You have a lot of issues here. The chapter 11 info should have been in the building financial statements, board minutes and the annual amendments to the offering plan/prospectus. Ditto for the % of ownership and the investor information.
The board is supposed to be elected by the shareholders at an annual meeting. Is there an annual meeting held each year?
The lack of sales is a frequent issue, we have 64% ownership in my building. The prospectus generally suggests that all units will be sold, but there is usually no timeframe and the NYS attorney general and our corrupt state legislature have continually failed to take any action to apply a reasonable time limit to full coop conversion to individual ownership. Landlords have clout and use their influence. Enough said.
The boiler conversion issue may be the result of a new law regarding pollution. #6 and #4 oils are polluters, and buildings still using them need to switch to gas or #2 oil. Whether the conversion price is good or not, I can't say. Hopefully, the board did due diligence and got a few competing bids, or else the board is not doing their job. Sponsor and investors also have to pay assessments.
Small banks will not do refi's or mortgages since the FannieMae fiasco 5 or 6 years ago. FannieMae will not purchase mortgages where ownership is under 75%. Some of the larger banks are doing mortgages, Chase, Wells Fargo, to name a few.
Rentals benefit the investors/sponsor since the rents generally exceed the maintenance by a good margin. Since the investors/sponsor don't live in the buildings, they don't care who your neighbors are, they are making money on their investment.
Owners have access to the board meeting minutes by law. Request them in writing via certified mail from the management company. If they won't provide you with printed copies, ask if you can read them in their office.
If you are not receiving annual financial statements or annual amendments to the prospectus, if there is no annual meeting, if they won't provide you access to the minutes, report the coop board to the NYS Attorney General.
Get your fellow owners interested in the goings on. The more people looking over the board's shoulders, the more chance of some change.
Run for the board.