Whoever you are, could you contact me privately in absolute confidence on email? sarnian22@hotmail.com - or call on 1-242-373-3774. Pat
14 comments:
Anonymous
said...
Fleeting thought!
Mario Donata who controls many, many successful properties that also require upkeep, renovation and major reconstruction ie. Pier 1Xanadu etc. One would think that going into business with (buddy) Bruno and if he truly cared about Coral Beach's hurricane motivated rehab he could or would have suggested contractors that were reliable, trustworthy and profficient. Something doesn't seem quite right to me.
How come Bruno or Phil never contacted the mangement company in Montreal that has been overseeing the "Habitat" that was built in '67for the Worlds Fair that CB was inspired by. They have many more flat roof terraces (and harsh winters) than we do ... how do they cope/resolve their water/scupper problems? I'm sure they would be happy to make suggestions.
On a positive note: Thank you to the five candidates for making the time to run for office ... accolades to you!
Question: How can the current BOD claim the new candidates do not have the qualifications neccessary. Unless of course you require having gone through a bankruptcy as a lifes experience asset to hold office or maybe breaking the law, being arrested and deported as a leadership quality. I am also not a booster of T. Dennison ... did I read she has received approx. a $100,000.00 in fees in the past couple of years ... nice!
Just a comment to this posting - legal costs are likely to have been split between more than one lawyer, I know CBH used other firms as well as Dennison in the past two years.
This is to provide a clarification re legal costs. TD was CB's legal counsel from Sept. 2005. TD did in fact provided an invaluable service with regard to the "restructuring" initiatives so any fees earned from that are well deserved. The "wasted" legal fees pertain to Sheldon Wood, Gina Sears and Ms. Thompson. The responsibility for this can be attributed to Mr. Rufa's mismanagement of these issues. I have been told by TD that Rufa did not follow her legal guidance on these issues.Ted Mulvihill
The question still has not been answered as to if T.D. is being reimbursed from Coral Beach Hotel for helping Bruno get back into the Bahamas.
We as owners will NEVER know what we are being billed for from T.D. or anyone else for that matter until a new board is put into place and a true accouting can be accomplished.
We have been denied access to the books.
Accounting is done off the premises of Coral Beach Hotel by a BOD's friend Mark Hardy.
AS A CORAL BEACH OWNER I AM AMAZED AT THE LACK OF ACCOUNTABILITY THESE BOARD MEMBERS SHOW US AND WE DO NOTHING ABOUT IT.
THIS IS WHAT OUR LEGAL COUNSEL SHOULD HAVE BEEN ADDRESSING - BUT WE WILL NEVER KNOW AS SHE ADDRESSES ONLY THE BOD'S.....
Ms. T. Dennison only has to answer one question (in writing) then the reason for many problems will get answered and become clear.
I ask simply to Ms. Dennison to provide a written statement to the BOD declaring that she has NOT provided or is currently NOT providing legal counsel personally or professionaly (business) to Mr. Donato and or his partner Mr. Rufa unrelated directly to Coral Beach.
Seems simple enough to me, but how about an answer, then and only then can we close the file on a perplexing situation.
Would it not be refreshing to get a clear answer from our attorney and help restore a level of confidence in her services.
What is astounding to me is that Mario Donato seems to be in support of Phil and Bruno's actions, despite the fact that it brings public attention to his involvement with them (re: the Freeport News article in which Bruno tells the BI officials he is in business with Mario Donato). It is an open secret that Mario has said for years he wants to control Coral Beach. In fact he was a Director on the Board when the first parcel of land was purchased in 2005 for the parking lot (aka sand pit). That parcel of land was purchased without the required Resolution being presented to the Owners for approval, as is dictated by both the Articles and the Bahamas Law of Property and Conveyancing (Condominium). Both of these documents can be easily accessed on the new Coral Beach archive website: www. coral-beach-hotel.com for all owners to check for themselves.
