FRESH BLOOD SAVES THE ALAMEDA, PART 2, P.2

 

"It was a rough job," admits Wolfe, of Midboro. "Anytime a job becomes so large you have to assess people, nobody likes that. Yet I have to applaud these board members for reviewing the material and the data, and protecting the investments of all the residents."

Scott Konner, of Konner Teitlebaum & Gallagher, has been the cond-op's legal counsel since 1995. "My biggest advice for the board, which I believe they heeded, was to keep the shareholders involved and informed as much as possible," he says. "That way they could manage [shareholders'] expectations and [make shareholders] feel a part of the process, rather than feeling they were being dictated to."

Osman, the president, believes the board took the advice to heart. "In hindsight," he says, "this was not a management problem, it was a communication problem. So there was a lack of trust in the board. …. Not knowing what was going on created a lot of fear and uncertainty. It's better to share information calmly with shareholders — not in a panicky way. If shareholders believe that what's known is being communicated, then they'll have confidence in the board."

Osman even believes that the sometimes bitter clashes — between board and shareholders, between board and professionals, among fellow board members — worked to the Alameda's advantage.

"One thing I've learned in business school is that, in highly professional organizations, there is conflict," he says. "It's necessary to have opposing voices. I love the interaction. I love watching a good team fight out the right answers. It's been good conflict, and good conflict is critical for boards. In the end, I feel this board made a difference."

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Adapted from Habitat March 2009. For the complete article and more, join our Archive >>

Photo by Carol Ott