I was hoping by this time , that the share-owners that actually live here, all 50 to 60% of them would have taken some action to correct the problems. Stop acting like renters and act like owners. Mo one wants to buy an apartment where 50 to 60 % of the residents are owner occupied.
80% and above is the number. One of my neighbors told me that she was told it was 90% owner occupied when she bought. She should take legal action against the real estate agent, that is fraud.
The managing company refuses to provide the shareholder list, this is required by law. Hopefully the AG will take care of this. We are paying them and they try and treat the share owners like crap. The president of the co-op self-deals extensively with parking and storage and his fellow board members do nothing to stop it. They all are liable now. They are not indemnified for these actions.
Not one board person has shown due diligence, they take the managing agents and president statements as fact, when i already have disputed their accounts and gave even provided the case law. Due diligence would be to open the proprietary lease and read it.
Act like a owner and you can bring the building back, but that means acting like a owner 24/7 and when something is wrong, document it,via Fax, keep a good paper trail.
At this years annual meeting i proved that the managing agent and board president were both incorrect when they said in 2010 meeting that our monies, are always FDIC insured. We could have lost an easy $50k if the bank went under. They were also incorrect concerning the mortgage from a bank that the president and managing company were both involved in. I checked it out and the question was printed in the cooperator magazine.
I do not keep my money in accounts that are above the FDIC insurance, IMO it is pure Fiduciary irresponsibility for the board to let this happen with the co-ops money. Every board member is responsibly, and there is no board indemnification for this and all the items that i have written and kept a paper trail of from the last two years. Those no merit answers may equal $$$$$ in personal fines.
As long as the few live in share-owners, continue to do nothing, act like rental sheep, you are the reason that your apartments wont sell. Anytime you want me to accompany you to knock on a board members door and voice your concerns, or want to go over to the managing company’s office in Bronxville and look at the finances, all with in your share-holder rights, and specified in the proprietary lease. let me know if you want some help , i will go .
If you want to act like a rental sheep when you have shareholder powers. It is all your fault that you are having a hard time selling. I may be in the same position too, since i am not staying here with these people in charge,i would trust bernie madhoff first.
At least i will have my paper trail of the no due diligence, multiple self dealings, and lack of fiduciary duty.