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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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I own a Coop apartment in a large city. The Coop comprises 4

Customer Question

I own a Coop apartment in a large city. The Coop comprises 4 units. One of the other owners (the Majority Shareholder) is holding a grudge against the other 3 owners. One of those other owners wants to sell and now has Board approval and a scheduled Closing date. The Majority shareholder, who approved the buyer, now wants money from the other 3 owners, to reimburse him for legal fees incurred years prior. The Majority shareholder is referring to this demand, for money (approximately $400,000) as "the price of admission" for the new buyer to be granted access to the adjacent parking lot (also owned by the Majority shareholder) in order to do his agreed-upon renovation. The Closing was "postponed" by the buyer 5 days before it was scheduled to take place. What recourse does the seller have and,nisnthisnextortion?n thank you very much.
Submitted: 1 year ago.
Category: Legal
Expert:  N Cal Atty replied 1 year ago.

Thank you for your post.

How long ago were the legal fees incurred?

Is there a contract that makes the other owners liable for those fees? If not, what is the majority owner basing this claim on?