i cant see how forcing a shareholder into a foreclosure, when they have a buyer, and they think a foreclosure is going to sound better. On a private sale, the prices are not even listed, only the ones through real estate agents. A foreclosure sale, prior to the sale shows up on any of the online real estate search engines over google maps. I cant see how that would stand up in court., but as usual the shareholder doesnt have the money for a lawyer and will get screwed when they shouldn't. Another reason for a coop ombudsman, where this would be addressed and the board would even think of doing it.
If i was the shareholder i would broadcast this tactic using public media, and elected officials , if any in the area will even listen, they do in NYC, they dont in my area of westchester.
I would have a blog all about this situation, the trend in america nowadays is to stop foreclosures if possible. It sure would make the building seem very undersirable and one most buyers would skip IMO.
It would make a good media story, does the board want to bring that upon the building. It may not be considered a good fiduciary decision if another seller sale is lowered from the foreclosure.
Screw these boards publicize their prejudices,racism, self-dealing,religious discrimination, Fraud on multiple levels, woops that is my co-op