Q: FL Co-operative assessed $250K to settle negligence case with Estate of Deceased Member. How to verify disbursements?
Estimated legal fees the estate incurred for the case between $75K and $100K.
$30K were paid to creditors per probate case public information.
Estate owes Co-op $19K. Representative claims to have no money left. In conversation, representative hinted to "other parties" and "disbursements" prior to apologizing and hanging up (eerie and suspicious throughout call, seemingly extra careful to disclose too many details, perhaps due collateral settlement?).
$250K - $100K - $30K = $120. Even if $20K is reduced for contingencies and expenses not accounted for, how can the co-op request to see the disbursements made, given
a) secretary executed agreement but Co-Op bylaws state only the President may sign agreements (or the VP in his absence/death).
b) co-op was assessed an additional $200K in 2018 to pay for legal fees. In 2019-2020 board learned the secretary refused to pay $50K in remaining legal fees, which should have been paid in 2018
A: If you are a member of the co-op you are probably entitled to a full accounting of all of the settlement details.
Bruce Alexander Minnick agrees with this answer
A: The co-op BOD should be verifying all claims and disbursements. If the members are not happy with the co-op's figures the members should band together and take op a collection to pay a qualified lawyer or CPA or reliable financial firm that does these things routinely.
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