After getting a refusal from the MA, I then sent a request for a copy of the RLV to the Sale Committee through their own feedback channel. I assume they have a copy. It was a reasonable request and they should not have turned me down. Their polite answer; a referral back to uncooperative MA, a ritualistic bleating of LTSA requirements and a promised glimpse of the RLV in the offing. 
I respectfully paraphrase what the Court of Appeal (HT) had to say about Sale Committee and their obligations:
167 An SC cannot rely on a mechanistic or literal compliance with its statutory and contractual obligations to escape indictment for breach of its obligations as fiduciary of the subsidiary proprietors. The first principle is that an SC has to work for the benefit of all the subsidiary proprietors. This will no doubt involve going beyond just paying lip service to the relevant procedural rules under the LTSA and its mandate under the collective sale agreement. Indeed, in evaluating the conduct of an SC, the contextual conditions in which the power of sale is exercised is everything.
It is not too late for the SC to 'work for the benefit of all subsidiary proprietors' but time and patience is running out. They have to show they are on the SP's side and not working in the shadow of a MA who has $7 million+ riding on the sale and 7 million+ reasons to keeps things simple and under wraps. SPs are just a nuisance that get in the way of a sale.
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UPDATE (from FB)
Looks like a little 'digital ' pressure has had the necessary effect. Let's see how detailed their figures really are - they need to be spreadsheet quality.
It is not too late for the SC to 'work for the benefit of all subsidiary proprietors' but time and patience is running out. They have to show they are on the SP's side and not working in the shadow of a MA who has $7 million+ riding on the sale and 7 million+ reasons to keeps things simple and under wraps. SPs are just a nuisance that get in the way of a sale.
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Anonymous23 August, 2016
Advance notification of RLV calculation is needed to consult and fact check.
An MA confident of his Valuation calculation will welcome this. It presents him with an opportunity to vigorously defend his numbers with conviction and show his full control of the facts and figures.
The Chairman must take full control, lead and not just delegate because he sets the tone and direction. He is ultimately responsible for all decisions, even those he allows others to make on his behalf.
The all impt RP hinges on the RLV. At least 10 days is needed to digest it before meeting the MA so that a meaningful, productive exchange of ideas can take place.
Not releasing the RLV calculations in advance reflects on the character and integrity ( or lack of ) of those in charge.
Take charge, do the right thing, and let us have it now.
An MA confident of his Valuation calculation will welcome this. It presents him with an opportunity to vigorously defend his numbers with conviction and show his full control of the facts and figures.
The Chairman must take full control, lead and not just delegate because he sets the tone and direction. He is ultimately responsible for all decisions, even those he allows others to make on his behalf.
The all impt RP hinges on the RLV. At least 10 days is needed to digest it before meeting the MA so that a meaningful, productive exchange of ideas can take place.
Not releasing the RLV calculations in advance reflects on the character and integrity ( or lack of ) of those in charge.
Take charge, do the right thing, and let us have it now.
Looks like a little 'digital ' pressure has had the necessary effect. Let's see how detailed their figures really are - they need to be spreadsheet quality.
BTW, dialogue sessions are the worst kind of interface for SPs. Way too much hassle to hold. Venue and time are not for everyone, only the gung-ho ever attend, and owners rarely have the presence of mind to ask questions on the spur, because information is all one-sided. No, digital allows for deeper reflection and is available to all 24 hrs a day.
Advance notification of RLV calculation is needed to consult and fact check.
ReplyDeleteAn MA confident of his Valuation calculation will welcome this. It presents him with an opportunity to vigorously defend his numbers with conviction and show his full control of the facts and figures.
The Chairman must take full control, lead and not just delegate because he sets the tone and direction. He is ultimately responsible for all decisions, even those he allows others to make on his behalf.
The all impt RP hinges on the RLV. At least 10 days is needed to digest it before meeting the MA so that a meaningful, productive exchange of ideas can take place.
Not releasing the RLV calculations in advance reflects on the character and integrity ( or lack of ) of those in charge.
Take charge, do the right thing, and let us have it now.
Few examples of tardiness are:
ReplyDelete1) Unexplained delays in posting the Statutory Declaration.( due Aug 19 )
2) Badly worded, misleading instruction on CSA notice requesting all must sign.
3) Explanation on RP revision that totally ignores earlier declared reasons ( silver zone ).
The digital medium is neutral, it does not cause confusion and frustration. It's a tardy wordsmith, imprecise and fractured composition to blame.
It seems to me the SC is a dutiful postman, relaying messages to the MA.
The team is fractured and disorganized. It lacks synergy.
Endgame predictably disastrous.
Let's call the whole thing off.
It's a simple matter releasing RLV details. What's the hold up? Are the lawyers questioning the rights of SP's to this information? Is the SC pondering hard on the modalities of disseminating it?
ReplyDeleteContrast this with the free and easy manner in which the RP was released to the Public Domain. What is the rational of this very public disclosure? Explain the benefit of this move to future negotiations? This indiscretion has compromised the team. It suggests to me a committee that's eager for a quick and easy sell. Price optimization a secondary issue.
SP's are the ones that pay MA his dues. He's obligated to ensure they get the best price, allay their fears, clear any doubts, answer all questions truthfully and completely. Why then is the MA hindering SP's efforts to scrutinize the RLV? Do SPs have a right to know? What is he afraid of?
Why has the official reasons for reducing the RP fail to address the original stated reason ie Silver Zone, " Alternative construction methods"?
With this payout why are SPs unable to upgrade? Housing options narrowed to equally old RIO CASA and Public Housing. Enbloc should enhance our housing options,should'nt it, MA?
Has this SC/MA lost the plot?
To whom do the SC/MA owe allegiance to? SPs, Developers or Themselves only?
Honestly, I cannot tell. Don't bet your house until you can.
PS. All questions will be asked during dialogue. CYA
Dear MA ( De facto leader of SC )
ReplyDeleteSPs request you release RLV numbers, not cook it!
Please explain the delay, it being available since 28 Nov 2015.
Longer the delay, greater the suspicion, the more damming adverse reading of your actions by the courts. There are many angry SPs and equally many contentious issues.
Lets have the raw numbers, digest it, brainstorm it during the dialogue and discuss other pertinent issues. Immediately thereafter, a signing of CSA in time to make the 3rd SD update.
Testing our patience only opens up your integrity to greater scrutiny.
refer to minutes of first Sale Committee meeting
Delete