conflicts of interest?

[go22]

What is the name of your state?What is the name of your state? new york

in new york is it permitted for a board president who is also a realtor to enact cooperative sales and either receive or not receive real estate commissions in the same cooperative where he resides and is seated on the Board of Directors as Board President, isn't this a conflict of interest to all residents of the cooperative and to board of directors code of ethics, rules & guidelines as well as conflict of real estate ethics & guidelines? my next shareholders co-op meeting is sheduled for 1/19/2006 and i would greatly appreciate advisement so we will not again be told by the president of the board that this discussion is not permissable at our shareholders meetings as that is always his reply whenever he refuses to address various shareholders questions he does not particularly care for.

[go22]

hi again senior member,
since you so kindly addressed one of my other posts which i greatly appreciated, would your be so kind to address this one as well, as my co-op meeting is scheduled for 1/19/06, and i respectfully request your very valued and knowledgeable advisement so i can be fully prepared to have this addressed at the upcoming co-op meeting, and i do thank you in advance for your hopeful awaited reply, but in case you cannnot reply in time i would appreciate your advisement reply whenever its convenient for you.

[HomeGuru]

Originally Posted by go22

hi again senior member,
since you so kindly addressed one of my other posts which i greatly appreciated, would your be so kind to address this one as well, as my co-op meeting is scheduled for 1/19/06, and i respectfully request your very valued and knowledgeable advisement so i can be fully prepared to have this addressed at the upcoming co-op meeting, and i do thank you in advance for your hopeful awaited reply, but in case you cannnot reply in time i would appreciate your advisement reply whenever its convenient for you.

**A: what did the coop attorney have as his/her legal opinion?

[go22]

hi home guru,


thank you, and in response to your above question neither the co-op attorney, landlord, managing agent or co-op president of the board have ever acknowledged or replied either in written format or during shareholder
cooperative meetings any verbal responses, nor will the president of the board permit any question/discussion regarding shareholders voicing their concerns about this continued on going situation for the past 5 years at previous cooperative meetings. the landlord, managing agent, cooperative attorney and the president of the board all remain mute at each co-op shareholder meeting, with the only constant reply from the president of the board who addresses the question and answer period being "these issues are not open for discussion", and if a shareholder protests he/she is warned by the president of the board that they are out of order, and if they continue to protest requesting a legal answer the board president then warns them that if they contine to remain out of order they will be removed from the cooperative meeting. (also the board president instituted a ruling that any and all shareholder questions shareholders would like addressed during the question/answer period must be handwritten and submitted to management the day before the meeting or the question will not be addressed at all).
even though everyone follows this format many have never been called to have their written questions addressed and answered, or wait in vain hoping to be heard just to be told "unfortunately due to the late constraints of the evening hour we regret we can not continue to address all remaining shareholder cooperative questions, but encourage that the questions again be submitted in written format, and hopefully will be addressed at next years shareholder's cooperative meeting. i hope this information furnished now can assist you with regards to your legal advisement, and i again thank you in advance and respectfully await your reply.

[go22]

hi senior member.
update on my new york city shareholder's co-op meeting. well they did the same thing again at the shareholder's co-op meeting when a few shareholder's asked them this question, and they actually had a shareholder who refused to remain silent removed again. i was hoping you would have had time to advise regarding my above posted question and understand if you are a bit busy and only had time to reply and address your question to me . i just wanted to let you know they did the same thing again. if at all possible whenever convenient for you senior member i would greatly appreciate your much needed reply to my above question, so at least i know if this is a legal manuver constantly enacted at the shareholder's co-op meetings, and what if anything is your advice regarding having our question responded to, and senior member, again i thank you in advance, and really enjoy this very helpful forum.

[RonE38]

Hello go22,

Your patience has not been rewarded. It's time to hire a competent attorney. Perhaps you can get the others in your co-op who share your concerns to join with you and share the cost of getting the jerks out of office for not doing their job.

Good luck!

[HomeGuru]

Originally Posted by go22

hi senior member.
update on my new york city shareholder's co-op meeting. well they did the same thing again at the shareholder's co-op meeting when a few shareholder's asked them this question, and they actually had a shareholder who refused to remain silent removed again. i was hoping you would have had time to advise regarding my above posted question and understand if you are a bit busy and only had time to reply and address your question to me . i just wanted to let you know they did the same thing again. if at all possible whenever convenient for you senior member i would greatly appreciate your much needed reply to my above question, so at least i know if this is a legal manuver constantly enacted at the shareholder's co-op meetings, and what if anything is your advice regarding having our question responded to, and senior member, again i thank you in advance, and really enjoy this very helpful forum.

**A: you need to be talking to the coop attorney.

[go22]

hi again senior member home guru,

i have read your last reply and thank you but am still at an impass because the co-op legal also refuses to address these issues in writing or during the yearly shareholder cooperative board meetings. the co-op attorney, co-op board president & the board members along with the sponsor who also sits on the board of directors, and the co-op building manager all refuse to address any questions they do not like, especially this one. at this recent co-op meeting they were asked the above questions and again all collectively remained mute.

whenever residents of the cooperative have sent via registered mail, return receipt requested anything in writing to the co-op attorney, the manager, or the pres. of the co-op board they never respond or reply in writing, and if it is regarding a house rule or by law violation the manager only verbally states on the phone that it is in the hands of the board where it remains unaddressed and unresolved (many house rules & by law violations still remain in the hands of the board unaddressed for over one year now and on going).

please home guru can you just tell me from a legal stand point so we can know: is legal for the president of a co-op board to act as a new york licensed real estate realtor and actively sell co-op apartments and receive real estate commissions in the same cooperative complex where he also resides, and serves as current cooperative board president?

in my layman's view i believe this to be a definite conflict of interest not only to co-op shareholders but to all residents of co-op building including the rent stabilized residents. after all this co-op president refuses to address any cooperative by law violations if they involve anyone which he has sold the co-op apartment to, and again i believe this not only is a conflict of interest but also displays discrimination and favoritism. i also believe he should not selling any cooperative apartments and earning commission from these sales since that also is a conflict of interest and i believe also poses a conflict of interest from realt estate ethics guidelines as well.

home guru could you please advise your legal opinion regarding these issues so i know where we all stand from a legal aspect.

i wish the co-op attorney, manager, sponsor board president and board of directors members would answer and reply to all these above concerns but they do not so i would greatly appreciate your legal expertise regarding this, and i thank you in advance once again, and respectfully await your reply.

[You Are Guilty]

Originally Posted by RonE38

Hello go22,

Your patience has not been rewarded. It's time to hire a competent attorney. Perhaps you can get the others in your co-op who share your concerns to join with you and share the cost of getting the jerks out of office for not doing their job.

Good luck!

It would appear that this is your only alternative at this point. I personally don't think there's a conflict problem, but a failure to enforce the house rules/bylaws evenly could be an issue.

PS: the Board probably doesn't have any authority over the rent-controlled apartments. They're almost certainly still owned by the sponsor (which, when they are eventually vacated, is where sponsor apartment sales come from).

Good luck.

[go22]

hi you are guilty,
thanks so much for your kind advisement and wishing me luck, i really appreciate that.

[go22]

hi RonE38,
i also wish to thank you for your input, and your kind reply as well.