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Cooper Square Improprieties?

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.

December 21, 2005


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.

Dan Strum

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