Amalgamaters for Compliance and Transparency
Board of Directors
Amalgamated Dwellings, Inc.
504 Grand Street
New York, NY 10002
cc: Nancy Rosano, Property Manager - Cooper Square Realty Inc.
Ladies and Gentlemen, Stockholders and Board of Directors:
We, the undersigned Stockholders, have joined together over a shared concern about the financials of the building and the adherence to the By-Laws of the Corporation. We believe the Stockholders of Amalgamated Dwellings are entitled to a fair and transparent adherence to the By-Laws and a Board of Directors that can commit to them and can communicate effectively with the Stockholders about issues that affect us.
With respect to the financials of the building, we ask:
1) Why were both an assessment and maintenance increase of 15% made in the same year without adequate warning or discussion with the stockholders?
2) What are the specific reasons for the decrease in Reserve Funds to $153,859? What is the plan to replenish it for major repairs or other emergencies should they arise?
3) Why was the decision made to buy multiple units with cash reserves? How has this decision affected our building’s financial health?
Additionally, we respectfully petition the board and ask for the support of all stockholders and residents of Amalgamated Dwellings to the following:
1) Annual meetings are to be held every year in June, per By-Laws Article I, Section 1.
2) Board Directors have terms of three years and should therefore stand for re-election every three years if they wish to continue to serve, per By-Laws Article II, Section 1.
3) Election notifications must be given to stockholders at least 45 days in advance with 30 days from that notice for potential Directors to submit their candidacies, per By-Laws Article II, Section 3.
To this end, we ask the Board to explain why they are not complying with the By-Laws as is evidenced by the following:
1) Our last meeting was in December 2009, and the previous meeting in May 2006. In each case, the meetings were three years apart.
2) Board Members have not been up for re-election every three years.
3) The Board President should not serve as the directed proxy for stockholders unable to attend meetings or for apartments owned by Amalgamated because he should be up for re-election.
4) Our Election Committee cannot be comprised of current Directors because they should be up for re-election.
We look forward to knowing more about these concerns at our upcoming meeting scheduled for November 15, 2012.