LONGPORT OCEAN PLAZA CONDOMINIUM ASSOCIATION
BOARD OF TRUSTEES MEETING
November 18, 2018
Board Members in Attendance:
Bill Simon
Caren Fires
Dennis Wasserman
Jonathan Wheeler
Bruce Goldberg (via teleconference)
Management:
George Foster
Owners in Attendance:
Nancy Wood
Peter Wood
Vinnie Marino
Meeting called to order at 9:30 AM
Opened Meeting to Owners:
Nancy Wood – 1. Dryer vent cleanout question. George will address.
2. Open positions on board –will not be filled, will keep at 5 members.
Jonathan Wheeler motioned to approve minutes of meeting held August 19, 2018. Caren seconded. All approved.
Financials – Dennis Wasserman – See report.
Unit 301 - $57,069.00 owed. Rest of amount will come in by end of November.
Reserve Account amount – what does bank require? They are content with it. Enough funds to pay principle plus interest.
Financially getting stabilized. Jonathan motioned to approve. Dennis seconded.
Railing Post Escutcheons – Dennis Wasserman
Escutcheons will be ordered and installed later this winter.
Litigation Update – Jonathan Wheeler
· We are working closely with Fox Rothschild. Pre-trial conference held. Case management order being completed.
· ARKK and Lasher changing counsel – dragged on.
· Once Case Management Order in place, should move ahead. We will amend counter-claim vs. Lasher
· We have probability for recovery against ARKK.
· Meeting with our expert regarding J.E. Rosenkrantz and what he did wrong. We will move against Rosenkrantz either file in arbitration or proceed in Superior Court. We want to get action in before statute of limitations runs out. We hoped the other parties would bring in Rosenkrantz but they haven’t. We have to proceed against Rosenkrantz. Got production of documents from Rosenkrantz – 30,000 documents, 15,000 were duplicates. Our counsel had to review all these documents. Keeping our eyes on legal bills.
Management Report – George Foster
· Radburn Law – Allows Board of Condominium to make resolutions to by-laws without owner approval as long as in line with state laws.
· Rooftop HVAC – Rescheduled to this Tuesday, will check with weather.
· Newsletter – Went out. Nice responses from owners.
· Deck Board Replacement – 28th Street almost done. 27th Street will finish end of next week.
· Pool Renovation – Got bids. George recommends JD Pools to resurface. Jonathan motioned to approve. Caren seconded.
· Air Vent/Dryer Cleanout – Will be done in spring. It was done 5 or 6 years ago. It can be a fire hazard. Waiting for more proposals
· Unit 301 Bankruptcy – Dismissed. Mortgage company will move forward with foreclosure – 3 to 4 months. He could move for Chapter 7. Not enough equity in unit to pay us. Will speak to Norman Zlotnik about going against son – secure his assets.
· Unit 418 Special Assessment – Problems between buyer and seller regarding payment of special assessment. Need to speak to Norman Zlotnik about going after title company.
· Units Sold- 418, 510, 605, 719, 202 settled 11/15/18 and 412 will settle 12/13/18
· Units For Sale – There are 12 units for sale
Jonathan motioned to approve George’s report. Dennis seconded.
Opened Meeting for Owners
Peter Wood – litigation amount – we are going after ARKK. Don’t know total amount. Around $1,400,000.00
Radburn Law – can Board change from 7 to 5 members?
Isn’t there enough money from sale of 301 going toward what we are owed? We will see.
Unit 418 money on special assessment – buyer thinks seller was supposed to pay it. We are owed the money $23,000.00. Norman Zlotnik representing us.
Vinnie Marino reviewing sample colors for elevator wall.
Presenting award to Tom – 20 years of service. $100 gift card.
Jonathan Wheeler moved to adjourn. Dennis Wasserman seconded. Meeting adjourned 10:02 AM