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Re: [ Gen. Discussion ] linwood park
Posted By: jonathan In Response To: Re: [ Gen. Discussion ] linwood park (Kerry)
Date: Tuesday, 7 February 2006, at 8:59 a.m.
Kerry,
To answer your questions - I would love to live in Linwood and have been there twice looking at apartments.Reluctantly I'm holding back because I had the financials sent to my accountant who advised against the purchase because of this legal action coupled with cash reserve figures which he felt were inadequate for the size of the community.
Once I sent my accountant the financials of my second choice, he threw out the Linwood Park financials – he had no reason to keep them.
Don’t know the details other than a unit owner sued the corporation and the corporation lost and is responsible to pay the settlement figure.
When asking realtors about it – I get the generally vague response “they are covered by insurance” –
When asking the management office about it – I get the run-around and stall tactics. I’ve been getting stall tactics for months.In fairness to Linwood Management, I do not have the details – the above is all that I know.
In fairness to shareholders, if the lawsuit is in the financials the law must require including that type of financial information or it wouldn’t be there, so it seems to me an evasive reaction from management is not a good sign.
Every time I call I’m given a date of the next meeting in which the matter will be discussed and a suggested “call back” date.
When I call back thereafter I’m told the meeting has been postponed to a future date and I’m given yet another suggested “call back” date.
I’m sure management is assuming I’ll give up and go away.
You ask a good question: do shareholders have a right to access this information?
I know the legal firm for the corporation will not give answers, I’ve tried.If you live there and are a shareholder we are discussing your money - your investment - your home.
Shareholders – not just one or two, but many – must attend a meeting and bring up the subject. Get it out in the open. Ask to see back-up documentation for what you are told – don’t accept what you hear as fact unless it’s verified.
I wonder – now that the can of worms has been opened -if the lawsuit is still included in the “financials” that prospective buyers have a right to request or if a clever attorney creatively re-worded the entire episode.
Perhaps, as a shareholder, you can request a copy of the entire set of financial reports - not just the icing on the cake that is available on the management office desk for anyone to see.
Keep in touch on the matter
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