G&L; Realty Sale Blocked

G&L; Realty Corp., a Beverly Hills-based real estate investment trust, 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 today for the Los Angeles County Superior Court to proceed with a hearing about whether to block the sale, according to a statement released by G&L.;

In May, the board of G&L;, which owns numerous medical buildings, 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 G&L; at $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, including real-estate investors Lyle Weisman and Asher Gottesman, 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. On Monday, G&L; shares traded on the New York Stock Exchange up 19 cents to close at $12.30.