BlackRock Muni Defeats Saba Capital’s Motion for Preliminary Injunction
July 12, 2019 at 10:17 pm
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On July 12, 2019, BlackRock Muni New York Intermediate Duration Fund, Inc. announced that a hearing was held on Saba Capital Management, L.P.’s motion for a preliminary injunction in litigation before the Circuit Court of Maryland, captioned Saba Capital Master Fund, Ltd. v. BlackRock Muni New York Intermediate Duration Fund, Inc., Case No. 24-C-19-003168. The Company added that at the conclusion of the hearing, the judge presiding over the action stated that Saba Capital failed to establish it was entitled to an injunction requiring that votes for Saba Capital’s nominees to the Board of the Fund be counted. The Company stated that as such, it maintains that Saba Capital’s nominees are invalid, and, in accordance with the judge’s statements, votes for Saba Capital’s nominees will not be counted at the upcoming shareholder meeting.
BlackRock Muni New York Intermediate Duration Fund, Inc. (the Fund) is a non-diversified, closed-end management investment company. The Fund's investment objective is to provide shareholders with high current income exempt from federal income tax and New York State and New York City personal income taxes. The Fund seeks to invest at least 80% of its assets in municipal obligations exempt from federal income tax (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. Under normal market conditions, it invests at least 75% of its assets in municipal obligations that are investment-grade quality at the time of investment. Under normal market conditions, it invests at least 80% of its assets in municipal obligations with a duration of 3 to 10 years. The Fund may invest directly in such securities or synthetically through the use of derivatives. The Fund's investment manager is BlackRock Advisors, LLC.
BLACKROCK MUNI NEW YORK INTERMEDIATE DURATION FUND, INC. 