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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17202
Experience:  B.A.; M.B.A.; J.D.
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I own a coop with my father but it is under his name and I

Customer Question

I own a coop with my father but it is under his name and I have power of attorney, I have dealt with the coop for 4 years paying the maintenance on time Etc, the board is run by a group of thieves a husband and wife president and treasurer which do not allow to see the books even if requested following the lease agreements and rules of the coop my point is I was in contract with a shareholder to buy his unit in Febuary all cash deal offered to pay 2 years maintenance make a great salary, great references I know the shareholders etc! But the couple has systematically purchased units with out board approval which they purchased a unit for 90 k nearly 6 times the value another 2 for 35k currently owning 6 units which no 1 has approved , they rebuff you if you want to join the board. I was informed the denied my application and took my 2000 fee with no answer ? Supposedly I am a investor but kind you they own 6 units which they rent out and other shareholders do ?
Submitted: 5 months ago.
Category: Real Estate Law
Customer: replied 5 months ago.
Let be clear, I was in contract in Feb and informed the board of my deal, they had me wait until May 12th still no answer and the board president is buying 500k units for 90 k without any approval they currently own 6 of them .
Customer: replied 5 months ago.
He purchased his unit in March 30 and closed the next day ?
Customer: replied 5 months ago.
There must be some sort of law that prohibits these actions that they partake in and when I search for the corporation is says its inactive. People are suing them for not showing the books of the coop.
Customer: replied 5 months ago.
The board is a committee of 9 which the top 2 position are held by couple. They try to evict shareholders and conduct business without approval. They purchase units for the benefit without any approval or consideration for the cooperative. To make it clear my sale has been pending for over 3 months, I notified the board completed all documents past and present never was late on maintenance never had any issues. The (couple purchased 3 units in 1 months with no approval or notification for 80 less then true value .
Expert:  Phillips Esq. replied 5 months ago.
You need to file complaint with your Attorney General's Office or file lawsuit against them for violation of the co-op rules and regulations. All purchasers must be given the same opportunity to purchase and board approval is required for ALL purchases. Shareholders are entitled to see and review the books. Otherwise, lawsuit can be filed to force them to allow access to the books. If evidence shows that they are stealing from the co-op, then you need to file complaint with your Prosecutor's office. Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this. Thank you for your cooperation.
Customer: replied 5 months ago.
If a corporation is already ship has ownership of properties and it ceases to exist is it possible for one of the officers of the corporation to claim the property as is and establish a new corporation for the ownership
Customer: replied 5 months ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Phillips Esq. replied 5 months ago.
I am sorry, but you have now introduced a new issue to your initial post. The policy of this site requires that you open up a new thread for this new issue. If you have follow-up question relating to your initial post about not being granted approval for your proposed purchase or access to the books, kindly post it. Otherwise, kindly give a positive rating to my response so that I can receive credit for responding to your post. Thank you for your cooperation,

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