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OTK Associates Responds to Morgans Hotel Group’s “Promise” to Explore Strategic Alternatives

NEW YORK--(BUSINESS WIRE)--OTK Associates LLC, the largest stockholder of Morgans Hotel Group Co. (“Morgans”) (Nasdaq: MHGC) with 13.9% of the outstanding common stock of the company, today issued the following in response to Morgans’ press release announcing its intention to initiate a process to explore strategic alternatives, if its directors are elected at its upcoming annual meeting: