Newsletter #143    Acrobat file    Return to archive    Newsletter #145

350 BLEECKER STREET NEWSLETTER #144
November 10, 2001

The annual shareholder meeting will be Tuesday, November 13, 2001, in the exercise room at 7:30 PM. The meeting is expected to last around 2 hours. This format is designed to keep the meeting from running too long. Refreshments will be served. Please bring a chair.

As each shareholder enters the exercise room, he/she will be asked to sign in. After signing in, each shareholder will be given a ballot form, which can be handed to Andrew Brucker, the Elections Inspector, anytime during the meeting. People who voted by proxy need not sign in, unless they want the proxy returned, in order to vote by ballot. The proxy is the absentee or advance-voting document, and the ballot is the on-site voting document. Both are confidential.

I.     Annual Report (estimated time, about 45 minutes)

     A.     Managing Agent (Tudor Realty)
     B.     Accounting firm (Marin and Montanye, CPA's)
     C.     Board member reports

          1.   sales (values) of apartments this year
          2.   construction update
          3.   garage negotiation update
          4.   financial report (cash position)
          5.   art in the lobby - straw poll for guidance of Design Board
          6.   reading of the minutes from last year's meeting
          7.   additional questions and comments from shareholders

II.     Annual election (moderator: Armanda Squadrilli)

      The board asked Armanda if she would run this part of the meeting. She did an outstanding job during
      her "meet the candidates night" on October 30th. She is not a candidate, and graciously consented to
      perform this service. In keeping with the
      successful format of the October 30th meeting, Armanda
      suggested the following:

     A.     Armanda introduces the 13 candidates - 3 minutes, total

     B.     Each candidate makes a brief presentation (3 minutes each, with 1 minute warning after 2 minutes) - approx 40 minutes, total. Sequence: reverse alphabetical order, since the October 30th meeting was alphabetical order. If a candidate (or a substitute) is not present when the name is called, the turn is forfeited.

     C.     Questions by shareholders - 30 minutes, total

          1.   Noncandidates will be called on to ask questions first
          2.   Only 1 question per shareholder, as long as there are others waiting to ask a question
          3.   Each question is directed to a single candidate
          4.   Answer time limit: 2 minutes per question
          5.   After 30 minutes, shareholders will be asked if they want to continue in 15-minute increments

     D.     Last call for ballots and proxies
     E.     Tally of votes and announcement of results

III.     Meeting Ends

November 12, 2001

Dear Shareholders,

I have just been informed by Lou DeLuca, Cynthia Spry's partner, that Cynthia will no longer be a candidate for the board of directors.

Cynthia wanted every shareholder to be informed immediately of her decision not to run. Cynthia is currently in Japan, and plans to be back home in time for the meeting.

If you have already voted for Cynthia and want to change your vote, you have two choices:

     1.     Come to the meeting in the exercise room at 7:30 PM on Tuesday, November 13 (tomorrow) to change your vote.

     2.     You can fill out a new proxy. To get a new proxy and envelope, just ask any board member. The proxy with the most recent date is the one that will be counted. Slip the envelope and proxy under the door of apartment 6R (Susan Kim).

If you have any questions, please feel free to call any board member.

Sincerely,

/s/ James D. Kafadar

James D. Kafadar, Secretary
350 Bleecker Street Apartment Corporation

11/25/2001

Dear Fellow Shareholders:

This letter is from all 7 board members and is about the garage litigation. The board repeatedly promised that before going forward with the appeal, we'd do our best to negotiate, and then we'd consult with all of you on our next step. Unfortunately, all attempts at negotiation failed. The co-op's attorneys repeatedly contacted Ken's attorney, but no response was received. The board sees litigation only as a last resort. Ken sued the co-op, not the other way around.

Ken's offer, which he mailed to shareholders (and is also shown on the co-op's web site), is that the garage struggle be dropped completely. In exchange, he will not request that the co-op pay his legal fees. Ken claims that his fees were over $270,000, but the board has been advised that judges often reduce these fees substantially. Our own fees were $75,000, so the $270,000 figure may be out of line

The board unanimously advises that we proceed with the appeal, which will cost $17,000 (and does not require an assessment), and that we continue to request neutral professional mediation as well as negotiation. The court will not allow the co-op to delay or postpone any appeal.

If you'd like the board to drop the appeal, or take another action not outlined above, please write your suggestion at the bottom of this form. Put the form into an envelope, seal it, and on the outside of the envelope please:

          a.   write your apartment number
          b.   sign your name
          c.   print your name

This will keep your vote confidential, since all the forms will be separated from the envelopes by the co-op's attorney, Andrew Brucker. Slip your envelope under the door to apartment #6R, Susan Kim (or mail it to her in another, larger envelope). While we'd normally suggest mailing your vote, if you'd prefer, there may not be enough time, given the holidays and the postal slowdown due to the anthrax issues. Your response is needed in 1 week or less, since the co-op is facing a court-required deadline.

Susan Kim will give all the sealed envelopes to Andrew Brucker who will total the comments and suggestions and report them to the co-op.

If you do not respond to this letter, the board will assume you agree with its recommended strategy. To avoid confusion, if anyone has further thoughts or questions about this information, please contact any board member directly.

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Newsletter #143    Acrobat file    Return to archive    Newsletter #145