EXHIBIT 99.2
G & L REALTY CORP.
September 4, 2001
VIA FACSIMILE (000) 000-0000
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Xx. Xxxx Xxxxxxx
Xx. Xxxxx Xxxxxxxxx
Xx. Xxx Xxxxx
Mr. Xxxx Korbstov
c/o Xxxxx X. Xxxxxxxx, Esquire
Resch, Polster, Xxxxxx & Xxxxxx, LLP
00000 Xxxxx Xxxxxx Xxxxxxxxx
Xxxxxx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000-0000
Re: Offer to Purchase G & L Realty Corp.
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Gentlemen:
The Special Committee (the "Committee") of the Board of Directors of G & L
Realty Corp. (the "Company") is in receipt of your proposal, dated June 5, 2001,
as amended by your letters dated June 22, 2001, July 6, 2001, July 30, 2001 and
August 21, 2001 (the "WGFK Proposal"), and has determined after extensive
discussions and due diligence that it is unable to recommend to the Board of
Directors that it proceed with the transaction outlined in your proposal.
The Committee has concluded that there is no reasonable possibility that an
acquisition by you of at least 50.1% of the outstanding common stock of the
Company can be completed.
As we have discussed before, the Committee naturally remains open to any
offers from you, or from any other third party, which would not be conditioned
upon the acquisition of a minimum of 50.1% of the outstanding common stock of
the Company.
Very truly yours,
THE SPECIAL COMMITTEE OF THE
BOARD OF DIRECTORS OF G & L
REALTY CORP.
By: /s/ S. Xxxxx Xxxxxxxx
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S. Xxxxx Xxxxxxxx, Chairman
