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we had out annual meeting a couple of nights ago , and the week before i asked everyone that i saw, the shareholders , if they received the annul financial report , and the answer was no, except for some who didn't know what it was, thinking they received it,but they received the notice of annual meeting. Yhis is not the first time this has happened, i still have the envelope and postmark the time i received it two days after the meeting. That was the year after the $ 27k zero drop error. on the budget, and not in our favor. I had posted around the building this factoid, incase people werent aware. i forget the exact wording on the proprietary lease, but i did lokk back and saw that if the accountant sifned off on feb7 ,we received it by march7. The proprietary rules say something like a reasonable time after the audit is completed. 30 days was probably the upward limit om getting the annual audit of financials to us. i will try and get through to the accountant/audit firm tomorrow to check when it was done, as this will be added onto the list for the DA.
I had also posted an article from the ny times ,co-op ans and questions, where i had wriiten in since the buyers were being told it was 90% owner occupied, and i could only see about 50%, and from day one, at conversion, i do not think it was 90%.
The Pres disputed that and it got heated, he had a lost where he had out hi-lighted the non owner occupied apartments, and after looking at it for a couple of minutes started rattling off many apartments where the shareholder did not reside , and never resided in. In fact there is one apartment that was sold at conversion on a non-eviction plan, that has remained unoccupied since 1983 or 85. IMO, it had a lot to do with making the magic number for the non eviction conversion. The owner has never come back or stepped foot in the building since. The president argued with me and said this was owner occupied, plus another , where the people live in florida and come back a coule times ayear , maybe 2 times i see them, That is another i argued about since it was owned and not illegally sublet,but was not occupied, I figure there is at least 50 years of sublet fee's that the co-op should have collected since the owners never lived in the apartment, their adult children did, and our proprietary lease par 14 says "AND" which we also argued about , now the president is even saying it says "OR" even though i have given copies and the case-law to him at an annual meeting 4 years ago, someday i will find a lawyer.with my pocketbook in mind, not his,till then pro se and DA for the criminal.. I also had a good question for the podcast ,but fogot it. maybe tomorrow i will remember
i have been telling people for about 4 years that the value is going to be way down in a down market with all these non owner occupied apartments, olus i have tried to explain to them that the whole crew from the managing company to the board members ,are the ones causing the problem. Theere was one new guy that got on, i had high hope for him, thought he had a spine,but he woouldnt even perform his due diligence and look at the wording of par 14, took the MA word, after i had pointed out and argued with the MA about what it said and had posted a copy of the proprietary lease on line, plus all the rules that the pres and some other board members were self dealing with their family members.
As far as bigger problems there are no bigger problems, since all the problems stem from having such a loew owner occupancy ratio, I guarantee that if you sell and dont disclose, or lie, lie the board or whoever signs off with the bank, because they want to know, and the price differece between 90% and 50% is substantial, at the least the buyers if they have any spine will have you in court for fraud and not disclosing a condition that affects the value of the real estate, same as not disclosing mold, murder in the home, etc.
It is also criminal and mortgage fraud. Which i am pursuing. Along with all the self dealing.
I will do my best to get the 50 years in back sublease fee's, All their storied fall apart when some of the original buyers have the paperwork from when they were on the board that disproves many of the lie's/fraud that they put out. Just in case they tried to change the paperwork. Those treasury reports sure come in handy. I informed the new board members that their board and officers insurance does not cover fraud, fiduciary irresponsible acts, self dealing, no due diligence, everthing they have done since being on the board, even told them that they will not be free from being sued when they move Plus i told one how to protect himself when he was worried about a disability lawsuit due to a insane self dealing act . However he didnt do what i told hi to do , as far as showing he voted against this self deal,the reason why, self dealing, and to record the meeting and get a copy of the minutes,withing the minimum time, and make sure what he said and voted no on was in there. Otherwise he would be screwed if it came to a suit. There are so few owners occupiers left, however my copy of my letter that was in the ny times posted every place they posted their proprietary lease violating proxy procedure was, something that has been peeing me off for the last 5 years when they started the improper wording. Stating that the shareholders should give their proxy to a board member, and this year stating that they are to be given to the super. prop lease states give them to any shareholder that is going to the meeting , or mail it in. That is how they manipulate everything,but i have pictures of all incorrect ones and most likely the letter itself.
see above
Your managing agent needs to go, the board needs to go and the building sounds like you having an aging populations who all they do is kvetch but don't do anything to help out all year. Time door knock all your pathetic neighors/shareholders and tell them the value of their units is going down down down due to their lack of participations.
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