There's a hole in the bucket, Dear Liza, a hole....

 

In a little over a year, my co-op has gone from a place where I'd be glad to own an apartment to one where I wish I could sell the place and be done with it.  Being on the board of directors, I am not able to talk about any of the details why I feel this way.  But I can say that I (and other shareholders) have received letters from one outraged shareholder complaining about how things have been managed.

Why is this an issue?

Being on the board puts me at financial risk if we were held liable for the problems the co-op is facing.  Right now, I think we'd win our case if ever brought to court.  But I'm very concerned about my financial future, given that I'd have an extremely hard time recovering (if possible) from any judgements.  Luckily, our lawyer is on the case, and we are taking proactive steps to resolve our issues.

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Our problem is one that I can see us finding a way to resolve.  But there are many other condos and co-ops in this country which have problems worse than ours.  For example, the collapse of an apartment tower in Florida caused the state to enact legislation to deal with Home Owner Associations (HOAs) who have kicked the can down the road, deferring essential maintenance that would keep their buildings safe for residency.  Due to this law, many condos in Florida are effectively worthless, given the rise of HOA fees and assessments needed to bring their properties up to snuff.  (My co-op has continually maintained our property, and was in excellent shape until the beginning of 2024.)

Right now, I am very concerned that things will keep getting worse all over.  Last night (as I write this), one of the ladies in our zoom meeting mentioned that her firm just laid off a significant number of employees.  Given her skill set, she feels safe.  But in her shoes, I'd still keep my resume updated and my fingers tightly crossed.

We're starting to see the effects of the Orange Snowflake's trade war.  He's pissed off our friends, only to get an occasional "win" he can brag about in his propaganda.  Canada has sworn off US goods, and largely avoided the US for its "Snowbird" vacations.  I'm not sure that there's anything that can be done to win back Canadian business until the Snowflake is long gone from office - and that will take years, at best.

So what does this all mean?

I feel that on a macro level, America is heading towards a depression.  Both our short-term and long-term policies have been geared to dealing with today's issues instead of heading off those that will happen tomorrow.  In Florida, inadequate regulation has destroyed the value of a large sector of its real estate market.  In the US, ballooning federal debt will destroy the value of the US Dollar as well as our economy.  Hopefully, we will be able to ride out the troubles I expect to see and come out relatively whole 4 years from now.

 

A trip to Uncasville

 

I wasn't planning on driving that much this weekend, but an invite from CCS got us out to Eastern Connecticut Saturday night.  Instead of sitting at home and wondering what to do, we drove to Mohegan Sun to meet my friends for dinner, followed by both Gladys Knight and the O'Jays in concert.

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RQS and I relaxed most of the morning, and realized that it was 12:30 pm before we got moving to get showered, dressed, and out the door. We had planned to leave Croton around 1:30 pm to have adequate slack time to reach Mohegan Sun with time to spare.  However, this was not the case.  We left 30 minutes later, and it took all of 2 1/2 hours to get there.  Luckily, we were not traveling in the opposite direction, as the Southbound traffic was jammed up throughout most of Connecticut.

Reaching the casino complex, I was impressed at how big it had become.  Years ago, I remember coming here when only the first of the casino wings was open.  The last time I was at the casino, the third wing was under construction.  This time, all four wings were open, and one could need a road map to find his/her way around.

Our friends were waiting for us at Pepe's pizza, and we proceeded to order our pies. 30 minutes later, they were ready, and we proceeded to feast and chat.  This would be the second time I met CCS's husband, and the first time RQS would meet CCS with her husband.  CCS had mentioned my co-op's issues to her husband (he's a lawyer) and he gave me some information I can pass on to our board's president.

Around 7 pm, we walked over to the casino's theater.  CCS and her husband received 4 free tickets to the performance as perks for their gambling efforts.  I have no idea how much they gamble, but they get free rooms at the casinos as perks, and other goodies as well.  But we consider myself fortunate to be there as their guests for this show.

