GalaxyFacts Chat Room

Guest · Posted: Mon Oct 15, 2007 2:26 pm Post subject:

It is interesting that the other directors would allow Braitman to have such control and authority at the meetings. What business expertise do any of them have? Are they lazy or impressed with his vocabulary?
How Bizarre

Guest · Posted: Mon Oct 15, 2007 9:03 pm Post subject:

we know the board voted to approve refinancing in April but the terms were never disclosed...this is material we had made several payments toward principal but these were to be "refunded" (or counted toward interest for the rest of the year)

with the new budget nearing approval and maintenance increases close to being approved, be nice to know what we spent...and why we need an increase?

[quote="Anonymous"]We have taken a loan in the amount of 18.5M and
almost one year ago, Ellinger informed us that the Board
was in the process of renegotiating our loan with
Banco Popular to get a longer term (to get some relief
on the cash flow burden by paying less interest at
longer maturity) at a higher interest rate to boot.

I believe that was in the annual budget meeting in
April of this year. To date, we have heard not a
word on this loan renegotiation. We are collectively
in debt and have no precise information as to how we can
pay off the loan, let alone finance our on-going
capital expenditure and build reserves.[/quote]

miked · Guest

Today the refinance agreement and promissory note were released to the seller.
Thank you ms. saks

Miked · Guest

Guest · Posted: Tue Oct 16, 2007 7:07 am Post subject: Concerned Owner

Will it show if we borrowed more money?

Guest · Posted: Tue Oct 16, 2007 4:23 pm Post subject: Sarbanes Oxley Act

Transparency Transparency Transparency

Guest · Posted: Tue Oct 16, 2007 4:31 pm Post subject:

Send Braitman to a library where he belongs. Remove him from any business setting.
posted by Successfull Person

Mike · Joined: 28 May 2007 Posts: 128

This is from the Hudson County Hall of Records in Jersey City. It is a recorded Public Record. It was signed on June 21st 2007 by Allan Ellinger and Harlin Blank and recorded on September 18th 2007. The highlights were made by me.

oxford 93 · Guest

Is the $1,419,679.00 loan fund resulting from the consolidation of the 2003 and 2005 loans a cash out refinancing so that we borrowed back what we had already paid off and now have a total of 12.5+6 +1.4 or 19.9 million in total to repay+ interest???

It is called refinancing but it seems to be another loan. This is not my field and I would like someone to clarify what I am reading. Thank you to whoever offers the clarification/transparency:)

Guest · Posted: Wed Oct 17, 2007 3:02 pm Post subject:

If they borrowed additional funds the directors had the fiduciary responsibility to inform the owners. The refinance was presented to the owners as a way to lower the monthly obligations not as a tool for the Board to acquire more money to throw away and to put us in the hole deeper than we were. After three years of paying down the first loans we are now back to square one.

Guest · Posted: Wed Oct 17, 2007 7:58 pm Post subject:

we paid some principal last year and it doesn't look like they gave it all back...

they didn't say that they were borrowing additional money though. we're required to keep some money on deposit and i'm sure that part of the $1.4 million borrowed went to that. I don't know what the rest went to but it's easy to find out:

GO TO THE BANK STATEMENTS

Mike · Joined: 28 May 2007 Posts: 128

Link

miked · Guest

This is no different than the last minute " must vote on it now" change to the rules for the proxies requiring photo Id's. And the must vote on it now or we won't get this "great deal" from the contractor.

The board was pressed to vote on the refinancing or they will lose the great deal (roll back to January 1, 2007). Not only does it look like the refinancing was not rolled back to 1/1/07 but they borrowed another 1.4 million on top of what they owed and on top of what was presented to the owners and the Board by Ellinger.

I think Mary Ellen couldn't answer this question last night because she needs help from the spin master and he is not available.

I believe the owners were deceived along with most of the Board members into thinking this was a simple refinancing with a great deal attached but it was just another way to get more money without the vote of the owners. The motion was made by Kaehler based on the terms explained by ellinger which do not appear to be true.

I just don't understand why the Board members who voted yes to this are taking this so lightly. It gives the impression they were accomplices to the deception in my opinion. I know if I voted on something that was misrepresented to me and the people I represent,[I WOULD BE SCREAMING!!!!!!!!

Guest · Posted: Fri Oct 19, 2007 11:02 am Post subject:

the answers are in the financial records all owners can access...the loan payments are generally made from one of the Merrill Lynch investment accounts. It's easy to check the statements to see how many payments were made.

The loan funds themselves are deposited in a checking account at Banco Popular and checks for R&R expenses are paid from this account. These bank statements are also available.

The funds on deposit at Banco Popular are held in two accounts. The statements for these accounts are available.

Let's look at the statements and see what's what.

The promissory note will undoubtedly lay out the details as well.

Let's get the facts and then take it from there.

Guest · Posted: Fri Oct 19, 2007 9:08 pm Post subject:

I was sent a copy of the promissory note and I see a 1% prepayment fee as well. In the video Ellinger tells Biijan there is no prepayment penalty fee.