Next, the Deed of Variance was signed by Bruno Rufa and Phil Galiano, in which they swore that all requirements of Coral Beach Management Company were met - referring to the purchase and rezoning of this same lot. As we now know, that was,and is, a lie. With the latest letter recently posted on the blog regarding Phil’s attempt at purchasing a SECOND lot adjacent to Coral Beach, we learn that Phil Galiano, yet again, tried to use Coral Beach monies to purchase a second piece of property without ever having presented the required Resolution to the owners for their approval to spend more of THEIR money for the additional lot. These two transactions: the rezoning of the first lot and the attempt to purchase a second lot; are clearly related to the first property purchase, meaning that Bruno and Phil are, allegedly, following Mario's wishes on these properties. The question that begs to be answered is, “What is the truth and purpose behind these two purchases”? There is no doubt in my mind that once all the owners see clearly what has been, and is, going on, there will be an enormous hue and cry against these two guys, the Board and inevitably, Mario Donato. At this stage in life, why would anyone deliberately put himself in the position of having his name dragged through the media, not to mention the legal system for months, even years? Coral Beach owners are not "stupid" [push-overs], as Bruno so often has claimed. Many of the owners are very well connected, extremely bright, well-educated, and financially well off. Collectively, they would be formidable opponents. A legal fight with the owner/shareholders of Coral Beach would not bode well for Bruno, Phil, Mario and the rest of the Board. Is owning/controlling Coral Beach really worth the price that will ultimately have to be paid for it?
Can someone help interpert the financial statements I just received. I am hopeful that the potential new guys with accounting background (Tyrone, Mark,??) could provide an unbiased different perspective.
I base my following statements on the term regular, meaning what was an average (normal) cash flow as determined over the previous months, years that allowed Coral Beach to operate.
Put another way, Condo fees and other/normal sources of income should pretty much offset property maintenance and management overhead. Obvious I think.
Ref: Balance Sheet, Budget and P&L
What my untrained eye reads is that if you count ALL the regular ongoing income stream (condo fees, rentals, laundry etc.) then minus out all the regular ongoing condo maintenance (payroll, grounds keeping, cleaning) they should balance out each other. Also I have no problem with the slow progress of CB owned Unit sales or collection of overdue condo fees (the owners will get the benefit of the contingent assets eventually).
Now comes the questions that I would like if possible be addressed in laymans terms. 1.) How did $ 600,000.00 get reduced to $ 200,000.00. 2.) With regards to $ 800,000.00 Insurance settlement (big thanks to Marty Untch) I can't tell where or how and to what the Insurance settlement money was applied to, again I'm not talking about regular preventitive maintenance and upkeep. Areas I having difficulty with and would like an opinion/explanation on include but are not limited to the following: Building repairs (6310) Building improvements (1501) Furniture & Fixtures (1505) Machinery & Equipment (1504) Tools & Equipment (6175) Beach Bar Furn. & Equip.(1510)
As previously stated, there are four people that have a stranglehold on Coral Beach and it's future.
Their initials are Mario Donato, Bruno Rufa, Phil Galliano and T. Dennison their legal cohort.
The records show one(1) by-law/article violation after another. We can't even get a legal opinion on illegal activities.
Just a thought, how does a 4th building jammed down your throats feel, probably a time share with favors being payed back to certain individuals for past considerations and allowing these individuals to invest as preferential owners. ps. there's a lot of money in this idea. Do not dismiss this thought to quickly.
SO, HOW IS THE POOL TEMPERATURE?????? I'M HEADING DOWN TO CORAL BEACH IN JANUARY FOR THE MEETING AND WONDERING IF I SHOULD BE BRINGING A WET SUIT OR BIKINI?????
At this juncture, the rest of the Board of Directors should speak up and let the owners know where each of them stands on the issue of lot purchase number 1 and the attempted purchase of the second lot. If no one speaks up, it must then be determined that all Directors are in support of Board actions to purchase lots, using Coral Beach monies without, first, putting forth a Resolution to the owners for approval. It would then follow that all Directors are in violation of the Articles and the Bahamas Law of Property & Conveyancing (Condominium), which means they should all be replaced with new Directors. Coral Beach must have a Zero Tolerance policy for any Director who plays fast and loose with our money and the law.
Pool temp yesterday 74f, ocean 76 but I heard from George Turner that the day before and using his own thermometer the pool was nudging up to 80f! I will be interested to check the pool temp on Monday as we are due for a cool snap!
14 comments:
Fleeting thought!
Mario Donata who controls many, many successful properties that also require upkeep, renovation and major reconstruction ie. Pier 1Xanadu etc.
