I'll answer by telling you what our board has historically done. It is a two part answer. In terms of the escrow, our building has done it anytime we have reservations about borderline finances. We basically tell them they are approved subject to agreeing to put in escrow X number of months. We also tell them that they are welcome to request the escrow be refunded, however, not before at least one year has past. In terms of the price, our policy is to not tell people how to make a deal happen. We only approve it or deny it. We were advised that once you begin to give other information you are increasing the risk of litigation. In your case you would basically be saying that we aren't going to approve your sale because we don't think the price is high enough. We were told that is a valid reason to turn down an application, however, if you tell them, you open the possibility of being sued over whether you have the right to decline on that basis and whether it is good business judgment.

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Thank you for your input! The Board did decide to decline the application based on the reasons explained in the original posting. The shareholder is quite upset, however we explained it was the best decision made on behalf of the corporation.

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