~ ~
You categorize the Steering Committee's informational ads O as ridiculous. You are absolutely right. It is ridiculous that the Steering Committee and I are giving information to the community that you, as President of Riverbay, should be giving. You ask how anyone in Co-op City could believe that Riverbay's financial condition is good. If this is so, then why was the financial condition of Co-op City discussed in Executive Session? If everyone knows, then the financial condition should be discussed openly and reported in our newspaper. You speak of the community groups knowing that we were not married to a 12 percent rent increase. Only those groups can attest to that fact. But when you say that several speakers at the January rally knew that we were negotiating a high range, it was not because you told them but because I informed them. And, I informed them after urging you to tell the truth so that they and the community would not be misled. Now more than a month later you mention it. What about letting the community know other things? Are you going to tell the people about the professional mismanagement that is going on in Riverbay? You sure used to write a lot about things like that before you became President. Or will you just continue to cover up Management's inefficiencies? Your articles say that the Steering Committee ads "attack" you and the rest of the Board. Attack? I reviewed the ads from the past few weeks. Attack? Criticize -· yes, but attack? You seem to be getting what I call the "Delnick Syndrome". Every time someone disagreed or criticized Larry, he always seemed to consider it an attack. However Charlie, if you wish you may consider this letter an attack. I am sorry that I, along with the Steering Committee (Charlie, mention our names, we are not afraid of them), don't seem to be consistent. But remember what Emerson said, "A foolish consistency is the hobgoblin of small minds." You write about payment of mortgage money when "they" (Charlie, the name is Steering Committee UI) were in control. Let's put this thing .in historical perspective. When "they" took over in the summer of 1976 Riverbay was virtually a bankrupt corporation, except for the fact that we ("they") had tens of millions of dollars in rent checks, the State never really knew how much "they" had and still don't know. Thus, "they" were able to put Co-op City on its feet, rehire hundreds of laid off employees, negotiate a three-year labor con-
gas une in eliminating the most dangerous situation that ever existed in our community. "They" then ran out of money to operate Co-op City and the State threatened Riverbay with foreclosure. Negotiations commenced. An agreement was reached. The agreement was ratified in referendum by a three to one margin, a fact you still refuse to accept. Vihat "they" gave up was a 20 percent rent increase, a $50 per room equity overcall, and 27 months of rent stability instead of the three-year minimum we always wanted.Incidentally Charlie, as you know, all those who moved from Co-op City have gotten that equity back except those of your friends who had never paid it. What "they" got was the dropping of the nonsensical foreclosure action, forgiveness of one month's mortgage payment (I hope you don't give it back in your agreement), the State's recognition of its obligation to pick up the cost of construction de" fects (Perkins & Will were hired at State's expense), and the promise (not in writing) of almost $1 million in cash which we got later. The agreement called for the payment of full debt service for the first year and an acceptable budget. The next year's budget would be mindful of the mortgage obligation. It was written this way because "they" had the foresight to do some financial planning and realized that there would be insufficient funds to maintain services ("they" actually expanded services) and pay the mortgage. Thus, "they" were able to operate a deficit budget enabling you to now operate without paying full debt service. The election held in February 1978 ended "their" domination of the Board. The breakdown of the Board was then seven CERL members (you, Gabrielli, Blair, Miller, Grumer, and the two Friedmans) · two Independents (Sullivan and Schweiger): four of "them" (me, Smith, Polovetz and Murray Lemer) : and Abrams and Delnick, (nominally "them", but voting where their own personal interests lay). As you recall Charlie, it was this Board that did not renew Rosen's consultant contract when it expired in the Spring of 1978. With the resignation of Larry Delnick and the death of Murray Lerner, Cecil Atkins (one of "them" J and Al Afterrnan (an Independent J were named to the Board. The breakdown of the Board was then CERL- 7, "They" -4, Independent-3, Sta tel, and Al Abrams. The Independents generally voted with "them" but clearly "they" no longer dominated the Board. You also recall that during this
