remember that all replies should have escapefromyonkers in the subject line, so it gets filtered to my priority inbox,otherwise it may be lost in the multiple emails i get

Hawley terrace hijack blog coop blog moved to wordpress

 Look for "escapefromyonkers"  for the original coop blog, it has all the house rules, proprietary lease and i will link the by- laws on Google drive  to it also.
Plus any good audio or video segments .

I am moving my coop blog over to word press  you can find it there, it has all the house rules, the published ones, not the secret board ones that are against the insurance policy and common sense and a instant lose at any jury trial.
 Mortgage fraud is increasing, i bet we are under 50% owner occupied , i see about 10 people that may be owners actually living here.
i read in the NY times that if the shareholder does not reside in the apartment it is not owner occupied. That was from a lawyers mouth, so that is what i go by.
 i will move my post to word press and use this for the original purpose i set it up for.
Where the boards in the wall and ceiling are in all the apartments. I am sure the boards are the same in the line of apartment, at least until the 5th floor. I forget the proper name for the wood boards in the walls and ceiling that we need to mount any shelves or pot holders.

The size of the toilet, that is a major number, i changed mine, somehow i got the toilet but could never find the numbers i used, i thought i had it in my PC but i need to do it again, i will record the numbers here, i know one of the people that hopefully still has the numbers=measurements.
Anything to do with the apartments to make improvements or mounting shelves, replacing anything, where not to drill.
We used to have a house committee, but we do not have owners occupiers, plus there is no income from the borderline sub-leasers.
 i need to rehang my closet shelves, they fell down, i guess i missed the wood, and i broke , or should i say i cracked my toilet , so i have to replace it before i replace the floor.

Allure floor is the best i have found, it is easy to put down, comes in multiple colors, is waterproof and is also a floating floor, like the laminate floors.
I cant deal with the smell of the laminate cutting. I have a load of  it, if i track down a laminate flooring cutter, i will use the laminate in one of my rooms.
Laminate cutter is like a big paper cutter, no dust .

Habitat Weekly: Staying Cool in the Hot Sun - mikepidel@gmail.com - Gmail

Habitat Weekly: Staying Cool in the Hot Sun - mikepidel@gmail.com - Gmail

using the forms passed out from last year's annual meeting the owner occupancy ratio is between 52% to 67% ,, not the 95% or 90% the new buyers were told

remember i am disabled and typing  is hard with tremors in my fingers from the meds, i can only do what i can do.

I try and get my point across, if you want to email me put hawleyterrace in the subject line, no space and it will be filtered to my inbox  mikepiedell at  gmail.com      remember hawleyterrace 

think i threw in 6  extra owner occupied apartments to make it 37  owner occupied out of 59 apartments, the supers apartment  is not counted .Even with 6 added the % of owner occupied is  63%.   With 31 it is 53% owner occupied both , a far cry from 90%  or 95 %. I do not know who told the buyers this info, but thre last buyer bought from a Bank,  The owner ocupied perectage is huge when it coes to buying a coop.

