11/15/7Residents Voice1 Following the Money” 11/15/2007 Conrad Grundke “What Money?” GRF & PCM...

11/15/7 Residents Voice 1

Following the Money”

11/15/2007

Conrad Grundke

“What Money?”

GRF & PCM Ask,

There isn’t any!


Two “Make money”

Fairy Tales

One Simple

One Complex

“Once Upon a Time …..”


The Simple Tale


“Once upon a time ……”

• Pooled their money – won the lottery

• And, Lived happily ever after!

Two people went to Las Vegas


The Complex Tale


“Once upon a time ……”

A couple heard a voice say,

“Buy LOW,

Sell HIGH”


So they developed a plan!

• They searched for some property to develop.

• .

• An inexpensive site was found.

• He purchased the property at a Minimal Price (buy low).


• But, they now needed money to develop the property.

• The bank would only loan Money based on the “Low” sale price.

• How can they increase value of the property.

• What if he sells the property to her at a high price (sell high). He makes a profit and she has a “high” assessed value.


• The Bank then loaned her Money based on the “High” assessed value. A pot of Gold!

• She sells the developed property & makes “Mucho Bucks?”


And they lived happily ever after!


Things to consider!

• Location! Location!! Location! Locate property in a desirable location.

• Price the property so that it will sell.

• Ensure lots of amenities.

• Allow for adequate parking.

And


always!

• Check with “Residents Voice” to make sure they have no plans to negatively impact the world economy, including “your” property.


The End

of the Fairy Tales


Non – “Fairy Tales”


So! Where’s the Money?

• Credit Cards

(GRF/PCM would like it to stop right here)

• Expense Reimbursements

• Bonus/Incentive Plans

(GRF/PCM must stop it here!)

BECAUSE

“Pandora’s Box” is Next


Security

Old Admin Bldg

Broadband

San Sebastian

Maintenance

Pandora’s Box

Cedit Cards

Reimbursements

Bonus Plan


Pandora’s Box!

• Sale of the old admin building (visibility)– Many residents are questioning the nature of

this sale concerning GRF, PCM, and our corporate attorney with respect to their Fiduciary responsibility to the owners!

• Question: Couldn’t we have built CH #7 at this location?

• Answer: It would have been an ideal location for the Bridge players.


Pandora’s Box!

• WHAT is the 4 story “thing” being built between Long’s Drugs and our Library?

• GRF assured us it will only be 3 stories.– But GRF can say that this is the cities fault

since they OK’d the added story.

• Question: Who is directing or overseeing all of these changes in plans?


Pandora’s Box!

• Broadband (service level)– Why is there such an influx of Satellite Dishes

on our rooftops? Can it be that our service doesn’t provide what the residents want?

• Question: Will we ever catch up with “current” technology?

• Answer: NO!


Pandora’s Box!

• Security (service level)– This is still considered one of our most wanted

amenities, but, since we hired a Certified Third Party Security Company (PCM) to provide this service we have reduced our security markedly!

• Question: What is the cost tradeoff if we had kept this service In-house?


Pandora’s Box!

• Maintenance (service level)– Duration of time from reporting a problem until

problem is resolved.– 3 years ago we spent $250,000 for personnel

to do scheduling to reduce this time and eliminate duplication of personnel taking calls.

• Question: Has this happened?

• Answer: Many residents say, “No!”


Poll

• If a small percent of the people represent Residents Voice, and should be ignored;

• What does the Poll on the election of GRF Directors tell us?


Attorney Interview


“Grilling” vs “Interview”

• The selection of words by the Globe Reporter was unfortunate since she is assumed to be unbiased.

• First, you must ask, “What was the purpose of the questions posed to ‘OUR’ Corporate Attorney?”


Attorney Interview

• These questions would be asked of any attorney who is considered to represent our mutuals, whether it is the existing attorney or another independent counsel.

• You cannot question the right of a client to verify that there is no “conflict of interest” that would impede any counsel in making their decision.


And Now, “Back on the Trail . . .”

GRF & PCM were ….

“Caught with their

Pants Down !”

GRF & PCM

Remembering George’s Quote !

R-Voice


THE END

11/15/7Residents Voice1 Following the Money” 11/15/2007 Conrad Grundke “What Money?” GRF & PCM...

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Transcript of 11/15/7Residents Voice1 Following the Money” 11/15/2007 Conrad Grundke “What Money?” GRF & PCM...