Financial Reports? Where is our money?

Annual Report?   Corporate Records? 

Board Minutes?  Financial Reports?

What is happening to our money? What are they (BOD) doing with our money?  

A Shareholder suggests …. Post info about the lack of financial statements.

From … VA (Valerie Arms) By Laws and House Rules. Article 4, Sec. 3 states.

“Within three months after the end of each fiscal year, the treasurer shall cause to be transmitted to each shareholder-tenant whose proprietary lease is then in effect, an annual report of operations and balance sheet of the Corporation which shall be certified by an independent Certified Public Accountant.” 

In other words, Board Member Alicia Spiegel, the Corporate Treasurer was supposed to have the audited financial statements to us by March 30. They are now over a month late. 

We don’t want excuses. We want to know what is happening to our money. 

We don’t want endless ‘Rules & Regulations’, we want the BOD to do their job.

We want to know what is happening to our money. 

A Shareholder suggests … “We want to review all contracts and all irregular invoices and disbursements. (That means disbursements other than, wages, fuel, labor, etc.)

We want to know what is happening to our money.  

A Shareholder suggests …. We Shareholders deserve respect. The repeated letters, petty admonitions, accusations are demeaning. Does everyone on the Board intend to resign? 

More to come …..

*Note  We can e-mail the 'Board of Directors Reference Book' if you wish.
Contact us at    vasc11362@aol.com

Shareholders = Cowards?

Shareholders = Cowards? + More  problems 

The notice posted (APR 21) by the BOD says they have been checking out new Management for 5 weeks. Why didn’t they tell us (shareholders)? Discourteous, insensitive, not nice and not smart!  

They (the current BOD) know they will probably be gone after the coming election. They are setting up confrontations, law suits and other bad stuff by planning to hire a new Management Company without Shareholder approval. Will they warn and alert Management candidates?

If they don’t ……? Are they planning to move?

I am a concerned Shareholder. I am concerned about the many and increasing problems at Valerie Arms. Most Shareholders are concerned. Ms. Schachter should not call ‘concerned Shareholders’ ‘cowards’.  NOT NICE! 

We do not trust the decision making of Ms. Schachter and her appointees. Do they all obey her orders?  (*Nuremberg Defense: See below.)

 Being on the Board is not therapy. We need people who know something about finance, construction, negotiating contracts, engineering, etc. Merchandise stuff, yelling at children, kvetching and calling shareholders names are not leadership or brain qualifications.

Common sense: If you don’t know what you are doing, don’t do it! 

 Why did Ms. Schachter call concerned shareholders cowards? (Anger? Hate? Confrontation! Oral aggressive?) Why did she say concerned shareholders want to run for the BOD? Why doesn’t she sign her name? Ashamed? Afraid?

Every Shareholder should be concerned with our current BOD.

Coward?  Name calling is infantile and indicative of a personality disorder. Shame! 

I am a nice man. I was in the Army, Cub Scouts, climbed mountains, played football and ping-pong, etc. I am a member of the Bronx Zoo. I am not a coward! And, if I was a coward, it is not nice to call people names. (I am mildly alektorophobic.) And I will not run for the Board. 

Action:  Telephone and e-mail and put notes under Ms. Schachter’s door. If you see her, stop her and tell her to be nice and stop causing problems. And tell her to stop saying nasty things about people. 

Peter Mesos (Vision) is not a stupid man. He knows what is happening and he can guess what will happen. Is he laughing? Unfortunately, disaster may fall on us (Shareholders) also.  

We demand to be involved with vetting and selecting a new Management Company. 

Action: Tell the current BOD that we Shareholders must be involved. If they don’t respond to calls and letters, knock on their doors and get their attention. 

We (Shareholders) will contact suitable Management Companies. If you have expertise or experience in a relevant area, please volunteer and help. 

Action: Urge neighbors and fellow shareholders to read the Valerie Arms (VA) Blog. Write the blog address and post it in public places. 

Contact:  vasc11362@aol.com  

And remember … We are the owners. We want full access to all information. We decide what is relevant. 

Please tell Ms. Schachter I want her to contact me (And tell her to be nice.). My name is Joel.

*Nuremberg defense- “We were just following orders”.  “We obey our Superiors”.

*Important – We are in contact with our local elected people (State Senator, Assemblyman and Councilman.) They hopefully will make contacts with NYS AG and Queens DA’s offices so that they can look into violations of NYC and NYS rules, regulations, laws, etc. 

There is obviously a need.   And … We (Shareholders) will hold Ms. Schachter etc. responsible for the expenses they incur. More to come …

Vision Enterprises (Peter Mesos) Resigns ... What next?

Vision Enterprises (Peter Mesos) quits.

Hopefully, the problems and downward slide of Valerie Arms will stop and things will get better. The resignation of VE (Vision Enterprises) does not relieve VE of responsibility and liability for VE actions. The current BOD (Board of Directors) is responsible and liable for current and future harm caused by their (BOD) actions (and inactions).

We need a new Management Company. We must insure there is a thorough search and review and make sure there is no ‘conflict of interest’ in the selection. We should solicit bids from at least five and interview at least three Management Companies. We will require written proposals for open review.

We suggest the search, review and selection by done by a Shareholder Committee. This is to avoid further acrimony and problems with the current ‘self-appointed’ BOD.

Hopefully, some Shareholders have some background and experience to help. We also need voluntees to help with our blog, e-mail, etc.

URGENT! The current BOD should NOT select the new Management Company. We, Shareholders, want to be part of the selection process. Contact/call each member of the BOD. Demand that we are included.

