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Will small claims court get condo board to cough up financials?


Residents of our HOA had learned that for many years one Board member had been single handedly managing our reserve funds. She was working with a stock broker who did whatever she told him to do. The rest of the Board didn't understand what was going on, so they did nothing. The management company documented in meeting minutes that this was against their advice, but that's as far as it went. We discovered that more than 65% of our total reserves (well over 2 million dollars) were invested in junk bonds. Upon this discovery a handful of owners approached the board armed with evidence and the Board ran it by the attorney and made changes. So they said. Now the Board has denied the owners access to any documents other than the budget spreadsheets and reserve study. I want to see how our funds are invested. I know that in the state of CA the board cannot deny owners access to most documents, but based on everything I've read it should be only those things discussed in executive session or things of a personal nature. I am considering taking them to small claims court to see if a judge will order them to produce the documents. We do have that option here. Has anyone tried this?  Irvine CA.

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