I have purchased a co-op approx. a year ago in a building where the units are still around 50% Sponsor owned, but the board supposedly is in control, and we are going through numerous issues of which not having the ANNUAL FINANCIAL STATEMENT FOR 2005 is the biggest.It is now 4/18/07. Many shareholders have been trying to refinance and SELL their unit, but without this financial statement have been unable to do so, also resulting in more than a couple contracts of sale being terminated. The official excuse was that our accountant fell asleep (he is a one man show) and they fired him and have engaged a large firm which is now working on them diligently. I believe this action was just taken in January, and half of our board is new and inexperienced. As shareholders we KNOW that they are now in the works and should be done soon, but being only one of MANY issues that we feel have been handled incorrectly, I guess we are all wondering who is really at blame here, so we do not misdirect our anger. Is it LEGAL to not have a financial statment in so long? how do we make sure this doesn't happen again? Is the Co-op as a whole liable to the shareholder for sales that have been voided and their costs? Everyone has been playing a blame game here, how long should the board have waited to fire the accountant? 3 months? 6 months? a year?? I mean we still don't have financials from 2005!!!, Is the board at fault? Should the management co. be at fault?? they have represented the building for years, even for the Sponsor, should they be fired??? I would like to know the thoughts of other's who have a more experienced and educated take on this. without this statement, the mgt.co. has stated there is no reason for a meeting, so none of us have been able to display our anger, or even come together to propose changes. I put in a request for a list of Shareholders with the mtg co. who said they would not comply, speak to the Board Pres., who never responded to my request,and 6 months later am still waiting on that.
any comments appreciated.
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