The non owners, cannot vote, attend meetings, so they are not a cohesive force working for the good of the building.. The Board has let this building turn back into a rental building.  Some board members are buying up apartments to rent out some even were asking about a owner occupied apartment,  statig that it has to be owner for 2 years before one can rent out an apartment that is not supposed to be rented out.
The rules on unsold shares are not being followed, owner of unsold shares is supposed to have 10 years of Maintenance to put in escrow and be bonded, it actually still show  that on the AG site, A  memo concerning this, not anybody can be a buyer of unsold shares, they need to show and escrow money backing the maintenance for years.
There are a couple that are were looking like not owner occupied. Stopping in for a week or r living in florida and coming up twice a year is not owner occupied, They have no idea on what is going on here, and the president of the board does his best for zero transparency.Using an apartment for a art studio and living next door , is not owner occupied.  It is great they have a good studio close by to work, add i am all in favor of art,but one has to live in the apartment as their primary residence.
The  President of the co-op who states many times that  he will self deal  in the last 4years of meetings when i called him on his self dealing, it occurs in all aspects from parking spaces in the garage to the mount of space his family occupied in the storage room.  That was until he had a 40 yard container, well full size demolition container placed for a month on the premises to carry away his and some others unwanted stuff.. This is the third time a container has been paid for to remove left property.  The managing agent is clearly not doing his job, and the money should come out of their pocket, not the coops.
I have pictures that i will post, of the container being filled with bags of leaves and regular and other items we pay the city of Yonkers for removal. i am sure it is less that 1 cents  on the dollar compared to the 40 foot container. Even using the container to self deal by using cooperative monies to cart away his garbage, It has sat there for over 7 years that he and his wife, the shareholders , have moved out.  3 days would have been the max time, 30 days  is more fraud and theft of shareholder funds.  The rest of the board is obliviously not doing their fiduciary duties to the shareholders by letting this occur.  This also happened with the staircase rebuilding.  A 2 week job became about 9 months, a pile of dirt  and the main entrance for many people closed.
This also happened  about 2 weeks after Bernie Madhoff  turned himself in. Next the stock crashed, and our moneys should not even be on money markets now.
I have always  been very suspicious ans worried that our coop funds are being nixed with the president business monies , through a couple of round the bout moves to hide the real loss of the monies.
  The treasurer who has never lived in the building. but The president states he does live with his 40 year cols son in a 1 bedroom. Since the president tells his sheep, i mean board what to do, All correspondence goes through him. Since the treasurer cannot be questioned by the shareholders , since they cannot reach him, and it is a given that the other  sheep/ board members do not do their fiduciary duties to the shareholders and never have from what i have seen.
Taping and video recording the annual meeting is the best thing i have ever done.
Mr president likes to play verbal bully, and loves the annual bully pulpit.
however with the tape i can place his statements and his Lies, because every-word out of his mouth  are statement he knows to be fraudulent and his table of sheep let him, where they could turn around hold a meeting and vote him off the board .  They should because some have licenses they need for employment, plus who would do business with someone that will not take a stand against a egomaniac that micro manges the monies, with zero transparency. That may likely cost them a hurt in their livelihood.  That means the same person would not  stop a job site if he saw a series of incorrect construction.  He would not have the backbone to stand up to the  contractors and foreman, who would brow beat him into submission. worked.   He would do as he does on the board, nothing as the president caries on in a manner that will either garner court time or headlines, both will affect the livelihood of the people that need to be hired based on their  merits and name.
The Board must remember that  legally their total loyalty is to the shareholders of the building. None to the president and the managing company is an employee i would have fired 20 years ago.
Oh i forgot the daughter of the person that beat me was appointed election official that year, and counted the votes, and she just happens to be the wife of the president. so when he ran he won , and normally the board picks the president, but with the election official being a family member , there was a floor vote for president , and of course her husband won.
As always the above is my thoughts and opinion and practice of free speech as allowed under the Bill of Rights  of the USA.

2011 Audited financial report never received by resident shareholders of 1 Hawley Terrace co-op apartment nor the 2012

The audited financial reports should have been received by  March of the next year. The 2011 should have been received by March 2012.  The 2012 should have been received by March  2013. These time frames are written into the proprietary lease. Every shareholder that i saw and asked,there are not many left as the board and managing company is turning this co-op back into a rental said they had not received them. One person who is not familiar with all these reports was not sure. If  anyone has received them  i would really like to see it and see the 

postmark. This is not the tax filing forms that we did receive stating the real estate taxes and interest in shares.

So in a nutshell, the Treasurer has been fraudulently stating that he lives in the building,  and never has,nor should he have been allowed to buy two apartments and not occupy them. this is over 10 years post conversion. He did some self dealing to skip shareholders waiting 10 plus years for a upstairs parking space for his daughter..

the FULL board is aware of this fraud,  I have brought this up at the annual meetings. The treasure refuses to provide his true contact info , and remains unreachable.

This is the Odell Ave.side and entrance to indoor parking garages and terrace entrance areas that have poor lighting and should be corrected.

              

Typical Hawley Terrace coop board, Installs new security cameras on ouside of building ( which shareholders pay for) basically on all the exterior walls, without informing the residents either before or after the install.

The few  board members that live in the building  has made sure that they cannot be contacted unless you knock on their doors. They refuse to provide their contact information, except for the micro controlling president who hasn't lived in the building in seven plus years. who want to vet everything before other board members see it, and change anything or omit things he doesn't like. The one board member that has provided contact information is a participant in fraud , so i don't bother with people like that , as i do not bother with the president who is involved in many self dealing activities that harm the shareholders and the resale value of the apartments.   I have repeatedly asked for the treasurer contact information, and have been given fraudulent information at the annual meetings, while every board member sits there including the treasure and says nothing.  They all know he has never lived in the building , and he should never have been allowed to purchase his two apartment for his children and buy two places on the board at the same time.
I wonder if the art work that is on our walls is a tax right off , or the building actually pays him for it.
Since the coop  managing company and president with the spineless board blessing by their refusal to open their mouths and realize that it only hurts the coop when in becomes known that their is no oversight of the finances.  In 1998 after the NYC DA had a large arrest of managing agents and contractors involving kickbacks , a  strategy for board members to prevent this from happening again  was provided. It involves oversight of all financial matters by all board members , and rotation of checks and balances, with nothing over a small fee being approved without at least three signatures of board members.  There is a two page outline of what the board should do to prevent the pilfering of the buildings funds.  This was in 1998 and it is actually much more involved now.  Our board members didn't even know the name of the new  bank that our maintenance t monies were being sent to.  The  Deposit slip had a PO Box in Long Island, no Bank Name.   It may still be that way. Something else to check into.
The Board has run this coop into the ground with their non action and allowing a 30 yard dumpster to stay on premise for about 30 days, when 3 days max was all that was needed. It was filled with bags of leaves, not with items the building was trying to get rid of.  The dumpster should be paid for by the president of the coop , since the dumpster was to clean out the storage room for about the third time, except this time since he has moved and left his stuff  and behind he hired a dumpster to remove many of his items at the shareholders expense. I questioned his self dealing concerning his family's  commandeering of 80% of the storage room.  I informed him that it amounted to self dealing, something the president has been doing non stop for well over 10 years.  He stated four times which i have recorded , that he WILL self deal.
Who is going to buy an apartment to live in , where the president is stating he will self deal at annual meetings and verbally  bullying other shareholders so they will not attend any more meetings.
 In 2011 i wrote up his self dealing with regard to his family parking  spaces and skipping over many of the shareholders, some with 15 plus years.
He hasn't stopped, but the paperwork i have trumps the BS he was spewing.  Any shareholder that parks in the lower level, has been skipped by self dealing , they just have to let me know, so a paper trail can be initiated and action taking. I have the parking regulations posted in this blog, and despite some incredibly stupid  board members, nothing becomes outdated. Everything requires a vote , and items in the by-laws , which the parking is,  requires a super majority vote, plus it also has to be voted for a change in the proprietary lease.
Until the few shareholders that are left in this building , get together to take some action, the prices will continue to plummet. I hear a nice 2 bedroom with rive views is available in the  $138,000 range.

watch your surroundings 9am attack by 4 on lone walker on odell

https://www.evernote.com/shard/s10/sh/ebe18470-8382-4cac-8f7b-774ecc283da5/f21a52416e4e1c57a110fda1bac6ab62

journal news lo hud article on attack on odell by 4 graham students on newsman

Fighting to stop the fraud, self dealing, lack of due diligence, fidicuary.irreponsibilty by board members and past and present, and Management company of 1 Hawley Terrrace Yonkers NY 10701

I faxed this to the management company Rich W.  on 11/18/11>  The distributed minutes are a bully pulpit for the BOD and Managing Company.  The year of the 27,000 zero drop mistake,which the president of the board refused to discuss anymore,even though its our money, and no pliable reason was given.  Also the New Mortgage obtained from the bank that the managing company president and pres of co-op is an investor, and the president of coop did all the work on the mortgage, the other BOD members i asked who were the  secretary or treasury knew zero about the mortgage 2 weeks before it was obtained , he was kept completely in the dark and no informed, the same as the $27,000 loss, he said he knew about it it the week of the annual meeting, the financials for BOD come out by February, the annual meeting is in June.
Seems the president of the  coop never informed his fellow bod of anything.  Note that the president has no more power than the function of  conducting the meeting.   He is also supposed to recuse himself as any BOD member is,  from anything he has a interest in or it could be perceived he has an interest in. If for some reason he has not recuse himself,he usually cannot vote, or if his vote would be a deciding vote, he cannot vote.
I sent quite a few letters to the BOD that involved the self dealing of the president and vice president among other issues that i feel warranted the removal for cause of the vice president,who was the president's mother in law.  The president refused o have the managing company send the faxes to the the other board members, even though i faxed a second time stating they were addresses to the BOD not the president,as i found out that they had not been sent to the bod in over  two weeks. I have no idea on what was read to them,   or if items were skipped, since it was well over a month from the occurrences to the meeting. Most people would ask why i didn't fax or email the BOD the letters myself. Since before 2008 in letter /FAX since i have a receipt and at annual meetings i have requested the contact information of the BOD , i have been refused , i was only given the info of the president, but since he self deals constantly at the expense of the shareholders.i don't deal with him. The managing agent who is paid to act for the building, the company has received raises for the last four years while neglecting the building  whereas fire violations were issued for rusted shut fire doors. My Picture shows common areas that if any prospective buyer saw, it would be an  lost of sale due to the dismal lack of maintenance, not due to any blogging, unless you wanted t commit fraud.  I also have picture of trip and fall holes in common walk areas that were left that way for over 6 months, some had even been called in but no repair. I could have filled and fixed the holes in 30 minutes using  redi patch or  hydraulic cement. We had a n elderly woman using a cane and a walker who used this path to avoid the stairs.  i used this pathway and i am disabled and i twisted my ankle.
When i was on the board when the building was good in the first 10 years after conversion. I and other board members received a memo from the managing agent  stating that it was customary to tip the MA and he quoted a price he should receive.  I fought to remove any tipping of  him, how as IMO a bum a provided a subpar candidate for a super that we ended up scurrying hard to have him terminated before he passed the  probation period..  Lucky we won ,mainly due to my work ,which i have a letter thanking me  from  the new managing. The one requesting a tip was replaced, i did give his boss a copy, who was a stand up guy ,unlike his son who  took over the business. For approx the last 15 years the managing agents have had no supervision, the building is in disrepair and as in all maint work., they make a lot more money replacing stuff vs doing maintenance.   A rental bldg will have at he owner who is trying to make money and a bottom line,so he will check on his staff, if they don't perform, they are gone.  In the land of the co - op with no checking and where the managing company president refuses to speak to the share owners,  There is zero accountability, except for the courts.
Beware the recent buyers were told the building was 90% owner occupied, it never has been, i have been here since  the  conversion. The management company and board of directors refuse to provide me with the BCL authorized, copy of all share owners, they also refuse to provide me with the ability to look at the financials as provided for in the proprietary lease. 
The last time i saw the shareholder list it was about 60% owner occupied and that's being generous, now i would Say it is under 50%. Most banks have a cut off of owner -occupied to renters. If the owner occupied is lower , they will not provide a mortgage.  I would assume due to the boards actions, including past board members that your apartments are nor saleable, except for total cash , unless you commit fraud with the managing company.   However besides them losing the real estate license, the private sellers may also be liable if it can be shown that they knew that there was a reason they believed the ration was way off and they stuck their head in the sand,   Majority of the few owner occupiers here are spineless and will not work to correct the problem,  i have been at trying to get people involved by showing hard facts and they do not want to get involved.  This goes directly against the foundation of  cooperative apartment living .
In fact the president of the board has not lived in his apartment in over 5 years and is illegally subleasing, per the proprietary lease, without paying sublease fee's, as are about 12 to 15 apartments here.  There may be 20 pus years of uncollected sublease fee's due to the actions of the managing company and the BOD.



Board of Directors 1 Hawley Terrace and  managing agent Richard W.

This fax is to inform  the Board of Directors and Management
company that I am contesting the distributed annual minutes of 2011.
You did not mention that  I stated that one of the board members Gino
 has never lived in this building  and does not live in this
building. Your refusal to provide contact details for him is against
the Business Corporation Law. This sham by the Board of Directors is
a fraud and all Board of Directors are liable. Since this is fraud
and exemplifies another instance of  non due diligence by the Board
of Directors. I doubt it will be covered by the officers and board
indemnification insurance . The management company is also heavily
involved in this. The Board of Directors officers have been involved
in self dealing since they gained power. Some details  I faxed over a
couple of years ago and john Holzinger tried to push it off as
parking stuff, when it was clearly  labeled as self dealing by the officers, and
the refusal to further discuss the  $27,000 budget mistake. The owner  of the managing company, member of board of westchester bank refused to talk to me, one of his customers, concerning the illegal self dealing, a $27,000 zero drop budget mistake , and other fraud taking place in the coop, particularly the fact that Gino, has never lived in the building, should never have been allowed to buy 2 apartments he was going to sublease. and the fact that the board president with the full support of the manging company, refuses to provide the correct contact info for this board member, instead stating he shares a ! bedroom  apartment with his adult son.


I also asked the last two years when the voting was changed. I do
not remember a separate  meeting or an  addendum on the annual
meeting stating that the Board of Directors was planning to change
the voting from our original cumulative voting as stated in  our  by
laws, one share one vote.  There is a very specific process to change
the voting procedure. I do remember a meeting in which the managing
company  brought in a person who stated they were the buildings lawyer, and that NYS had changed the coop voting  and had removed cumulative voting, the voting method we used since day 1 which is the ability to combine all your votes for 1 person even if 3 are running.. This is the voting we had since day 1 and our by-laws also state, one share is one vote.
I doubt that this scam was pulled on the 37 plus other coops that Barhite and Holzinger own.
For the record, no such changing of voting by the state took place, cumulative voting is still the #1 voting method for coops.

I have also brought up at the last three annual meetings that the
building is in effect approx 50% owner occupied. In 2010 I gave mike
Foley a copy of case-law from the new york law journal showing the
 paragraph 14 "and" and "or" case law., which has to do with the right to occupy
the apartment, not owner occupied status  as i previous incorrectly stated here.
. Many of our board members including mike Foley do not live here and have not
got over 5 years. Advertising this building as 90% owner occupied is
what the new owners have been telling me. I will be following up on
this .

I also requested to see the books as stated in the proprietary
lease and for an updated copy of the share-owners.  Rich pollack has
refused me, and has written me a letter stating I am not  to contact
him anymore. He also stated that my questions about our monies going
over the reserve fund limits as I stated in 2010 he was not going to
answer. In 2011 I spoke to the auditors and they confirmed what it
has stated in black and white in the audit that our monies exceed the
FCIC insured limits a couple of times a year.  I brought this up in
2010 since it was prominent  in the auditors report then. And no one
in a years time, when  the banks were continue to fail , bothered to
check and continued to put us in a position to lose $50,000 and more
due to the Board of Directors not doing  their  fiduciary duties and
due diligence.  I would think the insurance company would make the
Board of Directors pay for the losses out of their pocket,  I would
make sure not the shareholders.  I spoke to Jason  a Board of
Directors member  and he was unaware of this letter and may not have
been told of the  lack of FDIC coverage.. Talking to Jason I found
out that the managing agent  had also lied to him about the
proprietary lease ch14 concerning the  right to occupy and the “AND
-OR” terminology.

Jason stated  he told you to  give me what ever is required by
law, referring to the shareholder list and financial statements.

The Business Corporation Law states that every shareholder is
entitled to the shareholder list.

All Board of Directors members are responsible that the law is
followed.

The proprietary lease states that any shareholder or their agent
may inspect the book with adequate warning.  You have received
adequate warning as I wrote last summer before the annual meeting.

Rich P  please provide me with your email address as Mindy in
6A stated at the meeting that you provided to her.  This is not a two
tier building, what is good for one shareholder ,goes for all.

I heard about the fire door in the lower level. It looks like it
has not been inspected in many years.

Also the voting was  improper as I believe all the voting has been
since Mike Foley became president.

At the 2011 ammunition meeting Mike F's son was at the table
where the votes were being counted shuffling proxies around and
moving proxies on the table.  Mike F son is a renter in an
apartment he is not a share holder,he had absolute no reason nor
right to be at the table with the proxy’s. He is allowed to hand in
a proxy for a shareholder,but that is it. He is not allowed to speak
on behalf of the shareholder look at the proxies ,which he was going,
all in front on the managing agent  Rich P. Who was acting
as meeting secretary  Richard P should have stopped him
immediately  and told him ti either take a seat or do anything but be
involved or looking at the proxies.  It should be noted in all the
years that mike F and his mother in law June K were running
for board positions, June K who was the  vice president , her
daughter Barbara  who  was also  Mike Foley  wife, Mike Foley being
the president , Barbara F was appointed the election chairperson
and counted all the votes and proxies.  I consider it a conflict of
interest to have the daughter and wife of both the president and vice
president involved in counting of the votes .

