A Coup in the Making

bkk_post_coup_rumors

There is a letter in this week’s Downtown Express from Barbara Lerner that points out a few little-noticed changes in bylaws that would happen at Southbridge Towers should we go private. She points out how the Board of Directors have tucked into the privatization plan additional operating measures that would make their rule at SBT complete:

The measure includes changes to the by-laws that would: eliminate term limits that were voted in by cooperators; reduce the board from 15 to 9 members assuring concentration of power in the hands of fewer and fewer people; allow directors to attend board meetings via conference telephone or similar communication equipment, thus allowing a board member to spend months at his/her vacation home and still make decisions that affect the lives of those of us who actually live here; allow directors to vote on contracts in which they have substantial financial interest.

That last measure, where BoD members can give out contracts to vendors where they also have a financial interest, is an open invitation to corruption. If you vote yes for privatization you are also saying yes to all of the above measures spelled out in the Black Book, pages 690-700. Up to now no one seems to have mentioned this backdoor coup in the making.

 

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