One rund was that new residents had was to be given back to moved. The second was a fund set up to protect us if we lost a certain lawsuit. The other fund was money that was paid by the residents, not from. carrying charges or equity, but at 50 cents a room for 30 months to insure that residents would get their equity upon moving. This money had been spent out of trust by UHF, but we were replacing H. VJhen we refused to hand over these funds, the State stopped all contract work in' Co-op City. It was then that the Board retaliated by refusing to turn over any mortgage money to the State. I was willing to give over the money to the State, but I felt that the 50 cents a room fund belonged to no one but the cooperators and the equity fund belonged to the people who moved and whose apartments were sold. I was willing.to lend the money to the State -: provided it was repaid before October 31, 1979 and the State would pay for the six emergency items beyond October 31, 1979. If you remember Charlie, I was also against locking ourselves into a budget and wanted a budget for the fiscal year starting April Ist, 1979. Such a budget would'have enabled us to forecast that we would not have had enough of the State's mortgage money to cover the budget deficit without cutting services and even coming close tt paying for the six emergency items. While you
our constantly restricted time frames. Every month I make out my rent check Charlie I am pleased that I still pay last October's rent. But I can't help but wonder whether it is due to your astute negotiating tactics or the magnanimity of the State. No matter, my household budget is grateful. However, Charlie, you ae Chief Executive Officer of a multimillion dollar corporation. That implies a corporate responsíbilí-
Podiatrists - foot Specialists
r . David l. Steinman Dr. Walter lireen Treatment for all foot Conditions Sports Podiatry 3rd Party Insurance Accepted Medicare, 1199, Workmen's Circle, etc. House calls Co-op City - Section 1 Bldg. 5C -140 Darrow Pl. 379-7100
!. ¡ à
Daytime,
tt t I
Evening & Saturday by appointment
Ii
.
t
·f
Hours ·
3725 Henry Hudson Pkwy. W 941 Burke Avenue
•
ti . f
for information please call
882-5100
PODIATRIST
W .. JACOBS
... FOOT
IN OFFICE SURGICAL CORRECTION Of eBUNIONS e HAMMERTOES ePAINFUl CORNS & CALLUSES elNGROWN TOENAILS MEDICARE & MANY INSURANCE & UNION PLANS ACCEPTED POSTAL UNION ACCEPTED! LOCAL 1199 ACCEPTED! MANY OTHERS •..
SPECIALIST
AU FOOT CONDITIONS TREATED eMEDICARE ACCEPTED (FOR COVERED ÇONDITIONS) eWORKMANS CIRCLE eMEDICAm ACCEPTED
AfflUATIONS
•American I.aw Enforcement Assoc. · Police Surgeon •Police Benevolent Assoc.· Police Surgeon •fellow American College of Ambulatory foot Surgeons •American Podiatry Assoc. CO-OPCITV HUTCHINSON RIVER PARKWA V EAST
.BIDG. 29C - SECT. 5
.
f f
~--------------~
LOUIS
4240
t
Individual Confidential PSYCHOANALYTIC AND COUNSELING SERVICES
t
220-4510
t
I t t t
$150.DO $150.00 $150.00 $125.00 S 45.00
Debra Nussbaum-Manag,nç An Evening & Sat. Hours by appt. mobile unit on call Master Charge - VISA
Fordham Rd. Suite 210 733-1531
Independent Consultation Center
9
Wills
2488 Grand Concourse &
,--------- -------1
The Complete Legal Service Divorces (uncontested) . Bankruptcy (personal) .. Incorporation Name Change
Charlie, don't be preoccupied with "another group". "They" can only recover power if you fail and fall flat on your face. "They" would then be inheriting the corpse of the world's largest housing company. "They" and I wish you the best of luck and are praying for your success. Almost 60,000 people are depending on you. Ceepetattvety yours, ,foei
671-2233
By appointment