Tell us what’s on your mind? 
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Please let’s not divide ourselves by ethnicity, race or any other means. We need to present a united and diverse front opposed to the specific individuals that have taken over.
According to the New York State Business Corporation Law 602 (c), an annual meeting and election must be held and a quorum is required. We need strong participation by the vast majority of our shareholders to support a diverse slate of candidates to wrest back our Board.
The actions of our present management and board are already leading to proposed lawsuits against our co-op which, if successful, will fall on us shareholders financially. This includes vendors that have not been paid and real estate agents that have had rejected clients because they did not use Zarina.
The campaign issue is simple: Remove outsider control and connected individuals from our Management Office and from the Board. Now it’s time to unite as one to make that change.
What is 10-20 million in legal fees and lawsuit settlements divided by 800 shareholder units going to be? I can see what they are doing a cash out refi.
Why did they fire Doris? They are so stupid for doing that! Guess what all the spanish workers will be out soon as well! New board favorables coming in as maintenance workers.
Firing the only person who would testify about what they are about to pull. They are not even trying to pretend this is not a grift anymore. Rose could write a 5 million dollar check to the mafia queen for a “consulting” fee and not a single person outside the crime family board would even know it happened.
I heard somewhere that if there’s an annual meeting for electing a new board – and they don’t have a quorum (meaning the majority of shareholders refuse to vote) that the current board can stay intact but any business they transact afterward are considered null and void by NYS law. Does anyone know if that is true? If it is a fact then we shareholders know how to stop this board from putting us in debt and issuing new contracts. If you know the answer please post it here over and over every day until every shareholder also knows. I really hope it is true.
ONE VOICE IS CERTAIN THAT THE BOARD – THAT YOU ELECTED – IS ACTIVELY IN THE PROCESS OF REFINANCING.
ALSO, ONE VOICE CAN CONFIRM THAT AKAM, WITH THE BOARD’S CONSENT HAS FIRED DORIS MARTINEZ EFFECTIVE TODAY.
IN OUR OPINION, THEY DID THAT SO THAT THE “INEXPERIENCED AKAM MANAGER AND HIS (CO-OP SHAREHOLDER) INEXPERIENCED ASSISTANT” CAN CONTINUE TO HARASS OUR MAINTENANCE STAFF AND TAKE CONTROL OF OUR CO-OP’S DAY-TO-DAY OPERATION WITHOUT OUTSIDE EYES. WE HAVE HEARD THAT THE FIRING OF DORIS WAS DONE WITH THE EXPRESS CONSENT OF THE BOARD PRESIDENT – WHO SHOULD HAVE HER BROKERS LICENSE REVOKED FOR COLLUSION WITH CO-OP SALES BY ZARINA (AS WAS STATED IN ARTHUR A’S POSTED RESIGNATION AS A MEMBER OF THE BOARD OF DIRECTORS. SCROLL BACK TO MARCH 9, 2022 AT 11:46AM TO READ ARTHUR’S COMMENT ABOUT THAT COLLUSION AND WHY HE RESIGNED).
YOU CAN STOP THIS BY GETTING OFF YOUR ASS AND SUBMITTING YOUR NAME AS A CANDIDATE FOR THE JUNE ELECTION.
What a sad day!
AKAM fired Doris Martinez today. For no real reason. They wanted to hide the truth of what is really going on. Doris knows all the illegal projects coming ahead and how much they want to refinance the coop for the benefits of one particular individual. Yeah, that 100M loan sounds like scam. I want to say that Doris will be missed. She was the only good thing left from the old management. It will get worst from now.
RIP Park City 3&4
In February we got a newsletter saying that we would be informed about our financial situation and upcoming projects, but it’s April and there’s been nothing since.
Every year we receive a copy of the yearly budget, but we’re already ¼ into 2022 and shareholders have no budget and no idea on our financial situation.
Every May is when we always have our annual meeting and election, but there’s no indication of an election being planned or held.
In short, we shareholders are being kept in the dark about everything. Do we have any recourse to demand what is required from some city agency?
Maybe for April fools day, they will finally release a budget for the current year and a capital management plan.
Please show all of us a schedule breakdown, a spread sheet some form of documentation, a budget or what as to what the mortgage refinance is planning on being utilized for? I would really like to know. I cannot afford an assessment on my bill right now plus a Maintence increase. This is ridiculous. What happens to being better than Mr. Jain. Who allowed for this and what is the plans with this mortgage????
No one is concerned with a refi of the current mortgage, which is fairly small. The nightmare situation will be a cash out refi, which will lead to a cash grab by the friends and business associates of certain parties. The same people who told us that the building is 2 million dollars underwater, suddenly found millions in equity they can pull for “emergency” projects. If the current in house manager and Akam are involved we will we end up paying 700$ for a bucket of paint and 12$ for each nail.
To the individual speaking re: the refinance,
We shouldn’t incur a balance that much greater than the existing mortgage balance (not including closing costs) unless a cash-out refinance is being considered at which point the current board will have to explain and account for the additional equity being added to the new mortgage balance. Aside from that, the bank is careful to lend only up to a certain amount of what the entire coop is worth, so we wouldn’t become indebted to a balance greater than the existing equity. The big risk with servicing the debt is typically the co-op defaulting on the loan payments which in most cases is usually a result of a large group of shareholders not paying their monthly maintenance payments but can also be a result of money mismanagement on behalf of the management. However, in our case, management isn’t being done in-house as it was before, we have AKAM bearing responsibility over a portion of the management, which I would assume ( I may be wrong) should serve as a check against unethical activity by the current board. If I am wrong in my analysis, please feel free to better understand your concerns.
-a shareholder.
The active issue I have is also my concern. That is the refinancing of our mortgage by the present Board members. I’m concerned with how financially indebted we may become and what might happen with the funds in the hands of these individuals. Up to this point (no matter what has been implied by their hired lawyer), we’ve been in good financial shape. I don’t believe that there is any other issue that is more important or that potentially threatens every shareholder as much as our financial stability and investment.
There are some really intelligent people posting comments to THOUGHTS and they all want to see changes in the Board and with Akam but they are not willing to step up and submit their name as a candidate.
We are going to end up exactly where we are today – or worse if Arthur works hand in hand with old Board’s attorney Robert Cecere to form a Board of old and current members. It will be an investors paradise and nothing will change for the good of resident shareholders.
SAD, VERY VERY SAD.
I’ll vote for any board member who gets rid of AKAM management. I never had any problems reaching out to the management office by email or phone before AKAM took over. I miss the Doris before AKAM took over.
