AceContinuum t1_j491l8n wrote
Reply to comment by bittoxic00 in He Spent 181 Days at Rikers Over NYC Condo Addition — and May Go Back If It Isn't Torn Down by Shreddersaurusrex
>The members should also be worried that a blocked sale
It's a condo, not a co-op. Condo boards don't typically have the right to block a sale, nor does the article suggest that the condo board is trying to block Riccardi from selling. Rather, as a practical matter, no buyer in their right mind would want to buy once they learn of the whole mess.
As for the possibility of a bank taking over ownership after foreclosure (the article doesn't mention whether Riccardi has a mortgage on the property - he might own it outright), the advantage of the corporate form is that it's not possible to jail a company. The most the judge would be able to do is fine the bank.
bittoxic00 t1_j499ho2 wrote
The article claims any sale is blocked while this is ongoing
AceContinuum t1_j49cgkk wrote
No, the article just says:
>The Riccardis say they would just like to get out but can’t sell the condo with the legal controversy pending.
"Can't sell with the legal controversy pending" is entirely consistent with "can't sell due to inability to find a buyer."
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