Yes, Chris, go get a lawyer right away and sue the former president for breach of fiduciary duties and tortious interference with the business of the Coop. But I would also ad a caveat: the Coop lawyer, if there is one, probably was hired by the former board and its loyalties are with them (don't expect objectivity and fairness from any lawyer, they are all mercenary selfish slimy people). Get a new one, call the bar association and get a names, interview them, and talk to him in earnest, establish very clearly, from the beginning, that you want legal action, and you want it now. (they all offer you just negotiation, writing letters to the board, etc, they all have this attitude that they want your money, but not going to court or filing anything in your behalf, they are lazy).
And be happy that you were able to dislodge the former board. You have no idea what a miracle that is. Here in my coop we still have the original board appointed by Sponsor 25 years ago! All my efforts to run for the board (a 5 years efforts) have been blocked and defeated, because the Sponsor/HUS is still around, controlling a big chunk of shares, plus other clearly illegal shenanigans, like starting the annual meeting without a roll call and without a quorum, and having populated the list of shareholders with nominal absentee owners whom nobody knows who or where they are, probably fictitious characters, just standees for the Sponsor. Out of 121 apartments, I located only about 30 owners, and my efforts to educate and organize them has unleashed a campaign of terror from the board, threatenind them with termination and eviction if support my efforts. The coop lawyer has also sent me a letter threatening with the same thing, for trying to educate and organize the tenant, get them to sign petitions, etc...You have no idea what enclaves of lawnessness the coops are, under the dictatorship of the omonipotent-unscrutable board of perennial directors and sponsors in perpetuity. Fight on, and good luck to you and your valiant efforts. Jerry Grosof, CONCERNED CITIZENS for COOP REFORM- P.O. . Box 568 -Bronx NY 10463. - g5grosof@msn.com