This post by John R George was submitted as a comment under "Why I Joined The Lawsuit Against The Board." Because of its relevance to questions posed by several owners, the Blog Team has created a new thread.
Approximately $1,9 million dollars was paid and shown to the court with the complete audit. As the three checks came in to add up to the 1.9 million over a several month period. The Bank manager at Sun Trust asked us to open separate accounts so they could get the credit for these new account.
Since this bank had always been good to the OM we did what they asked. Our Auditors asked us not to do this again because it made their job more difficult but ever dollar was accounted for.
As far as cash taken out of the bank over the counter. It cannot be done. The new account money was transfered to the operating accounts to pay for fixing the building after Wilma. This was also shown in court. No cash EVER left the bank to individuals. And this was proven.
The penthouse which sustained the most damage was repaired and replaced by the individual owners at their cost. Then over a year later the insurance company reimbursed them for $1.034 million which was the penthouse insurance money and paid for the owners of the penthouses. They lost money and over one year of rental including the deductable.
The OM had a deductable of $700,000.00 so, the money received was not enough to pay for all the damages.
Posted by John R. George
Condo Manager
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BY YOUR math 1.034 out of the total 1.9 million received was spent on the penthouse. Even if that is true (yet to be proven it wasn't more) that's well over 50% of the insurance proceeds spent on JUST THE PENTHOUSE. What about the damage to the roof, hallways, common areas AND ALL THE OTHER OWNERS' UNITS PUT TOGETHER. BY YOUR math, all that damage is less than 50% of the total. Ridiculous. No wonder you guys don't answer questions. Everytime you do your story looks worse.
ReplyDeleteanonymous said:
ReplyDeleteIT SURE SOUNDS LIKE THE COCONUT SHELL GAME.
I have a question for the board.How do you like the way the blog works??
It dose not matter if cash was taken from the account or wired.It is still the same result.
ReplyDeleteI think the mangner from the bank should supeonaed to testify under oath if they asked Ocean Manor to open seperate accounts so they could get credit.Even if that is true the board should of said we can not do that because it will be very confusing,and it may look like we are trying to pull a scam.Or is thath what happenen??
Come on the bank has always been good to ocean Manor.Banks are alyaws good to their customers
John R George you call yourself the condo manager, do you have a CAM license?if so for how long?
ReplyDeleteWhen Norman Roberts ran the building did he have a CAM license? I hope Norman is not out of the woods,he had a conflict of interest when he ran the building.
Can the board please answer these questions
I get the impression that some are blaming Rick for many of the problems that have transpired. In all fairness, I don't blame Rick for what is going on. Whenever we have contacted him, he has always been as helpful as he can possibly be.He is in a tough spot. He is an employee of the association. He answers to Frank, who runs our association. This is unfortunate for us. If the lawsuit doesn't help our cause, then we need to make sure that Frank and his crew are voted out next election and we take control of our own destiny.
ReplyDelete