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Re: Equity refund from Mitchel-lama Co-op

Posted by Shirley gordon on August 10, 1999 at 19:27:23:

In Reply to: Equity refund from Mitchel-lama Co-op posted by Shirley Gordon on August 10, 1999 at 09:07:54:

We have resided in the co-op for thirty years and this has become a night-mare.
We were refinanced and HUD is our Management agency.

Thanks for responding

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.

: Shirley

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