as a legal adviser to provide corporate transactional and Reit tax advice in the strategic process.
Gyrodyne’s chief financial officer, Gary Fitlin, has been appointed by the board of directors as interim president and chief executive officer, effective immediately, while the company continues its search for a replacement for Stephen V Maroney, its former chief executive officer and president who resigned as an officer and director effective 16 August 2012. Fitlin will also continue to serve in his current positions as chief financial officer and treasurer.
Paul Lamb, chairman of the board of Gyrodyne, says: "Over the past few years, Gyrodyne has fulfilled our objective of positioning itself for one or more liquidity events that will maximise value to our shareholders. The engagement of Rothschild and Skadden will assist us in executing the next phase of our strategic plan."
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