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RE advice needed!

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guitarzan:
We want to sell out 2 bedroom, as my wife is pregnant with twins. We found out the last sale in our apartment building fell through because the board didnt' have the financials ready. They are very lax, and my questioning about it doesn't seem to incite any action.  They could care less, it seems. They claim to not have access to the materials to finish 2005 and 2006 (goodness, maybe even 2004!) because the mgmt company they last fired wouldn't hand over the necessary info.

So how should we proceed? Should we consult a lawyer now?  Is there anythign we can do to protect ourselves?

Thanks!

Dawnie:


Sure contact a Lawyer.  If you want to sell your apartment assuming it is a co-op you will need an Attorney either way.  Let your Attorney find out the financials you need so you don't need to be stressed out.  You pay them for a reason, they will definatley be able to help you.

Good Luck!!!   ;)

Chuckster:
From your description of the circumstances, it seems clear that the Board of Directors in your co-op may be not be operating in compliance with the New York State Business Corporation Law.  This is the law that governs how co-ops operate.  One of its provisions specifically outlines that as a shareholder, you have the right to inspect the books, records, minutes, etc. of the corporation.  Refer to your proprietary lease and by-laws for information pertaining to your particular co-op.  Personally, I would address this issue via a written request for the documentation.  Carefully read the governing documents of your co-op, and cite passages in your letter to the Board that state your rights to information as a shareholder.  If the Board does not respond to that, then I would strongly consider an attorney.

Chuckster:
guitarzan, another option I forgot to mention in my previous post is that you can try contacting the accounting firm that prepared the financials for your co-op.  They should have copies available.

guitarzan:
hey, thanks all.

Chuckster, my understanding is that the financials weren't released because they weren't completed. The claim is that the mgmt company that was fired is 'holding the relevant paperwork hostage.'  I call bs, though, as why wouldn't the board have their own copies of everything?

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