Liquidation: Gyrodyne, LLC

Form Type: 10-Q

Filing Date: 2025-05-05

Corporate Action: Liquidation

Type: New

Accession Number: 000143774925014377

Filing Summary: Gyrodyne, LLC is pursuing the liquidation of its assets following a strategy to sell its remaining properties, Cortlandt Manor and Flowerfield. The Company intends to dissolve after settling its debts and distributing proceeds to shareholders. As of March 31, 2025, total assets are estimated at approximately $56.3 million, while liabilities are around $25.5 million, resulting in net assets in liquidation of roughly $30.8 million. Gyrodyne's liquidation process is anticipated to be completed by 2026. The regulatory environment has delayed entitlement approvals, particularly affected by the COVID-19 pandemic. Legal challenges, such as an Article 78 proceeding, also potentially impact the timeline for the sale of properties. Despite these hurdles, the Company is actively marketing its properties and is in negotiations to maximize value for shareholders.

Form Type: 10-K

Filing Date: 2025-03-28

Corporate Action: Liquidation

Type: Update

Accession Number: 000143774925009691

Filing Summary: Gyrodyne, LLC, a limited liability company formed under New York law, is managing the liquidation process of its remaining real estate assets, which include properties in Suffolk and Westchester Counties, New York. The company plans to dissolve after selling these assets. The strategy involves pursuing entitlements to enhance the value of its properties at Flowerfield and Cortlandt Manor, improving operating cash flow, and managing the sale of its real estate portfolio. Currently, Gyrodyne intends to settle outstanding debts from the proceeds and distribute any remaining funds to shareholders. The management estimates future distributions of approximately $13.91 per share based on an expected cash balance of around $30.6 million by 2026. However, the actual amount and timing of these distributions are uncertain due to ongoing legal proceedings (the Article 78 Proceeding) which might impact the sale timelines. Additionally, Gyrodyne has faced delays and is seeking to mitigate risks related to market conditions and regulatory approvals. The company remains optimistic about resolving the litigation and achieving sales at favorable prices but acknowledges significant uncertainties remain.