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As critical and consequential facts were disclosed at the Special Membership Meeting of Lake Mohawk Country Club on July 19, 2017, regarding the sale of certain community held parcels to generate capital reserve funds; asking Members to relinquish their rights to said properties.
It is held that there was a lack of due diligence performed, prior to the vote, to fulfill the fiduciary responsibilities to the Members, without first having considered the facts as follows on said properties:
1. The current value of the properties to be auctioned
2. The proposed costs associated and necessary to sell properties
3. The costs previously incurred in engineering, legal, title, administrative and other in the contemplation of the sale of properties over the past several years
In the absence of the above critical information, WE THE UNDERSIGNED MEMBERS OF LAKE MOHAWK COUNTRY CLUB, register serious and grave concerns with our Board of Trustees, that we, LMCC, have not performed the necessary due diligence on the proposed real estate transactions, prior to bringing this matter to a vote.
In light of these FACTS, WE THE UNDERSIGNED are concerned Members, who urge our leaders to act now to:
VOID the vote of July 19, 2017
FORM a Due Diligence Committee comprised of Board Members and Club Members to conduct and monitor proper analysis of net proceeds to be generated from the sales; to determine the cost benefit of disposing of parks and community held properties.
REPORT and disclose results of due diligence to the General Membership of LMCC; with alternative options for generating commensurate Capital Reserve Funds, prior to being put to a vote.
We believe these actions are necessary and prudent to insure that Lake Mohawk Country Club acts responsibly and in the best interest of our community, both present and future, because once we sell our parks, we will never get them back!
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