We have the same fascist bullsh-t down here,it seems nobody is safe from Big Brother.




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Gyrodyne spurns $26.3M offer by Stony Brook
Nov. 1 2005 -- 12:53:32 PM EST
by KEN SCHACHTER

ST. JAMES - Stony Brook University's formal offer to buy most of the Flowerfield property for $26.3 million was rejected by Gyrodyne Co. of America Inc., putting negotiations at a stalemate, the company said Monday.

Gov. George Pataki plans to hold ground-breaking ceremonies for the university's 100,000-square-foot Center of Excellence in Wireless and Information Technology at the property Friday, Gyrodyne (Nasdaq: GYRO) said it was told by the university.

The university initiated condemnation proceedings to acquire the 245-acre tract in St. James and Stony Brook, but has been pursuing parallel negotiations to buy the property for use as a research park. Gyrodyne said the university could take title of the property for New York State "at any time."

Gyrodyne is pursuing an appeal of a ruling by the appellate division of state Supreme Court that approved the condemnation.

Gyrodyne said Stony Brook had valued 239.89 acres of vacant land at $91,800 per acre and 5.56 acres of improved land at $773,381 per acre. The company said the offer is "far below any reasonable measure of fair market value."

After the announcement, shares of Gyrodyne fell $2.17, or nearly 5 percent, to $44.45. Gyrodyne has claimed that the condemnation is excessive, with Stony Brook requiring only 73 acres to build the research park. In the news release, the company said it was willing to sell land adequate for a research park at a discount.

"It is regrettable that our discussions with the university, which at first appeared to be proceeding in a positive direction, were abruptly terminated by the university," Stephen Maroney, president and chief executive of Gyrodyne, said in the news release.

In a written response, Stony Brook University said Gyrodyne had rejected its formal proposal, offered Aug. 1, on Sept. 2. The statement acknowledged that the university has continued its efforts to acquire the land through eminent domain.

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