Vacancy Filled and Officers Elected

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This information remains preliminary and unofficial, but we have it on good authority that John Ryan has been selected by the board to fill the vacancy that resulted from Geordan Goldstein’s removal. John previously served on the board in 2011-2012 when he was selected to fill the vacancy resulting from BIll King’s resignation.

We also are told that the following new officers have been appointed:

    • President: Kate Nammacher
    • First Vice President: Dia Shepardson
    • Second Vice President: Gus Medina
    • Treasurer: Marc Albaum
    • Assistant Treasurer: David Pass
    • Secretary: John Ryan
  • Assistant Secretary: Carlos Rosado

The Removal Referendum

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The board announced last week that this year’s annual meeting ballot will include a referendum on whether director Geordan Goldstein should be removed.

We reached out to Micah Arbisser, a shareholder who is an attorney and who offered some insight into the legality of this move on SPComm.  Micah shared a few points, noting that these comments are for informational and discussion purposes only and do not constitute legal advice:

  • Under New York State law, the board has the right to propose actions to the shareholders so long as notice requirements are met, and the shareholders of a corporation have the right to remove directors for “cause.”
  • Under our by-laws, the vote of a majority of those participating in the applicable meeting is required for the shareholders to take an action.  For example, if 800 shareholders participate in the election, 401 “yes” votes will be required for the removal to be effective.  Abstaining from the removal referendum vote is the same as voting “no.”

What it means to be a director

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The Spark reached out to a few former directors of Seward Park Cooperative to ask for their thoughts on what it means to serve on the board. Following is former director Jodi Zagoory’s response:

When you serve on the co-op’s Board of Directors you have the responsibility to set policies which the management company is charged with carrying out, and to vote on the numerous and various issues that come up in the ordinary and usual business of a residential co-op. Your service is voluntary. You do not and may not receive any compensation in any form. The following are among the duties you will have:

  • You must keep confidential the information you receive regarding the co-op’s business and shareholders. You may not disclose any information about any shareholder to anyone other than to another director, management personnel and the co-op’s legal counsel.
  • You must not discriminate against anyone or make any decisions out of spite or revenge.
  • All of your decisions are made in accordance with what you think is in the best interests of the corporation and in accordance with New York State Business Corporation Law and the co-op’s governing documents (proprietary lease, bylaws and house rules).
  • A regular board meeting is held every month. You are encouraged to attend in person but if unable to you may attend by teleconference.
  • The agenda of the regular meeting is compiled and set by the president of the board.
  • Monthly agenda items include reviewing and discussing the co-op’s financial status based on a monthly financial report, and voting on sales, sublets, and adding/removing names from stock certificates.
  • Serving as a director does not mean that you have the power to order co-op staff to do anything. Directors tell management what the board wants the co-op’s staff to do, and management directs the staff.
  • You, your family and your friends may not receive any preferential treatment from staff or management.
  • You will make decisions on whether the co-op should enter into contracts and leases.
  • You will make decisions on whether the co-op should take legal or other action against a vendor, commercial tenant or shareholder.
  • You will make decisions on whether to and how much to spend on projects.
  • You will decide on who will be the co-op’s attorney and accountant.
  • You will decide on the co-op’s annual operating and capital budgets to ensure that the co-op’s financial obligations are paid.
  • You will decide whether the co-op should borrow money or pay off any loans.

Service on the board is for a term of three years. It is time consuming. You will be asked to review and make decisions about contracts, proposals, reports and other documents. You must take your responsibilities seriously as the decisions that you make impact many people and businesses. But like any form of voluntary public service, it is also rewarding and satisfying to help guide your community into the future.

New Gazette

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Director Eric Mandelbaum has issued another Gazette. Like the last one, this one seems to have had a pretty limited distribution. In another highly unscientific poll, more than half of the handful of shareholders contacted by the Spark had not seen a hard copy. But unlike the last one, this one is very, very long, and directly addresses this year’s election, endorsing candidates Finston, Ramirez and Riga and attacking past directors.

Official Candidate List and First Statements

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Memos were circulated over the last week with the official candidate list, the order in which they will appear on the ballot, and their first candidate statements.

Following is the list (with links to their candidate statements on the password-protected SPC shareholder website):

Election 2013: Unofficial Candidate List

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Three seats are available in this year’s election for the Seward Park Cooperative Board of Directors.  The extended deadline for submitting candidate packages was yesterday, and the Spark has learned that the following shareholders have entered the race.

  • Marc Albaum
  • Susan Drosdofsky
  • Debbie Finston
  • David Pass
  • Norma Ramirez (incumbent)
  • Ray Riga
  • Dia Shepardson
  • Hariette Skidelsky

There are a few familiar names, and a few new names.  We look forward to learning more from the candidates in the coming weeks.

January-March 2013 Stats

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In January, February and March 2013…

Seventeen apartment transfers were recorded in ACRIS (plus one name change).

Three vehicles were removed from the apartments-with-parking list; two were added.

Thirteen apartments were removed from the car waiting list; fifteen were added.

Nobody was removed from the motorcycle waiting list; seven were added.

Two apartments were removed from the bicycle waiting list; fifteen were added.

Three apartments were removed from the storage waiting list; eighteen were added.

October-December 2012 Stats

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In October, November and December 2012…

Sixteen apartment transfers were recorded in ACRIS.

One vehicle was removed from the apartments-with-parking list; one was added.

Seven apartments were removed from the car waiting list; fourteen were added.

Nobody was removed from the motorcycle waiting list; three were added.

Ten apartments were removed from the bicycle waiting list; fourteen were added.

Four apartments were removed from the storage waiting list; fourteen were added.