Gladys Knight came on first.  For a woman in her 80's, she still puts on a good show. However, one can see that age has taken its toll on her body, as she used assistance in getting on and off stage.  After 45 minutes, her set ended, and we had 30 minutes to wait until the O'Jays came on.  By this time, I should have stretched my legs and gone to the women's room.  But no, this T-Gal stayed in her seat, allowing her legs to start aching.

Next were the O'Jays.  One of the original singers had passed away, and this was noted by the group as part of their performance.  And then they got on with their music.  It was good, but not the music I remembered as a youth.  As expected, their closing number was "Love Train", and they did not fail to get the audience moving to the beat.

The show ended around 10 pm, and we relaxed in the theater waiting for the crowd to disperse.  Three of us had to rush to the ladies' room, and I was impressed by how clean it was - even after a show, when one would expect it to be a mess.  Then if was off to the pastry shop to have a bite to eat before we were to go home.  30 minutes later, we left CCS and her husband, and made a "donation" to the casino before finally leaving for home.

I said that we'd stop at the first service area on I-95 we reached.  While RQS was taking a bio-break, I could fill the car with gas.  This was not to be.  The gas station had turned off its pumps for its weekly refresh, and I wasn't in the mood to wait until 12:30 am to get gas.  So, it was off to the next service area - 15 minutes away.  And here is where I filled up and stretched my legs before driving another 100 miles to get home.

We reached home just before 2 am, and were exhausted.  It was a long day, and both of us were grateful for friendships old and new.

 

As I write this, a sad day.

 

As much as some people are happy to see this day, smart people also have a bit of sadness too.  Our former president has been indicted on 34 counts in New York State.  We have never seen anything like this before, and it will be a precedent no matter what results from the trial.

People who know me know that I despise our former president for how he divided this country and for how he normalized extremist nuts.  Even worse, he created a situation where professional politicians are afraid of his supporters - something reminiscent of 1930's Germany.  And yet, our republic has survived - so far.

Trump's lawyers have characterized this indictment as a political action, claiming that the ex-president's opponents are using the courts to harm him.  I find this amazing, as Trump is known for using the courts to get his way with others.  He claims that he is a political victim.  But he brought it on himself.  He pissed off too many people, and is now finding that Karma is a bitch.

I, for one, am upset that the trial will not take place until 2024, and that he will not be under any gag order to keep from aggravating the public in a way that would allow for a fair trial by a jury of his peers. I am also upset that there is no way to accelerate this case, so that it will not affect next year's election season.  I will be upset if this case creates a possible constitutional crisis, if Trump is elected but the trial is still taking place.  As they say, "Justice Delayed is Justice Denied" and Trump continues his tactic of trying to run out the clock.

It's a sad time for America, as we can no longer automatically hold our presidents in high esteem anymore.  This indictment shows us that our leaders are only human and must be held accountable for their actions when called for.  In short, it's time for America to grow up and realize that we are no longer the special "Beacon on the Hill" that we once thought this nation to be.

Dealing with legal issues.

 

When my father died, my brother and I gained control of the family homestead.  We were lucky that my dad protected the house from claims from his creditors by giving the house to his 2 offspring, but retaining a life interest in the property.  In the years since my dad moved into the nursing home (and after he died), we have been trying to get around to seeing a lawyer to protect our interests in the property, so that it can be passed on to our heirs.

Recently, my brother and I finally got around to seeing the first of 2 lawyers to get proposals in how best to protect the property.  The first method we received is based on a constructive use of Trusts and an LLC (Limited Liability Corporation). We expect that the second law firm we visit will propose a similar approach.  Although my brother can set up a LLC (he does this quite often in his line of work), we agreed that if a LLC were to be set up for us, it should be done by external counsel.  This way, we won't be the ones to possibly screw things up if we have problems.

Admittedly, this is what people do when they have something valuable to protect and enough money to protect it.  I am very thankful that my parents raised us well, and that both of us have the resources and skills to provide for the rest of our lives. If anything, this is better than most gifts I could have received in life....