what is your address? you are very lucky to have such a well run building.

what is your address? you are very lucky to have such a well run building.

Teds building is the Utopia CoOp we dream of. We are the exact opposit, (are we the building next door) but with Email/ShareholderPower, we are making very big dents into our problem.

The base of our problem? The sponsor continues to have enough votes to put his pals on the Board. We have one board member (15 years) who has been caught forging documents -- twice, breaking bylaws, work without permits and the list goes on.

It took the Shareholders two years (and two Board members who are voted in by the Shareholders) to fire a Super who had been caught stealing, taking kickbacks (he wrote letters of admission and apology) and doing major renovations WITHOUT permits. HOW? Email/ShareholderPower!

We now have a Manangeing agent who should be fired, but again the sponsor and his special friends on the board, who can only see the little picture (thier personal agenda) and do not seem to understand that the (very big and expensive) problems being created by this Manangement, will be money out of their pockets.

We have contacted the AG's office, and they are getting back to us,, whatever that means.

We forced the board to put Term limits on the ballot, but because of the power of the Sponsor, we narrowly lost. But getting this on the agenda, was a win and we are not giving up.

POSITIVE ADVICE:
The Internet is changing things. Through Email it is easy to communicate and organize. Last year this special board member and his pal at the manangement co. tried to sign a contract for about $10,000 work -- we had already compleated and did not need. We (shareholders) stopped this by sending out communications through the Internet. In the past this contract would have slipped through, each of us would have wonderned about and paid the extra few hundred dollars. BUT, after being caught, and beseiged by shareholder Emails, they backed off... Email Power

Email now makes it easier to become part of majority. It may take time but Together we are going to pass term limits, and get rid of these bums! Email Power

Keep up the good work. There are many coops in you situation. Mine is one of them. Went to AG's office but to no avail. Keep trying if the AG's office receives numerous complaints about the same thing we might get someting done.

Thank you for the encouraging words. And you are right, if the Ag's office hears from enough of us, they may take up the cause of Shareholders, who are victums of out-of-control boards. We are going to bombard the AG's office with letters.
A group of owners, after being ignored by the AG, bought tickets to a fund-raiser, and when the A-Q discussion, stood up and presented him with their petition and the fact that his office had ignored them.
Our situation is becoming critical, in that these board members dont seem to care that the management is ripping us off, and that the building renovation could hit a million dollars...

We worked with the sponsor and in turn the sponsor has divested (sold) all but the protected seniors’ apartments (about ten). It may be an option to pursue.

As indicated, we are contemplating a conversion to condo.

In this case, we have engaged the sponsor (yes, the original sponsor) who has remained active in the residential market to manage the conversion effort. Consideration was given to the fact that the sponsor has contemporaneous experience with coops and condos, bylaws, legal requirements local to our community and NJ.

While our shareholders are aware of the anticipated fees, let me just assert that we have negotiated extremely reasonable terms, far better than we could obtain from the “specialist” firms that we interviewed.

Achieving long term objectives

Based on the fact that our long term program was to eliminate all debt, to create a reserve fund, to fund capital projects when required (without undo delay) and to maintain or improve the quality of the building, and thus the quality of life for residents; we find it prudent to “campaign” for the individuals we recruit for the board.

Yes we recruit individuals who will assist us in meeting our long term objectives.

However, as we have has only a limited turnover of board members, this has not been a yearly effort. Yes, we stand for election every year based on the original by-laws which have not been amended.

On the other hand there have been from time to time on an irregular basis one or several shareholders who have stood for election. In these times, we may heighten our campaign. Even so, it is very low key. Essentially, we enlist “friends of the board” to solicit proxies for incumbents and any new board members that we have recruited.

If your board has done wonders, why three monkeys who are hardly known will take over?

I have many times said that boards should blow their own trumpets. It means repeat as many times the good that has come out in terms of services, repairs, discipline and all the minor things that constitute the backbone of your builidng.

Ted, you exemplify my saying. I'm sure your board does not only blow their trumpets by stating their accomplishments over the short and long range, but you are doing it here too!

Congratulations!

Another thing that needs to be pointed out is that you probably have an excellent Admissions Committee in place that makes sure to select those shareholders who fit the culture of your building. Finally, I have to say that, your building probably has a stable population. If the turnover of the board in the building has been virtually nill, it means that your residents remain in the building, not the average 5 years, but probably 10 or more. Consequently, your population must be mostly middle aged and/or semi-retired. Obviously, the goals of a corporation change according to the population and yours seem rather stable.

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