Apartment Losing Holder of Unsold Shares Status

My building has an issue with our sponsors. In general, they refuse to sell, but most recently we are trying to determine if two apartments have lost unsold share status. Our offering plan was filed on June 14, 1982. Underneath on the front page, there is a sentence stating ‘The Plan may not be used after June 13, 1983. Our sponsors acknowledge that one sponsor lived in the building through September of 1982 (3 months after the first offering). While their daughter lived in another apartment through the ‘summer of 1983.’ (vague as to date). The shareholders feel that both have lost unsold share status because they were occupied after the first date of the offering, while the sponsors refuse to acknowledge such, saying they occupied the apartments during the one-year ‘window’ of the offering plan. Who is right and is there a document with the AG’s office, or ruling I can point to, that states the sponsor, or their offspring cannot reside in an apartment after the first date of the offering plan, or otherwise the apartments lose unsold share status. Thanks very much.

Scott

in General Discussion 8 years and 4 months ago

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