Gyrodyne Company Of America (GYRO) has released an update.
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The Incorporated Village of Head of the Harbor and other parties filed a legal proceeding against the Town of Smithtown and Gyrodyne, LLC, challenging the Planning Board’s approval of Gyrodyne’s property subdivision. A recent court order partially granted and denied motions to dismiss the case, with Gyrodyne required to respond within 20 days. Despite the ongoing legal battle, Gyrodyne is optimistic about its strategic timeline and asset liquidation estimates, aiming to complete property sales by the end of 2025, although uncertainties remain. This summary of the court order is part of a broader forward-looking statement that involves risks detailed in the company’s SEC reports, including real estate market conditions and potential litigation outcomes.
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For a comprehensive understanding of the announcement, you can read the full document here.