We were at the cottage. The deadline for "bids" was looming. Someone asked if there really were other interested buyers? The answer was yes. We were operating under the procedures set forth by Mr. Meyer. We showed the cottage to at least 3 groups of people and I understand a 4th group came through as well. We also considered the July 31, 2007 deadline as the deadline for "outside" offers. The only offer made was by David in the amount of the opening "bid" price.
While all this was going on, Mr. Meyer was getting phone calls and letters. Our attorney tried expressing our concerns...first, the confusion as to the "first right of refusal". In a letter dated July 2, Mr. Campbell writes "Some have viewed the making of an offer of purchase as a waste of time in that perhaps a family member or other could meet the offer, thus negating the efforts of the person making an offer of purchase." He went on to say..."there is confusion as to the low minimum offering price of $575k. For example, the XXX family has a cottage in cottage grove where a cottage that is much smaller than the Symons' cottage is currently on the real estate market with an asking price of over $800k. There are also other properties in the area of lesser size and quality that are priced much higher than that of the "Symons' cottage". Further, ownership of the Symons' cottage also entitles the owner to a 1/35th ownership of the Association property that has an S.E.V. of $8,595,800.00, or a fair market value of $17,191,600.00."..and finally, "my clients are uncertain whether the procedure for selling members' property as stated in the association's standing rules have been followed."
In a letter dated July 17th...(remember the looming deadline)..our attorney wrote to us.."As you and I discussed on this date, Mr. Meyer told me that he was not going to change course in the procedures that he has been following because he believes that it is "too late" to do so." Apparently he went on to tell our attorney that "he would not do anything rash" in regard to the sale of the cottage. Ok.
On August 6, 2007 the plaintiff with his counsel filed a MOTION TO FACILITATE SALE AND FILING OF RECEIVER'S REPORT TO THE COURT. I told you they were in a big fat hurry.