Some questions were raised about Cooper Square at the November Informational
Meeting. It was pointed out that SPHC is liable for real estate taxes
that Cooper Square did not bill to commercial tenants, that Cooper Square
had wrongly paid themselves $31,000, that there were significant legal
fees incurred due to Cooper Square's misallocation of rent paid by the
Post Office, and that Cooper Square continued collecting maintenance payments
from shareholders even after they no longer represented us. Aside from
recovering from these improprieties, it was sought to confirm whether
SPHC received all monies due from Cooper Square pertaining to application
fees and SCRIE.
I am alarmed at the number and seriousness of these issues, and wrote
to our Board of Directors seeking some explanation.
- January 4, Responses from Board Members spurred this
reply on my part.
- December 21, I received an open response from Board
Member Eric Mandelbaum. Mr. Mandelbaum does not offer the figures and
details I request, but is rather candid in acknowledging that problems
have taken place. He encourages Shareholder vigilence and stresses that
steps are being undertaken to addresss the problems. Read
Mr. Mandelbaum's response here.
Dear Neighbors on the Board:...
At the informational meeting Mr. Waldman went on
record saying that we will "collect every penny"
due to us from Cooper Square. Would you please state
how many pennies are we talking about in terms of
Taxes, SCRIE, Application Fees, Legal Fees, Other?
If you can't calcuate how much is involved at this
time, please let me know the process, progress and
timeframe for making that calculation. Also please
outline the process, progress and timeframe of collecting
what is due.
Considering that Cooper Square's errors and abuses
were allowed while many of you were already on the
Board, I ask that you understand that replies like
"it's a Board matter" or "we are doing
everything we possibly can" are not enough. The
issue represents a great deal of money, and the lack
of proper Board oversight of Cooper Square is evident.
Specific information is therefore warranted to demonstrate
that the issue is being addressed now and that it
is being addressed properly.
Thank you for your interest.
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