UPDATE: courting hearing scheduled for 2 p.m. Today (Wednesday).
When it comes to humanitarian and court efforts to provide the 900-unit, 2000-resident Success Village co-op basic heat-and-hot-water necessities they’ve paid for but not provided, delayed by gross mismanagement and lawyers gumming up the works, nothing has come easy.
Last week Superior Court Judge Dale Radcliffe authorized attorney Barry Knott to take over, rendering management and the board of directors dormant, in the cause of turning things around.
Bank of America, for whatever the reason, has not cooperated with the court’s decision for Knott to assume control of the co-op’s financial account.
Lawyers for Bridgeport and Stratford that have led the effort to restore sanity to the Success residents prevailed upon the judge to find the bank in contempt of court. The judge granted the request.
Radcliffe has summoned bank officials for a hearing “as soon as possible” to comply with his order.
Very interesting development, when you reflect on it. A financial institution that has likely received and passed through millions of dollars, originating from the Success Village residents as the common charges, and/or rents, whether authorized or not, has failed to cooperate with the Court appointed Receiver!!
So, let them “tell it to the judge”; explain to him/her the reasoning that a court order ignored is not a sign of “contempt of the court”.
Until a full and complete record of all money transactions that occurred over the past 2years and four months, the deposits, the withdrawals in cash or by check or wire transfer, perhaps, we will not be able to constitute and recreate a record of what happened. So much has been a guesstimate.
But no one has declared that any of the funds are still present and available. Perhaps this is a lesson for the banking system to learn that the Courts are serious, or for the public and media to learn how things really happen and are legally supported. Those are questions in my mind? Time will tell.
10/2 Followup- 2:00 PM 6th floor court room with Judge Dale Radcliffe presiding. Dan Tepfer, crime reporter for CT Post and a number of Success Village residents were present to see Bank of America legal council argue that “bank rules” apparently did not permit a Receiver to sign on to/take over existing accounts for two accounts held at their Boston Avenue location. He departed the court room to “report and receive instructions” from BOA hierarchy . Five minutes on the phone gave him info that would allow him to tell the Court that the Bank would transfer all control to Barry Knott, Court appointed Receiver of the two accounts, one of which is the Operating Account that distributes funds to specific other accounts, likely with other banks, but not discussed in open court today.
Attornies for Bridgeport and Stratford were present as was Dennis Bradley, although one wonders who he represents today and how he is to be compensated, if there is a balance due to him. When the sums in the two accounts totaling less than $3,000 was disclosed, it indicates the differences between the million dollars of value that had passed that point over nearly 30 months and the money that remained on hand for operating in the month of October, 2024. Dan Tepfer was taking notes on the “newsworthy.”
Gathering the information from ALL accounts together (to begin the multi-year fiscal audit), keeping the necessary services working and paid, collecting all funds due monthly from residents, overseeing the process of making water and heating systems more robust in the face of temperatures decreasing, and working with owners to provide information (that may kickstart a new chapter in self-governance at SVA) are just some of the ‘facts of life’ that Receiver, Barry Knott, carted away in his rolling briefcase as he left court finally. He was granted ‘certified’ copies of Judge Radcliffe’s orders that provide with requests to other financial institutions he may encounter. Time will tell.
Maybe its time for this 5.5 million dollar a year cash cow to start looking for some greener pastures?