[rshoffer]

Originally Posted by Advogado

SNOK:

I fully agree with your analysis as to where the costs (if any-- for, as SteveZ points out, we can only speculate at this point as to the outcome and costs) SHOULD ultimately lie-- with one caveat. Since the VCCDD board members are nominees of the Developer, it is unlikely they will voluntarily pursue remedies against him. A similar situation arose in the past when the VCCDD was left with insufficient funds for amenities because of transactions with the Developer. Unfortunately it took a class action against the Developer, the VCCDD, and Gary Morse to convince the Developer to return the necessary funds ($40 million). In the meantime, our amenity fees are being used to pay the VCCDD's attorneys to defend the transactions between the Developer and the VCCDD.

In my view, if the "speculation", which several posters condemn, causes residents to think about what is transpiring here, about the need to stay informed, and about the possible need to someday take action, then "speculation" is probably a good thing. Since very few people actually read our posts here, I think that the best way for residents to stay informed is through the Property Owners' Association, which has been watching the situation and furnishing objective updates in its monthly Bulletins and at its monthly meetings. Unfortunately, the Villages Homeowners' Association has continued to ignore the whole thing.

Who or what initiated the class action suit that you referred to above which resulted in a finding of 40 million against the developer? What became of the 40 million?