W.P.R.F. MONEY

Does anyone remember the amount of money George said was coming to residents after the lawsuit was settled? I seem to recall about $12. and some odd cents per month, I could be wrong. Our letter from WPRF says $10.61 minus, minus which leaves us with a decrease of $6.91. I am not questioning the overall increase of $3.70 just the beginning sum from WPRF of $10.61. Can anyone help?

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Your BLOGMEISTER replies:

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Very interesting question Grace:

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Following, enclosed in quotation marks, is the critical section of the Arbitration agreement as regards financial settlement:

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Start Extract-----

“Para. 3 Payment:

After the Effective Date, in full and final settlement of any and all claims in this Arbitration and/or Litigation, WPRF agrees to make the following payments;

1. On the Effective Date of this agreement, WPRF shall pay to UCO the amount of $400,000.00 to reimburse UCO for litigation fees and expenses incurred;

2. On or before June 1, 2009, WPRF shall pay to UCO the amount of $200,000.00 for additional expenses incurred;

3. Beginning on or before the 10th day of January 2009, and on or before the 10th day of the next 23 months (for a total of 24 months) WPRF shall pay $100,000.00 per month into the Operating Account. The funds for these payments shall be made from the existing residents’ reserve account; the remaining balance necessary to make the foregoing payments into the Operating Account shall be paid by WPRF as necessary.

UCO waives any rights with respect to any amounts currently in the residents’ reserve account. The payments set forth herein shall not be deemed Operating Expenses by WPRF.”

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End extract-----

In addition to the monetary component, the personal lawsuit by WPRF against UCO President George Loewenstein; will "go away" by means of joint party stipulations.

REF:
W.P.R.F., Inc. v George Loewenstein, Case No. 50 2007 CA 017430.

And

Arbitration Case No.32 181 Y 00138 07.

Now the number of interest as regards the question at hand is the $100,000.00 per month.

Divide by 7854 units yields: $12.73 per unit; adjusted of course for the standard fractional apportionment in your Associations for 1 or 2 bedroom Apartments.

So, how did it get reduced; I do not know, but I would suggest consulting Monica Wells at WPRF, she will know and she has been very helpful to me on such issues in the past.

Once you find out, please append the explanation to this Post.

Dave Israel