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Equity refund from Mitchel-lama Co-op

Posted by Shirley Gordon on August 10, 1999 at 09:07:54:

I live in a Mitchel-lama Co-op and some shareholders have lost 75%/ or all of their equity
(the purchase of the shares so they could live in the coop). Management, kept their
money for one year and sent them a refund in July '99 without supporting doucuments.
that would account for the excessive deduction. Each shareholder had restored their unit.

Is there a case that you know of where the shareholders won their case.?

Please respond. We are having a meeting on 8/17/99 to appeal to the Board to give back their money.


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