Tell us what’s on your mind? 
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In previous years, a notice would be going out around this time for candidates to submit their names by the end of March for the upcoming May election. Do we have a slate of candidates ready to run against the present Board? Maybe we should be meeting in the 62nd Street Playground just like the present Board members did last year to begin our campaign. Otherwise, I fear for the future of our complex and our investment.
WHEN WILL THE NEXT ELECTION BE HELD???? Answer below:
Go to this website DOCUMENTS tab and click on Corporation By Laws.
Page 1, Article 1 – Meeting of Shareholders
Section 1 – Annual Meeting
Our Annual Meeting must be “on or about the second Tuesday of May on each and every year”
The 2021 June Meeting was delayed due to the pandemic restrictions
The September 2021 special election was granted by a Court Order.
Things we can do:
1) Keep in mind who the current board members are and remember not to vote them this election
2) Go to yelp.com and the better business bureau and leave reviews for AKAM and the coop attorney. Their online reputations will follow them for life. This is important.
3) Contact the attorney general via phone or email.
I am disgusted at what is going on with the incompetence and greed but mostly scared that I will be forced to sell my home because I will not be able to afford a future substantial maintenance increase. Fellow neighbors we must do something! Ron can we demand that the annual election be held in May as always? If not can we form a special election? Those Board members who chose to remain on the Board how do you sleep at night? speak up or resign as well. We are all seeing what is going on.
Consider this: If they were telling the truth that our co-op was bankrupted under the previous Board, then the accounting firm of Newman & Newman would have had to report it in the last financial statement. And since the new Board and their lawyer retained Newman & Newman as our accountants, that would logically indicate that we were in fine financial shape under the previous Board. We need a new election before finding ourselves in an actual precarious financial position. Is there anyway that we can stop the Board from refinancing without shareholder approval?
To the previous comment, the building was never bankrupt, they are liars as everyone can now see. You could say many bad things about Chandra’s management, but he kept the building in very good financial standing, including paying down extra on debt. The new board did not increase maintenance in the face of rising costs for everything, because they do not have an interest in what will happen to the building. After they clean out the building financially, the people who replace them will likely need to raise maintenance significantly to cover what they are doing. This is a replay of what happened in Anita terrace. So we could see a hike of 50-100% over a few years. The math is simple, what is the interest and principle for a multimillion dollar loan going to cost per unit, probably 500-750$ a month depending on number of shares.
This is alarming! They kept saying the coop was bankrupt by the previous Board. Then they took over and there was no maintenance increase? How is that possible? Now they are refinancing? Why? How much is that going to cost us? Are there any prepenalty fees? Who could potentially have to monetarily gain from such refinance? Can someone please explain?
What is the reason that no budget or any information regarding building finances have been released? I suspect they are waiting to secure a new loan on the buildings and disperse the money, so even if they are voted out, no one will have a way to get anything back. Just the “legal fees” could easily be in the range of-500k based on the rate she claimed. We don’t know when the clock started or how many hours a week they will claim was charged.
100% Concerned , IMHO about the numerous conflicts of interest to the Duty of Loyalty guidelines cited below by the new board and “our?” attorney.
One Voice posted the Duty of Loyalties in support of Arthur’s resignation. Arthur recognized that, as Directors, the Board was to work in the best interest of the corporation (our co-op) and that was not being done. So he resigned his position and intentionally informed shareholders that the Board was in violation of their fiduciary duties (the best interests of the corporation and not to benefit its Directors and friends).
Ron how can we find out how much we as shareholders are paying in legal fees to the coop attorney on a monthly basis? There are some extremely high numbers being put out there. It should be public knowledge especially to us shareholders.
Concerned shareholder
We need to refinance to pay the lawyer probably. Also David needs to be reimbursed for the “property management for dummies” book he ordered.
In support of Arthur A’s “possible” violation of a confidentiality agreement, please note the following from the National Association of Housing Cooperatives [I like this explanation]:
Duty of Loyalty
The duty of loyalty speaks for itself. Directors must act in the best interest of the Cooperative. This duty requires Directors to discharge their duties with the sort of undivided devotion and commitment to the Cooperative. The interests of the Cooperative should come first. Directors may not place their individual interests, or the interests of any third parties (i.e., family members, relatives, friends, personal or business acquaintances, or other business entities with which that director has any form of pecuniary interest in) above the interest of the Cooperative. Why is this? Members of the Board are privy to important, sensitive and confidential information of the Cooperative and its membership. The duty of loyalty ensures that the directors will not use this information for personal gain or for the gain of others which the director may have an interested in.
The duty of loyalty works to prevent situations involving conflicts of interest. Typical examples of transactions involving conflicts of interest are when a cooperative engages or contracts with a third party and where a Director has a relationship or pecuniary interest with that third party. These situations set the stage for classic examples of “conflicts of interest” or “identities of interest.” If such a transaction occurs where identity or conflict of interest is not first disclosed, and the interested director does not abstain from exercising influence over, the transaction may be subject to legal challenges or be set aside.
Common instances involving violations of the duty of loyalty occur when the Cooperative, through the acts of its Board, transacts with a third party and a Director fails to disclose a conflict of interest or identity of interest with that third party. The duty of loyalty aims to avoid these situations, and if there is an interest, that the Director who may have an interest is precluded from exercising influence over the transaction. Therefore, disclosing identities or conflicts of interest are acts that fall in line with a director’s duty of loyalty to the cooperative.
More and more I’m talking to different people and specially Russians, I realize that Zarina has really bad reputation among Russian community. I mean BAD. I guess she will have even worse reputation now and not only in Russian community. I guess the lawyer is also ready to ruin her reputation as she adores Zarina and probably has no idea who she is dealing with. I’ll never use East Coast Realty for sure and will tell all my friends and whoever I know not to do that also. We should stop this people on the board before they do any damage. My respect to Artur. We all should stand together against corruption to make our place better place to live.
Hi Ron,
What should we tell Richard Barbosa when we call his office? Are there a list of names we should NOT be voting for in 2022?
I won’t reply to this in an open format. Please contact me by email at ParkCityOneVoice@Yahoo.Com — Ron
Much respect for Arthur or any board member for trying to do what is right. I’m starting to think this new board is WORSE and MORE CORRUPT than the previous board.
Will definitely never use East Coast Realty or refer any family or friends to them. The Yelp reviews should say something about them.
FELLOW SHAREHOLDERS THIS BOARD HAS ALREADY STARTED THE REFINANCE PROCESS! WE NEED TO PUT A STOP TO THIS BEFORE THEY BANKRUPT US WITH FAKE AND UNESSARY PROJECTS!!
SAVE PARK CITY 3&4 ITS YOUR HOME ITS MY HOME
