We finally received
the Annual Financial Statement (months late) from WMK&G. WMK&G notes
they rely upon information from previous accountants and the Management Co.
Translation is they are not responsible for faulty/false information they were
given. The missing money, missing information, unauthorized spending, etc. is
not their fault. The jump in ‘Professional fees’ from $20,403 to $97,900 is not
explained and needs explanation.
Who recommended
WMK&G? How much are we paying them? How many other firms did we interview?
Did we negotiate? Are we fools or simply naive?
VA has been Managed
(I believe) since inception by VE (Vision Enterprises). That means Mesos and
associates. VE has influenced and controlled the BOD (Board of Directors). VE and the BOD is riddled with conflicts of interest, self-serving
decisions. VE (Mesos, etc.) control a bunch of shares and continues to control
people on the BOD. I assume he (they) have very good reasons for starting to
‘walk away’. Hmmm!
The BOD obviously
needs a lot of improvement.
The job of the BOD is
to act for the benefit of all Shareholders. They hire Management, Staff,
authorize expenditures, sign checks, etc. Most important; they must be
skeptical and suspicious.
The job of the BOD is to take full responsibility for their actions and inactions. Perusing personal vendettas, ‘wacko’ ideas, soliciting ‘kickbacks’ or personal advantage and/or agendas, etc. is 100% wrong. Being on the BOD is not a place for therapy, emotional or social gratification.
The new BOD must
stop giving away our money. Shareholders must be informed and our questions
answered. The new assessment for ‘legal stuff’ is outrageous. Sublet/investor
surcharges (24% of maintenance) are outrageous. Insulting, threatening and
telling Shareholders, “None of your business”, Is bad, wrong, not acceptable
and not healthy. We need much better.
A good Management
company will advise and guide the BOD. A good Management Company will supervise VA’s
employees professional staff, porters, handymen, super, contractors, etc. They
all work for Shareholders. We don’t work for them. Pandering to employees is silly
and counterproductive.
Do you know much a
32BJ employee costs VA each year? (More than the income of some Shareholders).
Like Greece, Spain
and other ‘basket cases’, we apparently spend a lot more money than we take in.
The EU, US Treasury or any bank with a ‘brain’ will not lend to us. At some
point, we will be ‘kaput’. We must reduce spending. We must become financially responsible. I have been informed (I
hate rumors) some ‘insiders’ (BOD members and ‘concerned Shareholders) are trying
to sell their apartments. Mesos is not a ‘dummy’. The BOD will be left ‘holding the bag’.
Hopefully, our new
Management Company will do a good job and help produce a better BOD.
Who should you
vote for?
Albert Einstein: 'Insanity is doing the same thing, over and over again, but
expecting different results.'
Obviously we need
improvement.
Shareholders
Committee and BLOG.
VA needs a
Shareholder’s Committee to monitor what is happening, inform and protect
Shareholders and to analyze, audit and monitor the BOD and Management.
I will help, but I
need help. Please contact me. Joel
Important! Re-read past comments (Shareholder input).
Repeat: Shareholders
Committee and BLOG.
VA needs a
Shareholder’s Committee to monitor what is happening, inform and protect
Shareholders and to analyze, audit and monitor the BOD and Management.
I will help, but I
need help. Please contact me. Joel
Please help save our homes and investments. Please help make Valerie Arms a better place.
Leaks should be fixed - use the money that is going to the lawyer. The carpet tiles are stained thanks to numerous subletters. Let's make the bldg a home, not a cash machine for the greedy.
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