Please contact us.  ( vasc11362@aol.com ) Please give us contact information if you are willing to help and participate. We need your help! 

 

It is likely the current BOD will be replaced. We need volunteers and your input. 

*Note …  My name is Joel. I am a Shareholder like you. I got fed up with the bad stuff that was happening. I/we can’t do much about the bad stuff in Washington, in politics, etc. But, at Valerie Arms our actions and inactions do matter. “Evil succeeds when good people do nothing!” 

Things to think about:

We want access to Minutes, Financial Reports, Contracts and Co-op records we deem important.

All ‘irregular’ disbursements (legal fees, etc.) must be halted until we do a review.

Employees at VA work for us, Shareholders.

Do not be intimidated or tolerate any disrespect.

If you feel threatened in any manner, contact us.  

More to come ….  

Please check this blogsite regularly. Contact   vasc11362@aol.com 

Put your contact info on our e-mail list for alerts.

Legal bills they want you to pay

We (Shareholders) received a letter from the BOD (Board of Directors) dated MAR 2, 2012.

The letter informed us (Shareholders) that we will be responsible for unspecified ‘legal fees’ incurred due to a dispute between members of the BOD and a Shareholder's wife.  

BOD members are Jill Schachter, Harvey Berman, Robert Wolman, Alicia Spiegel, and Fran Rothkin.  

We, Shareholders were not at fault. I, as most Shareholders, don’t fully know the specifics or the right and wrong’ of the dispute. Not important! I do know that I/we Shareholders were NOT consulted. We did not initiate any part of this. WE DID NOT PARTICIPATE. I/we DID NOT agree to pay legal fees for personal disputes. I do know that there should be Officer and Director Insurance which is the responsibility of VE (Vision Enterprises) and the BOD.  

We (Shareholders) are not responsible for BOD stupidity, bad judgment, dental or dry cleaning bills or other personal matters.  

We are NOT responsible! 

I don’t know who authorized hiring and paying lawyers.  The BOD claim they, “… the Board was required (???) to obtain legal counsel.”  ???  The Board CHOSE to charge Shareholders for their  bad judgment, actions and inactions. Is there a contract? Who are these lawyers? Why did the BOD choose them?  

The members of the BOD are responsible for any and all costs. Shareholders are NOT!  

VE is the management company. They work for us, the Shareholders. They should know better. There should NOT be a charge on our monthly maintenance. VE must correct the monthly charges. All charges relating to this MUST be removed immediately. 

What should you do? 

Be outraged! You, Shareholders are being penalized by the arbitrary actions and inactions of a group of people who are acting against our interest and welfare.  

Co-ops are subject to NYS Business Corporation Law. (You can find it on the internet.) We are trying to get the NYS Attorney General to look into the actions of Vison and our BOD.

The Queens DA has jurisdiction for economic crimes involving Co-ops. We are in contact with our State Senator and Assemblyman and Councilman who will help.

Clearly, the BOD and VE are trying to take our (Shareholder) money without our agreement or consent. That's not nice!

What should you do right now? 

Call Vision Enterprises (516) 504-7000. Demand to speak with Peter Mesos or Len Zangas (owners of VE). Demand full explanation. Demand ‘charges’ be removed.

 Call Jill Schachter (718) 428-3440 (President BOD). Demand full explanation. Demand ‘charges’ be removed. 
Many calls is good. Many, many calls is better.

Don't be intimidated! Vision and the BOD work for you. You don't work for them.

If we (Shareholders) do nothing and remain silent, we are lazy or stupid or timid and will remain silent victims.  "Evil succeeds when good men stand aside."  (Who said that?)

Now! Start calling and pressuring the BOD and Vision. 

If you have ideas, please contact us.

More to come. Check this blog for updates.

We need your help. Please contact us.

Do something!

$70,000 Vision & Board Screwup.

NOV 2011, the Board of Directors acknowledged that Management commingled the security deposits into the Corporation’s Operating Account. The Board stated the amount was approximately $70,000 (Vision does not even know the actual sum). The mamagement report AUG 2011 reveals the operating account had less than $4,000 in it at the time. The money was spent. Where? Why? Who authorized? The missing money never accounted for as a liability on the Corporation’s (supposedly) audited financial statements. 

We, VA (Valerie Arms) Shareholders are liable for the money. We have been damaged by the actions (comingling funds) and inactions (failure to correct and remedy) by Vision (Management Company) and BMs (Board Members).  

Jules Simon (AUG 2011) Management Report confirms that any money in the coop’s operating account has been spent. (We have copies).:Note-Simon is the former accountant for Valerie Arms and prepared Vision’s books for Valerie. This is a clear ‘conflict of interest’ (he was “auditing” himself! ) and another reason why Vision cannot be trusted.
*Note Simon was fired over one year ago.

Bottom line: Vision through mismanagement, malfeasance or plain stupidity mishandled our funds. The money is lost, stolen or something. The current Board refuses to take remedial action. 

To do: Call current Board Members. Call Vision. Demand a full explanation. Demand the funds are restored.

Call and fax our local NYC Councilman. Request he help us. Request he meet with us. Request he demand an investigation by the Economic Crimes Bureau of the Queens District Attorney.

Contact information:  Councilman Dan Halloran
District Office Phone 718-631-6703

District Office Fax 718-631-6707

Valerie Arms Shareholder Committee VASC

We are fellow Shareholder's. We are your friends and neighbors. We have come together because we fear our homes and investment is at risk. We believe BAD things are happening. We want you to join with us to protect our homes and investment.

Details and info to follow ....

Calls to action to follow ....

Other stuff to follow ....

For contact  ..... to follow

e-mail contact   vasc11362@aol.com