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Posted by Henry on April 02, 1999 at 13:34:38:

the players:
Henry: one of 40% regulated tenants who did not purchase in coop conversion ten years ago.
Deadbeat Assoc: sponsor who defaulted on maintenance and/or mortgage
Bargain LLP: partnership claiming to have purchased Deadbeat's shares
Amateur Corp: the coop

Henry received a bill from Bargain LLP for April's rent. He called Deadbeat who confirmed selling all the unsold shares. Henry asked Amateur's Managing Agent to confirm: after consulting with the Board, she refused. She also refused to provide the names/addresses of the Officers and/or Directors of Amateur.
Not one of the three: Deadbeat, Bargain or Amateur, will provide paper documentation of the supposed sale of these shares. One very elderly rent-controlled tenant is panicking: we all need to know who our landlord really is....

So what do we do? take their spoken word as gospel?
Is there some public record somewhere city/state/federal where these sales are supposed to be recorded? Another tenant mentioned a Recording Law for leases greater than 3 years: the proprietary leases are for 99 years.

Follow Ups:

• Re: Recording Coop Transfers Mark Smith 4/07/99 (0)
• Re: Recording Coop Transfers: good question Anna 4/07/99 (0)

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Comments:
: the players:
: Henry: one of 40% regulated tenants who did not purchase in coop conversion ten years ago.
: Deadbeat Assoc: sponsor who defaulted on maintenance and/or mortgage
: Bargain LLP: partnership claiming to have purchased Deadbeat's shares
: Amateur Corp: the coop

: Henry received a bill from Bargain LLP for April's rent.  He called Deadbeat who confirmed selling all the unsold shares.  Henry asked Amateur's Managing Agent to confirm: after consulting with the Board, she refused.  She also refused to provide the names/addresses of the Officers and/or Directors of Amateur.
: Not one of the three: Deadbeat, Bargain or Amateur, will provide paper documentation of the supposed sale of these shares. One very elderly rent-controlled tenant is panicking: we all need to know who our landlord really is.... 

: So what do we do? take their spoken word as gospel?
: Is there some public record somewhere city/state/federal where these sales are supposed to be recorded?  Another tenant mentioned a Recording Law for leases greater than 3 years: the proprietary leases are for 99 years.
:  


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