BlackRock Muni Provides Information to Shareholders on Saba Capital’s Motion for Preliminary Injunction
July 16, 2019 at 06:07 am EDT
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On July 16, 2019, BlackRock Muni New York Intermediate Duration Fund, Inc. announced that Saba Capital Master Fund, LTD. has withdrew its motion for a preliminary injunction seeking to have votes for its nominees counted after statements made by a Maryland court at a hearing on July 12 about the weaknesses of Saba’s claims under Maryland law. Further, the Company added that the Court has stated that the Fund was not obligated to count votes in favor of Saba Capital’s nominees after Saba missed a 5 business day deadline, as provided in the bylaws, to provide additional information requested by the Fund. In addition, the Company stated that the Court has invited Saba Capital to withdraw its pending motion for a preliminary injunction, which Saba did on July 14. Accordingly, the Company added that as previously indicated in the Fund’s proxy materials, votes in favor of Saba’s invalid nominees will not be counted at the shareholder meeting scheduled for July 18, 2019.
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. 
