Ask your attorney who should have at least told the board about the sale and given you some idea of the new buyer, and whether the old sponsor still is financially responsible if there is a default of the investor.

Similarly, you should get more particulars of the sale by way of a new amendment to the plan.

Finally, if your old sponsor had a representation on the board, the new one will probably retain participation. Whether the sponsor participates or not through a representative (management company or directly through a representative), it is a blessing or no blessing. The sponsor or investor will participate if it owns a large block of shares of the building and wishes to have a say on financial issues such as maintenance, capital investment, refinancing, etc.

I would rather have the sponsor or representative participate as you may be able to work closely on tenants issues, and obtain opinions or advise on conractors, service providers and professionals. Obviously, you need to know why the sponsor representative is there for, but again, if you make the person feel you are willing to work with him/her, you may be able to get more out of the relationship than maintaining an adversarial relationship. In fact, if you have a good board and the sponsor is part of it, you may end of builidng a formidable team that may help advance the business of the corporation more than you ever imagined.

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