Mike F's  son who is not a shareholder yet  was handling and
looking at  many proxies at the table that the acting secretary and
building manger was sitting at was totally out-of-order.

Also the note in the annual minutes where it states that more
proxies will be mailed out to try to lower the number of Board of
Directors from 7 to 5 is contrary to our by-laws. We had enough
shares  present and by proxy to hold the meeting  and the proposed
change in Board of Directors failed. Final .Next year you can do the
same amendment,but you cannot have a special secret proxy vote.

It has always been customary to ask for volunteers at the annual
meeting if they are short on Board of Directors

That is how Jason  became a Board of Director member. This was
not asked at this meeting . I believe for fear I might rise to the
occasion  and they know I will look at the books and all the self
dealing,and correctly have the owner occupancy ratio quoted.  I will
not be a puppet like the rest of the board and not know who has check
signing powers, where the maintenance money is being sent, and not
think anything of it. I informed previous board members many times
that moving out of the building does not get you off the hook for
items that happened on your watch. Since mike F was scared  that
I may stand up and the rest of the board present never uttered a word
to suggest it. It was predetermined to come up with this non by-law
double proxy voting thing and the managing company agreed to it,
further showing their involvement. In the Business Corporation Law
illegalities.

Since the  Board of Directors voting was illegally changed there
is no way that an outsider can get on the board, yet one board member
has been fraudulently stating he lives in a one bedroom with his
adult son. How these two got on the board, the same time the
apartment were bought, will be  another issue that needs to be  looked at
Very carefully.

mike p

Broadband Speed

Broadband Speed

this is what i envisioned this blog to be a way to share info in the building. I was supposed to be contacted by a board member last july about getting FIOS in the building, since i know the installers and the department. As with everthing with this board , never contacted. Time for someone to contact them

peeling paint at coops official entrance, not a good first impression , There are also about 10 more pics of other area with peeling paint ,cracked plaster and areas that are in need of repair.

stairwell water damage and 6th floor water damage - mike pidel - Picasa Web Albums

stairwell water damage and 6th floor water damage - mike pidel - Picasa Web Albums

Photos - Google+

Photos - Google+

Fire Door rusted shut=Piss Poor Maintenance

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

www.ag.ny.gov/bureaus/real_estate_finance/pdfs/Coop. problems.pdf

www.ag.ny.gov/bureaus/real_estate_finance/pdfs/Coop. problems.pdf
HOW TO HANDLE PROBLEMS WITH A CO-OP'S BOARD OF DIRECTORS
Q. What kind of information is contained in these documents?
A. The by-laws and proprietary lease will set forth the following:
When annual shareholder meetings and elections to the board of directors are held,
and how notice is given.
How many seats the sponsor can have on the board of directors and when the
sponsor must give up control.2
Whether shareholders have the right to call extra or special meetings (a very
valuable right if you wish to ask the board to focus on particular matters.)
The procedure for amending the by-laws.
The quorum for voting and whether cumulative voting is allowed. (Cumulative voting
allows a shareholder to vote all his/her votes for only one director instead of
apportioning the votes among the number of vacancies.)
Sublet provisions.

Sublet provisions.
Q. If something isn't specifically addressed in these documents, can the board
do whatever it wants?
A. No, there are legal restrictions. The Business Corporation Law (BCL) is the main
New York State law which governs how co-op corporations must operate. The
decisions made by courts in cases involving BCL provisions are the case law which
interprets the statute.
Q. Where can I find a copy of the BCL?
A. The BCL is published as volume 6 of McKinney's Consolidated Laws of New York
Annotated ("McKinney's") which can be found in law libraries, many lawyers' offices
and in certain public libraries.
Q. What does the BCL provide?
A. Important provisions of the BCL, and the sections in which they are found include
the following:
There must be an annual meeting of shareholders at which an election for directors
is held. (BCL Section 602(b))
Shareholders must be allowed to vote by "proxy" (or substitute) if they do not attend
the shareholders meeting. (BCL Section 609)
Any shareholder may demand that an election inspector be appointed in order to
insure the fairness of the election. Board shall appoint and if they fail to, person at
the meeting may appoint one or more person. (BCL Section 610