One would think that going into business with (buddy) Bruno and if he truly cared about Coral Beach's hurricane motivated rehab he could or would have suggested contractors that were reliable, trustworthy and profficient.
Something doesn't seem quite right to me.
How come Bruno or Phil never contacted the mangement company in Montreal that has been overseeing the "Habitat" that was built in '67for the Worlds Fair that CB was inspired by.
They have many more flat roof terraces (and harsh winters) than we do ... how do they cope/resolve their water/scupper problems?
I'm sure they would be happy to make suggestions.
On a positive note:
Thank you to the five candidates for making the time to run for office ... accolades to you!
Question:
How can the current BOD claim the new candidates do not have the qualifications neccessary.
Unless of course you require having gone through a bankruptcy as a lifes experience asset to hold office or maybe breaking the law, being arrested and deported as a leadership quality.
I am also not a booster of T. Dennison ... did I read she has received approx. a $100,000.00 in fees in the past couple of years ... nice!
Just a comment to this posting - legal costs are likely to have been split between more than one lawyer, I know CBH used other firms as well as Dennison in the past two years.
Does anyone know if Coral Beach is footing the bill for legal costs associated with Bruno's attempts to be readmitted to the Bahamas?
This is to provide a clarification re legal costs. TD was CB's legal counsel from Sept. 2005. TD did in fact provided an invaluable service with regard to the "restructuring" initiatives so any fees earned from that are well deserved. The "wasted" legal fees pertain to Sheldon Wood, Gina Sears and Ms. Thompson. The responsibility for this can be attributed to Mr. Rufa's mismanagement of these issues. I have been told by TD that Rufa did not follow her legal guidance on these issues.Ted Mulvihill
sorry for confusion with my name on Ted Mulvihills comment! Mea Culpa
The question still has not been answered as to if T.D. is being reimbursed from Coral Beach Hotel for helping Bruno get back into the Bahamas.
We as owners will NEVER know what we are being billed for from T.D. or anyone else for that matter until a new board is put into place and a true accouting can be accomplished.
We have been denied access to the books.
Accounting is done off the premises of Coral Beach Hotel by a BOD's friend Mark Hardy.
AS A CORAL BEACH OWNER I AM AMAZED AT THE LACK OF ACCOUNTABILITY THESE BOARD MEMBERS SHOW US AND WE DO NOTHING ABOUT IT.
THIS IS WHAT OUR LEGAL COUNSEL SHOULD HAVE BEEN ADDRESSING - BUT WE WILL NEVER KNOW AS SHE ADDRESSES ONLY THE BOD'S.....
STILL WAITING!!!!!
A most serious question:
Ms. T. Dennison only has to answer one question (in writing) then the reason for many problems will get answered and become clear.
I ask simply to Ms. Dennison to provide a written statement to the BOD declaring that she has NOT provided or is currently NOT providing legal counsel personally or professionaly (business) to Mr. Donato and or his partner Mr. Rufa unrelated directly to Coral Beach.
Seems simple enough to me, but how about an answer, then and only then can we close the file on a perplexing situation.
Would it not be refreshing to get a clear answer from our attorney and help restore a level of confidence in her services.
What is astounding to me is that Mario Donato seems to be in support of Phil and Bruno's actions, despite the fact that it brings public attention to his involvement with them (re: the Freeport News article in which Bruno tells the BI officials he is in business with Mario Donato).
It is an open secret that Mario has said for years he wants to control Coral Beach. In fact he was a Director on the Board when the first parcel of land was purchased in 2005 for the parking lot (aka sand pit). That parcel of land was purchased without the required Resolution being presented to the Owners for approval, as is dictated by both the Articles and the Bahamas Law of Property and Conveyancing (Condominium). Both of these documents can be easily accessed on the new Coral Beach archive website: www. coral-beach-hotel.com for all owners to check for themselves.
Next, the Deed of Variance was signed by Bruno Rufa and Phil Galiano, in which they swore that all requirements of Coral Beach Management Company were met - referring to the purchase and rezoning of this same lot. As we now know, that was,and is, a lie.
