Law Suit Filed on 04-11-13
The COOCVE vote on March 15th was 80% in favor of the removal and replacement of the previous Master Management Board and 88% of those voting so far have voted YES to have Master Management move forward with the purchase of the golf course property.
On April 11th, the following members of the previous Master Management Board, Anthony Falco, Bill Goddard, Mel Schmier, Harry Chizeck, Alan Schachter, with Reva Behr, William Epstein and Gloria Olmstead joining in later, filed suit against COOCVE for improperly conducting the March15th meeting and filed suit against Master Management for moving ahead with the purchase of the golf course property. They have filed for an injunction to be reinstated as the Board of Master Management immediately and to stop all actions toward the purchase of the property immediately.
No conclusion was reached in the hearing on 04-26-13 regarding the injunction. We should have a ruling within two weeks. In the mean time, we proceed as the majority of our owners clearly wish us to. As of March 25th, we have a signed Letter of Intent with Fairway Investors and as of March 26th, we have ordered the Phase 1 Environmental Study required by the bank. We expect to have the bank loan offer within 2 weeks and if all prudent conditions are met, close on the property by no later than Aug. 31st.
We will keep you informed of details as we get them regarding the lawsuit, loan offer, etc.
Master Management Company, Inc.