Since you have offered so graciously to answer questions if one identifies oneself, I would appreciate your answers to the following questions. I would also like to know how our Board of Directors voted: accordingly,
* Why is Bruno Rufa's name allowed on the proxy for the 2008 AGM? He has broken Bahamian law; does that not mean anything to our Board of Directors?
* Who is our Nominating Committee? Bjorn Eustrom is only the co-ordinator for the nominations committee. When asked, he disavowed having any knowledge of anyone on the nomination committee. I will ensure that a genuine Nominations Committee in the future will be established.
* Five newly nominated candidates were added to the proxy for the 2008 AGM. This proxy was mailed to all owners without resumes, pictures, nominations, and seconds. Why were they not included when you had them in your possession?
* Which Board members voted to use our Coral Beach Hotel truck as a rental? That is what you stated in your September 27th letter. This is a bonded truck, illegal to rent and thus does not carry the proper insurance.
* Which Board members voted to discontinue the Minutes of all Board of Directors meetings? This is a legal requirement, according to the Articles.
* Mark Hardy is our Coral Beach bookkeeper; to then allow him to audit our books at Coral Beach Hotel is a conflict of interest. It creates the impression of impropriety and does not allow for independent corroboration of the numbers. Which Board members voted in support of Mr. Hardy performing both functions of bookkeeper and auditor? Who will be doing the audit this year?
* The Coral Beach Pool Bar is not going to be reopened except for special occasions. When were you planning on telling the owners at Coral Beach - when someone submitted it to the blog? Why do you want to keep this asset closed and who voted as such?
* Which Board members voted to sell off our only Coral Beach Hotel assets - Kenilworth hotel rooms and manager's apartment - at rock bottom prices and why? Who are the successful bidders on these units and the prices paid? Coral Beach owners have a right to know.
I have numerous additional questions to address to the Board of Directors, but prefer to continue an ongoing dialogue with the Board of Directors in the attempt to facilitate answers to many additional questions owners may have.
Had the Board of Directors not chosen to shut down our original Coral Beach Hotel website, the owners could have had a place to find out this pertinent information, and more, regarding the running of Coral Beach. I would like to personally thank Pat Lihou for her efforts and hard work on the Coral Beach blog. (Pat: thanks)
I will address the Treasurer's and Building and Grounds Committee Report at another time. With over 38 known units with various levels of leaks, the G7 project not living up to expectations, various pending lawsuits, Chairman of Coral Beach deported, and Articles not being adhered to; I can collectively say we are fearful of our future at Coral Beach.
My objectives are clear. I want to provide Coral Beach owners with records of accounts in the office for all to view, strategic planning for future repairs, full disclosure of an independent audit, timely minutes for all owners to view and encourage contribution of ideas. I also want to establish the necessary procedures to ensure that the bidding process on the sale of any future Coral Beach units is transparent and that ample time is given to make sure maximum sale price is obtained and as I said before, utilize many experienced volunteers for committees who are committed to Coral Beach as I am.
I have every intention of adherence to Coral Beach governing documents, in accordance with Bahamian Laws of Property and Condominium Conveyance.
We look forward to hearing from you and each Board member, individually, so all owners can make an educated and informative decision on voting at the AGM in 2008.
Regards,
Steve Toth
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6 comments:
RE; the pool bar
Has anyone else heard it is being renamed the Bod-A-Bing Club?
Bravo Mr. Toth,
Thank you for your frank remarks and honest assessment of what is happening in Coral Beach. Please let the blog readers know when you hear from the BOD, as we are all anxious to hear the answers to your very pertinent questions.
Pat
After reading this, please tell owners again to send their proxies to someone they know, not to the front desk (secretary) at Coral Beach.
Also they probably should send along a copy of their drivers license or passport?
For goodness sake this is not going to be a friendly election is it?
There were so any things to comment on so I will choose the easiest. Independance of an audtior in very critcical and one of the key princles of ethics to Certified Public Accountants in the States. Independence was challanged with Enron and Worldcom. Since then many new auditing pronouncement regarding independence and other issues have come out. Independence is as old as the profession that dates back over 100 hundred years. An excellant point Steve.
In looking at Mr. Hardy's financials, there is a significant decline in hotel revenue, which is attributed by Hardy/Galiano to having fewer rooms to rent as a result of the room sales. Can anyone tell me what our profitability was on these sold rooms? If we had a loss, then maybe it made sense to sell them if we couldn't operate them profitably. On the other hand, if we were making money on them, was it a bit short sighted to sell a money producing asset in exchange for a lump sum payment where the income over time would exeed the short term benefit of the sale income?
Re selling studios....I'll try to briefly answer your question. I was among the 2005 Board of Directors who approved the decision to sell the hotel studios. The hotel operation operated at a loss for years and CB had/has no expertise in the hotel business. The offset was and is the bond. If I may suggest, you are justified in being concerned about the process of sale which was not given sufficient time to secure an optimum sale price. The fact that an insider purchased one of the (power of sale) studios should be a warning flag to all owners.
Ted Mulvihill
PS.
A future Board would be wise to evaluate the usefulness and necessity of maintaining the bond. It is a comlex analysis.
Seasons greetings to all.
Ted Mulvihill
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