With the latest letter recently posted on the blog regarding Phil’s attempt at purchasing a SECOND lot adjacent to Coral Beach, we learn that Phil Galiano, yet again, tried to use Coral Beach monies to purchase a second piece of property without ever having presented the required Resolution to the owners for their approval to spend more of THEIR money for the additional lot. These two transactions: the rezoning of the first lot and the attempt to purchase a second lot; are clearly related to the first property purchase, meaning that Bruno and Phil are, allegedly, following Mario's wishes on these properties. The question that begs to be answered is, “What is the truth and purpose behind these two purchases”?
There is no doubt in my mind that once all the owners see clearly what has been, and is, going on, there will be an enormous hue and cry against these two guys, the Board and inevitably, Mario Donato. At this stage in life, why would anyone deliberately put himself in the position of having his name dragged through the media, not to mention the legal system for months, even years? Coral Beach owners are not "stupid" [push-overs], as Bruno so often has claimed. Many of the owners are very well connected, extremely bright, well-educated, and financially well off. Collectively, they would be formidable opponents. A legal fight with the owner/shareholders of Coral Beach would not bode well for Bruno, Phil, Mario and the rest of the Board. Is owning/controlling Coral Beach really worth the price that will ultimately have to be paid for it?
FOR SALE
1 Set of Morals, never been used, will sell cheap!!!!!!!!!
Can someone help interpert the financial statements I just received.
I am hopeful that the potential new guys with accounting background (Tyrone, Mark,??) could provide an unbiased different perspective.
I base my following statements on the term regular, meaning what was an average (normal) cash flow as determined over the previous months, years that allowed Coral Beach to operate.
Put another way, Condo fees and other/normal sources of income should pretty much offset property maintenance and management overhead.
Obvious I think.
Ref: Balance Sheet, Budget and P&L
What my untrained eye reads is that if you count ALL the regular ongoing income stream (condo fees, rentals, laundry etc.)
then minus out all the regular ongoing condo maintenance (payroll, grounds keeping, cleaning) they should balance out each other.
Also I have no problem with the slow progress of CB owned Unit sales or collection of overdue condo fees (the owners will get the benefit of the contingent assets eventually).
Now comes the questions that I would like if possible be addressed in laymans terms.
1.) How did $ 600,000.00 get reduced to $ 200,000.00.
2.) With regards to $ 800,000.00 Insurance settlement (big thanks to Marty Untch)
I can't tell where or how and to what the Insurance settlement money was applied to, again I'm not talking about regular preventitive maintenance and upkeep.
Areas I having difficulty with and would like an opinion/explanation on include but are not limited to the following:
Building repairs (6310)
Building improvements (1501) Furniture & Fixtures (1505)
Machinery & Equipment (1504)
Tools & Equipment (6175)
Beach Bar Furn. & Equip.(1510)
As previously stated, there are four people that have a stranglehold on Coral Beach and it's future.
Their initials are Mario Donato, Bruno Rufa, Phil Galliano and T. Dennison their legal cohort.
The records show one(1) by-law/article violation after another.
We can't even get a legal opinion on illegal activities.
Just a thought, how does a 4th building jammed down your throats feel, probably a time share with favors being payed back to certain individuals for past considerations and allowing these individuals to invest as preferential owners.
ps. there's a lot of money in this idea.
Do not dismiss this thought to quickly.
PAT,
SO, HOW IS THE POOL TEMPERATURE?????? I'M HEADING DOWN TO CORAL BEACH IN JANUARY FOR THE MEETING AND WONDERING IF I SHOULD BE BRINGING A WET SUIT OR BIKINI?????
At this juncture, the rest of the Board of Directors should speak up and let the owners know where each of them stands on the issue of lot purchase number 1 and the attempted purchase of the second lot. If no one speaks up, it must then be determined that all Directors are in support of Board actions to purchase lots, using Coral Beach monies without, first, putting forth a Resolution to the owners for approval. It would then follow that all Directors are in violation of the Articles and the Bahamas Law of Property & Conveyancing (Condominium), which means they should all be replaced with new Directors. Coral Beach must have a Zero Tolerance policy for any Director who plays fast and loose with our money and the law.
Pool temp yesterday 74f, ocean 76 but I heard from George Turner that the day before and using his own thermometer the pool was nudging up to 80f! I will be interested to check the pool temp on Monday as we are due for a cool snap!
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