Wall Street Firm GSS Holdings Bought 80% Of The Units, Now Wants Holdouts To Sell To Them At A 75% Loss
It all began about two years ago. Wall Street firm GSS Holdings (TFO), Inc. began buying units in the complex in order to convert the condominium complex into a rental community. Madison Oaks Property LLC needed to control 80% of the units as in order to do the conversion.
These deep-pocketed businessmen didn’t count on the handful of residents who refused to sell. Now the “five guys from New York” are attempting to force these residents to sell them their units at a 75% loss.
Madison Oaks Property LL say the law is on their side. They claim they have control of 80% of the units. Yet, residents point out the law also says the conversion can’t happen if more than 10% of the owners object. Residents claim Madison Oaks Property LLC is ignoring the law and is attempting to make them sell.