Upon request, any shareholder is entitled upon five days written demand to examine
a record of shareholders, and make extracts therefrom. (BCL Section 624(b)3
The corporation must keep minutes of shareholder meetings and correct, complete
records of names and addresses of shareholders which it must make available for
inspection by a shareholder or the shareholder's agent or attorney. (BCL Section
624) There is no requirement, however, that minutes of board meetings be made
available.
Any shareholder may, upon request, receive an annual balance sheet and profit and
loss statement for the past fiscal year. (BCL Section 624(e)) Be aware that these
are frequently not prepared until several months after the end of a fiscal year. Also,
offering plans should contain a commitment by the sponsor to prepare annual
certified financial statements and distribute them to all shareholders as long as the
sponsor is in control of the board. If the sponsor continues to sell, it must include
such statements in amendments to the offering plan.
Any director may be removed for cause (that is, a good reason). If the certificate of
incorporation or by-laws so provide, a director may also be removed without cause.
(BCL Section 706)
If a director has a substantial financial interest in a contract or transaction, this must
be disclosed to the board. Usually that director cannot vote on that contract or
transaction. (BCL Section 713)
Any officer may be removed with or without cause by the Board. (BCL Section 716)
Directors must act in good faith, undivided loyalty and with prudence for the good
of the corporation. They are, however, entitled to rely on information, reports and
financial statements which are prepared by officers, committees, employees or
outside professionals (like accountants or lawyers). (BCL 717)
Shareholders may sue directors and officers for misconduct. (BCL Section 720

New buyers being told building is 90% owner occupied, reality it is around 50 %

I spoke to one of my neighbors and she told me that when she bought she was told the building was 90% owner occupied. I have been here since conversion, this co-op has never been 90% owner occupied. The last five plus years has been around 50%. The managing agent and board president refuses to provide me the list of shareholders as provided by in the proprietary lease. They are also fighting me on my right to look at the financials, as provided by in the proprietary lease.
The board members do not know we paid a $15K prepayment penalty on our old mortgage which had almost 2 years left. Yet our new mortgage is via the bank that the owner of the managing company is a board member and our co-op president is an investor, and he handed all the mortgage paperwork. As an investor he should have been reclused, and the board should have made him recluse himself. The board president and his now deceased vice president/ mother in law were/are self dealing in many aspects of the building. Parking and storage room being the two outstanding ones.
I have given the board president the 3 page NYS law journal article concerning the courts rulings on who has the right to occupy a co-op.
I have frequently quoted and made copies of the proprietary lease where it states shareholder "AND" in paragraph 14 concerning right to occupy.

annual meeting, FDIC limits exceeded for multiple years, self dealing by president # 3

i proved at the 2011 annual meeting that the board president and managing agent both lied last year when i asked the direct question concerning page 9 of the auditors report of the financials. In the report it stated that the deposits of the co-op exceeded the 250,000 FDIC limits from time to time. I asked about this in 2010 and they both said that our deposits did not and never exceeded the FDIC limits. This year (2011) the same boilerplate on exceeding the FDIC limits was again on page 9. The Managing agent refused to discuss it and I called the auditor, the auditor confirmed that the co-op has exceeded the limits with amounts of up to $310,000. I believe that is the number that he stated, it was over 300k, that stuck in my brain. It was fiduciary irresponsible for the board to not correct this at the first instance. which may have been 5 years ago. The managing agent and the whole board would not perform their due diligance and fidicuary responsibilities to the co op by making a phone call to the auditor. The statement has been on page 9 of the auditors report for the last couple years. THe full page is dedicated to the exceeding of FDIC insured funds. The board president and managing agent, even after I questioned them on this, never followed up and made sure their statements they made at the annual meeting were correct. Their answer as in most if not all of my dealings with them have been fraudulent. I use the word fraudulent since they are contrary to the written proprietary lease and by-laws. However in the very volatile economy, with banks closing every week, any money over the limit we lose. This has been stated on page 9 of the auditors report for years, yet the managing company and the board have done nothing to correct it, putting the co-op in jeopardy of losing 10k to 60k dollars at any time. We as shareholders lose the money.
The managing company and board president, refuse to provide me with the list of shareholders and to look at the financials reports as is specified in the proprietary lease and by-laws. They also refuse to provide me with the contact information of the board of directors, some including the president, do not live here and one has never lived here and should never have been sold two apartments. The shareholders do nothing and they wonder why they can't sell. I spoke to one of the recent buyers and she told me that she was told the building was 90% owner occupied, reality is it is about 50% and slipping.
The board president and managing agent fight transparency at every turn, the board of directors do not open their mouths and have never performed due diligence, fiduciary responsibility to the building, nor have attempted to stop multiple self dealings by the board of directors president. One of the new BOD members was under the impression that the BOD indemnity insurance protected them from the above, it does not protect against the self dealing,lack of due diligence , fiduciary irresponsibility against the co-op . i have recently found out that having the building at 50% owner occupied is a fiduciary irresponsible to the shareholders.

