is there any requirement nowadays to show financial stability if purchasing shares that were sold to a private party at conversion. i know the unsold shares holder definition has changed with the wind.
This board member, who didnt have the money for over 10 years to purchase his apartment, propritary lease was ignored by board and father bought 2 apartments and 2 board seats. shareholder/father never occupied either. Proprietary lease par 14 states"AND".
so i found out the son, bought a unsold shares apartment, but i doubt he has any money to put up to guarantee mainanence to coop.
To top it off , he was asking a owner /occupier trying to sell , how flexible they were in price, but he wanted to rent it out, not occupy it. The board member said that he has to own it for 2 years before he can rent it Which is something they just must of made up,that definetely is not in the prop lease or by -laws, but neither was the secret cumultive voting change, which they just ignore when i write questioninging, as does the AG , so its a good racket the AG created for these rent controlled apartment bldg owners.
Where is ira glass when you need him? Hate to give it to the commercial papers
I am hoping that they are supposed to have in escrow 10 years, but his father is treasuer,so that will be fixed.