Hi,

My co-op of 111 units got 15 sponsor units in bankruptcy proceeding. This provides a stream of capital funds to the co-op when we professionally renovate and sell the units when they become vacant (we have a strict re-rent policy). As a result, we are over 95% shareowner owned.

If the co-op corporation could obtain the sponsor units, you could do the same (I am thinking outright purchase of their stake). I am not sure how your governing documents are written but financial pressure might be applied on the sponsor by way of maintenance increases and assessments on all units. Let them sell the five units first so you have more voting leverage.

Good luck!