Posted by Mark Smith on August 10, 1999 at 10:31:14:
In Reply to: Re: Equity refund from Mitchell-Lama Co-op posted by Mark Smith on August 10, 1999 at 10:27:48:
Although I wouldn't really expect any results, you could protest to the supervising agencies (DHCR, HPD, HUD, as appropriate). If that doesn't yield any more money from the co-op, you could go to small claims court or to civil court. Real Property Law §234 might prove helpful in getting back your reasonable attorneys' fees from the co-op if you have to go to court. Check your lease, occupancy agreement, or proprietary lease.
: 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 co-op). 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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