In yet another strange twist that further delays resolution to the short-term heat and hot water issues at Success Village, the management of the troubled coop filed for federal bankruptcy protection on Friday morning, what Superior Court Judge Dale Radlciffe declared, in response, “I hope the city of Bridgeport and the town of Stratford will continue to move this process forward, because time is of the essence and clearly this was an attempt to prevent this court from going forward at this time with the merits of this case.”
As a result of the filing the case before Judge Radlciffe, who likely would have appointed a receiver to rectify the management mess, is now on hold.
This clearly is a stall-tactic ambush by the board and its lawyer, former State Senator Dennis Bradley, awaiting federal trial next year on campaign finances charges, that further confuses the tragic situation. How much more in legal fees will be paid out as a result of this? And how much of it is going to Bradley who has legal fees to pay of his own?
CT Post reporter Dan Tepfer was in the courtroom:
The management of Success Village declared bankruptcy Friday morning as the apartment complex’s lawyer was about to present his case in opposition to a temporary overseer being appointed for the troubled co-op complex.
Attorney Dennis Bradley walked into the courtroom that was filled with Success Village residents and city officials. Standing before Superior Court Judge Dale Radcliffe he opened a file folder and announced that the co-op was the subject of a bankruptcy filing in U.S. District Court.
…“I have no choice but to suspend this matter,” Radcliffe said after getting the bankruptcy filing confirmed. “I hope the city of Bridgeport and the town of Stratford will continue to move this process forward, because time is of the essence and clearly this was an attempt to prevent this court from going forward at this time with the merits of this case.”
…City Council President Aidee Nieves, who was in the courtroom when Bradley made the announcement, called it “absolutely shameful.”
“They are hurting thousands of people — seniors, disabled people and children,” she said.
Full story here
Millions of dollars unaccounted for to property owners? Self-governance failing basic organizational values of OPEN, ACCOUNTABLE, TRANSPARENT, and HONEST communication and administration? Basic physical mechanical issues like available hot water, heat, and worrisome fire safety concerns? Where are better civil and criminal regulations and processes for people who share ownership and values?
Where is evidence of current leadership, elections, meetings, agendas, and minutes as well as financial records required to be publicly available? If municipalities bear a responsibility to specific residents including major financial expenses at times like this, why is the lack of responsibility able to be hidden from taxpayer view by legal maneuvers, at the last minute, telling the public that bankruptcy of one kind or another, is a result?
When you fail to provide financial statements for two years, and owner parties knew what was in multiple accounts in 2022, when local taxes and utility payments fail month by month, though at least some residents continue meeting payable common charges, what do the knowledgable and compensated legal representatives for the administration expect to hear? Perhaps they are not paid enough? What is their plan after rolling gutter balls for two years while posturing for the community?
Changes in State regulations? Local enforcement of a FAIR HOUSING COMMISSION in Bridgeport, allowed to remain comatose for two decades, though an Ordinance was passed by the City Council in October 2022? What does Mayor Ganim have to say about the mess, the expense of cleaning this up for the benefit of all and stimulating legal consequences for supervision of such activities in the future? Time will tell.
It seems that a state court could be approached by Bridgeport and/or Stratford to put a stay on, or deny the bankruptcy move. This coop is now a child of the state — given its untenable situation. Shouldn’t the AG be involved to prevent interference with the rectifying of the coop’s situation?! Everybody seems to be dropping the ball on this situation — even as the BOD miscreants and their colluders/lawyers continue to abuse their stranded owner-member charges.
This situation smells worse and worse by the day and should only end in prison for the BOD miscreants, et al. — and hopefully a full bailout for the condo owners. There is clear, extensive, long-term wrongdoing here. Looks like maybe even the FBI should be looking into aspects of this wrongdoing….
So when did this BOD get re-elected to even file for Bankruptcy?
Lennie, Jeff, Jim, and other readers, though we have no formal legal training, we have heard the words ‘who has standing’ in more than one legal situation in recent years.
Perhaps ‘standing’- will be the basis of some action this week in this case. How does a Board of Directors without records or a recent member meeting for perhaps two years, with an appointed and compensated administrator and multiple lawyer advisers, represent things in a Federal or CT Court of law if they are not living up to their own rules, including by-laws? Time will tell.
Good questions, John. When the coop accountant can’t produce any records (according to the testimony given by the condo accountant at the trial), we have a situation that is tantamount to an admission of collective guilt. (How are they going to pursue bankruptcy without any accounting records?) Probably all of the BOD are not culpable — there is probably some genuine innocence/ignorance on the part of some of the BOD, but the long-term, “upper echelon” BOD members have a lot of “splainin” to do. Somebody surely must have had their hand in the cookie jar. There are years of arears that can’t be explained by just a coverup due to embarrassment of incompetents. With the level of debt involved, innocent people would have been screaming for help years ago.
Surely a criminal investigation is warranted here. Surely somebody is guilty of major theft and is going to face serious charges….
In the meantime, the innocent homeowners need and deserve a bailout of some sort….
While all this gets sorted out,in about a month or so,a lot of residents will again have little too no heat and Bpt & Stratford will have to relocate them,but to where exactly?? What’s the backup plan??
I haven’t heard anyone talk about a plan to actually fix the heating system either,or where the $$ will come from to actually do it?
The bankruptcy process will take time to sort out,in the meantime the residents are on a rudderless ship.
When do Ganim & Hoydick or Hartford announce a plan??.