April, 2009 - April, 2012

It was stated in the Board Correspondence newsletter which we received earlier this month that arrears owing to the co-op have been lowered to approximately $40,000 by our Property Manager since April, 2012.

The Property Manager, however, was one of the three external Board Members foisted upon the co-op under our Solvency By-law to resolve our financial difficulties.  The 3-yr. Solvency By-law ended in April, 2012.  What did the co-op inherit after the Solvency By-law ended?  Over $40,000. in arrears!

The external Board of Directors who were depicted as 'experts' did not monitor arrears, nor did they oversee the errant ways of our Office Co-ordinator - to the detriment of the entire co-op.

The co-op is now congratulating our Property Manager (ex-Board Member) for not doing her job under the Solvency By-law.  

Only in co-ops, you say?