NYS coop apart shareholders have no state legal protection when state laws are violated by Board or Management Company.
The NYS coop laws the business corporation laws.
The Attorney General approved all these coop conversions , which in reality were a way for the real estate owner to turn their buildings in to bountiful cash cows.
Long story short, the AG and DA refuse to intercede in items that are specifically against the different coop laws, including state laws against "self dealing,mortgage fraud, embezzlement, fixing of elections, and a list well too long to put in here., and this is just my building. Many Other building are also running into this problem.
The Lawyers work for mainly the board, and sometimes the shareholder if they have enough money. but who wants a lawyer that works and probably plays golf with your opposition. All of these coops are not high-end ,mine would sell for under 200K, and i across from a 25 min MTA train to Grand central in NYC. Not a luxury bldg, but was bought as a home for the future. We don't have $500 an hour to spend on a lawyer that seems more interested in not ruining his chances for a plush retainer at a management company.
Also many of these problems would have been stopped 8 years ago, if the AG would enforce NYS laws. but the AG coop division refused. The Board has changed the building back into a rental, where most of the owners are subleasesing the coops, yet have never lived in them. This is 25 years after the bldg went coop and they are not "unsold shares" This goes against the whole concept of coop ownership.
I could even prove that there was fraud by the sponsor in the original offering plan. The sponsor needed 15% , but some of the original buyers have not lived in the building since conversion in 1985. I would not call them owner-occupiers.
I am trying to crowd source this issue, since no one knows what is going on in other buildings in their area. A couple of the online and print coop magazines,such as the "Habitat mag" are having a lot of chatter about these corrupt boards and management companies, plus the refusal of the AG to do anything when the state laws are violated.