The decision in Stender v. Archstone-Smith Operating Trust, 07-cv-02503, by U.S. District Judge William Martinez of the District of Colorado granting summary judgment to dismiss the class action is, on its face, a relatively straightforward contract case.
The plaintiffs—property owners in a real estate investment trust—alleged the controlling investors of the REIT violated the terms of the declaration of trust when they executed a reverse merger that forced the property owners to make a choice. Either they take a new class of equity in the new trust, one with less tax protections than they previously enjoyed. Or they accept the same per-share cash offer as any other shareholder when the deal was complete.
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