LETTERS
What legal rights and options does the United and Third
Mutual Board restructuring plan have in declaring financial independence from
GRF?
All the residents are part of two non-profit 528 corporations
Third and United 528 Corporations. GRF is nothing more than our janitor or
watch dog over our property.
GRF answers to us only - not PCM.
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Past history tells us that maybe we don't need either PCM or GRF. Why can't we be like all the other (millions) non-profit corporations and handle our own corporate business. We could save approximately $200 dollars a month on our assessments. See attachment and decide if it worth the effort and risk.
The U.S.Cost of Living Index has barely changed in the last ten years but our assessment have skyrocketed to $1,920 a year more for United and Third is $2,640 more than in 2003.
Click here for Typical questions in merger transactions in 501 © 3 Corporate Restructuring |
Don't forget they gave away somewhere around $50 million (being investigated) in illegal land sales, $9,400 million in Bonus Incentive Programs, $1 million in PCM credit card debt, and destroyed our Globe Icon worth $300 thousand and millions in PCM contractor compensation packages.
Paul Loghrey
I don't know where this " Don't forget they gave away
somewheres around $50 million (being investigated) " came from but my
understanding is the Investigation is over.
Remember both Third and United declined to further investigate and
accepted a secret deal with PCM. That said there is no doubt we were ripped off
by PCM. When Milt Johns sued PCM and vis versa some of the transcripts were
available on the OC Superior court web site. Milt as well as Bob Hatch and
another board president ( can't remember his name ) under oath said the boards
did not know about the bonus plan. When it came out in the press that the head
of PCM and Milt went to New Orleans and paid for hookers on the credit cards
charged to us, I thought for sure people would now rise up but not a word. We
do not need PCM and GRF has become an arm of PCM. Rise up people. We as share
holders are supposed to have power over the boards. Our homes are our
investments and LWV is supposed to be run for our benefit not PCMs or members
of GRF. GRF is a prime example of cronyism.
Cronyism
The appointment of friends and associates to positions of
authority, without proper regard to their qualifications.
Lonnie Painter
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