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Out of state shareholdersFeb 02, 2013

My sister and I own a co-op 50/50. I occupy it and my sister resides out of state. I have recently filed charges against the MA & board for their egregious behavior. One problem is that they called my sister on 2 seperate ocassions. I sent them a ceise and
desist letter and refered them to our attorney. I also inquired if they had bothered to send my sister any ammendments, notification of anual shareholders meeting and elections or the video of the super ranting like a stark raving lunitic at me. I got the usual silent treatment so I mcacalled my sister. It will soon be 3 years since our initial investment and they have not sent her anything. Should she be receiving updates?

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RESPONSE: Out-of-state shareholders - Michele Feb 03, 2013

Yes, the board/management company should be sending something to your sister, unless they are simply sending to one person, you, who would be acting as the principal, since you own together, so it seems that if one portion of the party receives information, the board is doing the right thing.

I don't understand the issue with the phone call...can you clarify?

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Out of state shareholder - Steven Rosenstein Feb 04, 2013

Before we started using email and downloadable PDF files, it was our policy to send a single paper copy via the Postal Service to each apartment in our building. We did not send individual copies to each shareholder. I think most buildings that still use the postal service do the same. So your sister's not receiving anything is not unusual or is it any indication that the MA or board are doing anything sinister in this regard, as long as you are receiving copies.

Regarding receiving a copy of any video surveillance recording that was made, your attorney should be handling this. There are privacy concerns that the board needs to comply with, so any transfer will most likely be made under a procedure your attorney and the board will have to agree on.

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