armed robberies Friday 945 pm on Warburton near greystone,

http://www.lohud.com/article/20110709/NEWS02/107090363/Pair-armed-robberies-Yonkers-Friday-night?odyssey=mod|newswell|text|News|s


Written by

Brian J. Howard

Jul 9, 2011|


YONKERS — Police are searching for
suspects in a pair of armed robberies
reported in the city late Friday night.

At 9:50 p.m. an armed robbery was
reported at Warburton Avenue. The
suspect, reported to be carrying a large
caliber handgun, was seen fleeing
northbound toward the aqueduct or the
Greystone Train Station. No description was
available.

The reason these co-op's will not sell is because the share-owners act like renters, they do nothing.

I was hoping by this time , that the share-owners that actually live here, all 50 to 60% of them would have taken some action to correct the problems. Stop acting like renters and act like owners. Mo one wants to buy an apartment where 50 to 60 % of the residents are owner occupied.
80% and above is the number. One of my neighbors told me that she was told it was 90% owner occupied when she bought. She should take legal action against the real estate agent, that is fraud.
The managing company refuses to provide the shareholder list, this is required by law. Hopefully the AG will take care of this. We are paying them and they try and treat the share owners like crap. The president of the co-op self-deals extensively with parking and storage and his fellow board members do nothing to stop it. They all are liable now. They are not indemnified for these actions.
Not one board person has shown due diligence, they take the managing agents and president statements as fact, when i already have disputed their accounts and gave even provided the case law. Due diligence would be to open the proprietary lease and read it.

Act like a owner and you can bring the building back, but that means acting like a owner 24/7 and when something is wrong, document it,via Fax, keep a good paper trail.
At this years annual meeting i proved that the managing agent and board president were both incorrect when they said in 2010 meeting that our monies, are always FDIC insured. We could have lost an easy $50k if the bank went under. They were also incorrect concerning the mortgage from a bank that the president and managing company were both involved in. I checked it out and the question was printed in the cooperator magazine.
I do not keep my money in accounts that are above the FDIC insurance, IMO it is pure Fiduciary irresponsibility for the board to let this happen with the co-ops money. Every board member is responsibly, and there is no board indemnification for this and all the items that i have written and kept a paper trail of from the last two years. Those no merit answers may equal $$$$$ in personal fines.
As long as the few live in share-owners, continue to do nothing, act like rental sheep, you are the reason that your apartments wont sell. Anytime you want me to accompany you to knock on a board members door and voice your concerns, or want to go over to the managing company's office in Bronxville and look at the finances, all with in your share-holder rights, and specified in the proprietary lease. let me know if you want some help , i will go .
If you want to act like a rental sheep when you have shareholder powers. It is all your fault that you are having a hard time selling. I may be in the same position too, since i am not staying here with these people in charge,i would trust bernie madhoff first.
At least i will have my paper trail of the no due diligence, multiple self dealings, and lack of fiduciary duty.

president of Board state that he does not know what self dealing is, BOD remains silent, did not correct him,nor licensed MA

a couple of years ago i wrote a fax that highlighted self dealing,inside dealing by the president and vice president of the board of directors. The case in point was another long time shareholder, one of the few honest pre conversion share holders that fights fir what is right and in the written garage rulkes , whic were being blatemnly viloated my the presidet son and vice presdient drandson. the son had no claim on a indoor parking spot period. His grandmother and father gave ij a upstairs spot, bypqssinf sharehoolders who has been waiting fir 10 yeqs to move upstairs. The really appalling thing was that another long term shareholder who had also been on the board traded her spot with the son, which gave her a better spot. It just goes to show that some people have zero ability to say this is wrong.
myself and my other BOD member that pointed out the self dealing, we paid at least $8000 each out of our pocket, so that we would not be self dealing or inside dealing, in any shape or form.