Primary shareholders Daniel M. Gottlieb and Steven D. Lebowitz want to buy the small healthcare REIT, which operates a handful of facilities in Southern California. Common shareholders Linda Lukoff and Richard Abrons are among those trying to stop the merger and—if they can deliver to the court a $16.2 million bond by 1:00 p.m. on Tuesday, Oct. 23—the court will hear further arguments in the case.

G&L also has received a revised proposal from shareholder Lyle Weisman to acquire G&L shares at $15.50 per share, and would require that the firm's stock be delisted from the New York Stock Exchange upon the completion of the tender offer. It also calls for a breakup fee of $2.8 million.