After reading SK’s comments, I second her/his views.

As the value of the building declines due to delayed or deferred capital improvements and as the credit burden increases, the crossover occurs and the co-op maxes out its credit rating and worthiness.

This is no different sadly than folks maxing their credit cards. Then, there is no more credit and the image of debt overwhelming the individual is truly a tragedy.

What if as SK poses, an emergency occurs and there are no funds. What will you do? The inevitable is that residents receive emergency assessments in thousands of dollars payable in ninety days to extract the co-op from its filthy debt ridden mire. Hundreds won’t hack it, thousands is more like it. It may even be $15,000 or $20,000 a unit due within ninety days. Who has such pocket change?

What does the board say to the irate shareholders then? We didn’t know!!

Very sad indeed!