May 24, 2019
We are asking you to help us protect your investment inBlackRock Muni New York Intermediate Duration Fund, Inc. (NYSE: MNE) from the self-serving activities of a hedge fund. This hedge fund wants to further its own, short-term interest by taking actions that will disrupt the investment strategy that brought you and other shareholders to the Fund in the first place. By reviewing the enclosed proxy statement and voting theWHITE proxy card today, you can preserve the investment you made in the Fund.
A guiding principle of your Fund’s Board of Directors is to make decisions in the best long-term interest of the Fund and its shareholders like you. Directors on the Board are not only expected to have the skills, qualifications and requisite experience to oversee your Fund, they are expected to act in the best interests ofall Fund shareholders. Your Board-approved nominees have unique knowledge, views and insight that allows the Board, as a whole, to make informed decisions in your Fund’s best long-term interest. Under the Board’s leadership, the Fund’s performance has been consistently competitive and provided shareholders with high current income exempt from federal income tax and New York State and New York City personal income taxes.
A hedge fund managed by Saba Capital Management, L.P. (“Saba”) is a short-term investor in the Fund and is now attempting to install inexperienced individuals on your Board who are paid by Saba and whom we believe will serve Saba’s own purposes. Saba has a running history of trying to put these same individuals on the board of otherclosed-end funds and is currently attacking at least 5 otherclosed-end funds.In the case of your Fund, Saba failed to comply with the Fund’s bylaws and the Board has determined that Saba’s nominations are invalid. As a result, votes for Saba’s individuals willnot be counted at the meeting.
You may still receive solicitations from Saba seeking your proxy to approve its self-serving proposals. There are numerous reasons to reject Saba in addition to its failure to make valid nominations. Complying with Saba’s request that the Board authorize the Fund to conduct a self-tender for 100% of its shares could have consequences contrary to your long-term interests, for example by forcing your Fund to pay a lower dividend rate and causing the Fund’s expense ratio to increase, not to mention potential adverse tax consequences for all shareholders regardless of whether you participate in the tender. As a board with a fiduciary duty to represent all the Fund’s shareholders, we believe that the goal of Saba is to create aone-time liquidity event that would helpSaba’s hedge fund make a profit in the short-term, while threateningyour long-term investment.
Your Board is devoted to overseeing and safeguarding your investment in the Fund. But we cannot fight this hedge fund and its disruptive tactics alone. We need you, as a shareholder, to act.We ask that you please take a moment to cast your vote “FOR” the Board-approved nominees listed on the enclosedWHITE proxy card and “AGAINST” Saba’s proposal. Voting takes just a few minutes and can be done by mail, phone or online.
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Don’t let a hedge fund seeking short-term profits put its interests above yours. You can read about the extensive qualifications and experience of each Board member and Board-approved nominee in the enclosed proxy statement. It is important to know that Saba may contact you by mail to solicit your vote.Please do not mail in any other proxy card that you might receive. Doing so could cancel out your vote for the Board-approved nominees and help a hedge fund prevail over the interests of all shareholders. | |  |
