Court Temporarily Blocks Sale of G&L; Realty

G&L; Realty Corp., which owns medical buildings, said a California court issued a temporary restraining order blocking completion of the company’s sale after two shareholders sued.

The shareholders, Linda Lukoff and Richard Abrons, must pay a $16.2-million bond by Tuesday for the Los Angeles County Superior Court to proceed with a hearing about whether to block the sale, G&L; said in a news release. In May, G&L;’s board approved the sale of the company for $12 a share to a new company owned by G&L; Chief Executive Daniel Gottlieb and President Steven Lebowitz.

That values Beverly Hills-based G&L; at about $28 million, based on 2.3 million shares outstanding as of July 31. G&L; shareholders are scheduled to vote Wednesday on the sale.

A group of shareholders offered $15 a share in June. A G&L; committee of directors responded that the price must be $15.50 to $16.50 a share and the investors’ group has to pay $2.5 million upfront, the company said in the statement.

G&L; fell 4 cents to $12.11 on the New York Stock Exchange Friday.