As a former Board member and one who has witnessed first hand unwarranted and nuisance lawsuits by shareholders against shareholders and shareholders against the Corporation and Board of Directors, I wholeheartedly support the legislation for creation of an Office of Ombudsman. Every single legal action was a waste of money and time by board members, management and attorneys. The only winners in every one of these cases were the attorneys who collected the fees at the end of the day. Everyone of them could have been settled through an impartial party reviewing the corporate papers and existing documents that pertained to the individual cases. Six dollars per apartment ANNUALLY is nothing compared to the thousands of dollars wasted each year by coop and condo corporations and shareholders.
Think about: who wouldn't want this legislation passed? Good Boards who can now settle nuisance complaints without incurring legal fees? Good managers who can resolve issues between shareholders and/Boards without expending precious staff time? Shareholders who have legitimate complaints who can now go to an impartial third party without having to take out a loan against their apartment? Get this legislation passed ASAP!