Remember the Gyrodyne case? That was the one decided by the New York Appellate Division last November, where the state of New York took 245.5 acres for expansion of the Stony Brook campus of the NY State University. Quick summary: The State deposited $26,315,000, but the trial court (that’s the New York Court of Claims) awarded an additional $98,685,000. The State appealed but the New York Appellate Division affirmed. The State then petitioned the New York Court of Appeals (that State’s highest court) for review which was denied on June 6, 2012. So adding this up, and including the interest which is still accruing, the State got hit for a total of $164,000,000.
Also, the court awarded $1,474,940 to Gyrodyne as reikmbursement for its litigation expenses.
For Gyrodyne’s press release reporting these latest events, click here.
What we find fascinating is that with boxcar figures like that being involved, you’d think that this case would be noteworthy news. But we haven’t found much in the general press on that one. Wonder why? We don’t know how you feel about that one, but it seems to us that if, in some inter-corporate dispute, a court were to award and affirm a judgment representing an upward “bump” of nine figures, surely that would make the newspapers. Don’t you think so?
Follow up. We are reliably informed that interest in this case started accruing in 2005 when the State took the subject property, and is running at some $30 million per year, and, roughly speaking, has accumulated as of now to somewhere north of $150 million.