Delaware Chancery Court Rules in Favor of OTK Associates

NEW YORK--(BUSINESS WIRE)--OTK Associates LLC, the largest stockholder of Morgans Hotel Group Co. (Nasdaq: MHGC) with 13.9% of the outstanding common stock of the company, today announced that Vice Chancellor J. Travis Laster of the Delaware Court of Chancery has issued an order granting a preliminary injunction prohibiting Morgans Hotel Group’s board from taking any steps to postpone the Annual Meeting of Stockholders scheduled for May 15, 2013, or to change the record date of March 22, 2013, for the annual meeting. The Court also ordered that the company shall proceed with its annual meeting as scheduled on May 15, 2013, and may convene and adjourn the meeting for not more than 30 days.