We’ve all heard the inspirational saying, “When the going gets tough, the tough get going.”
That’s what’s happening in Waterville Valley in the wake of accusations of misappropriation of funds by a long-time property management company.
The initial shock, disappointment, sadness and anger has given way to a more proactive perspective. Cooler heads are prevailing and the community that was reeling late last week following this unbelievable news is responding to the problem the way we respond to most problems: by rallying together.
Right now condominium association board members, property owners and community stakeholders are working together, sharing information and resources, locating individuals and organizations that can provide guidance to the impacted condominium associations, locating and providing temporary land, offices and equipment to help new service organizations get up and running, and helping condominium associations meet and plan how to move ahead.
I prefer to stay out of the rumor mongering and will keep you updated as I have more definitive information.
If you have questions, I suggest that you contact your condominium association board president or the Town of Waterville Valley’s Department of Public Safety at 603-236-8809. Don’t hesitate to leave me a comment with any questions and I’ll try to find an answer or refer you to someone who can try and help you.
Update Thursday, Oct. 25, 2012 ... According to the Waterville Valley Department of Public Safety, the U.S. Attorney’s office is now involved in this case.
Update Monday, Oct. 29, 2012 … A meeting of condominium association board members, town officials, Waterville Valley stakeholders and property owners was held on Saturday, Oct. 27 at the Waterville Valley Conference Center.
This was an informational meeting with three primary speakers: The Town of Waterville Valley’s police chief, Dave Noyes and town manager, Mark Decoteau; an insurance agent, Bill Clark, from Melcher-Prescott, Plymouth; and Scott Wolf, president of the New England chapter of the Community Associations Institute.
A brief summary … Wateville Valley police chief, Dave Noyes, stated that reported losses are currently at $1.6 million and growing with 19 associations filing complaints. One additional association was going to file a complaint following the meeting, making the total 20. Chief Noyes stated that no arrests have been made. Search warrants were executed at three locations, including Stone Property Management. Although they have enough evidence to make an arrest(s) now, they are waiting because as soon as an arrest occurs the clock starts ticking for the right to a speedy trial. The amount of evidence being collected is huge and it appears that the various law enforcement agencies investigating want to hold off making any arrests until they can make sure they’ve gathered ALL the evidence to move forward with an airtight prosecution. The FBI is now spearheading this case and resources include a forensic accountant.
Bill Clark, the insurance agent, answered questions. The bottom line is that you need to talk to your association about insurance coverage.
Scott Wolf, president of CAI, offered information and advice to condominium association boards about what to look for when choosing a property manager.
Update Wednesday, Feb. 6, 2013 … NH Business Review article re “forced bankruptcy” >>
Update Friday, Nov. 2, 2012 … Union Leader article by Paula Tracy >>
Update Friday, Nov. 9, 2012 … Statement/FAQ’s from the Waterville Valley Department of Public Safety >>
Update Thursday, Jan. 17, 2013 … Stone Involuntary Chapter 7 Petition by Creditors >>
Update Monday, Jan. 21, 2013 … FAQ’s from the Waterville Valley Department of Public Safety (updated Jan. 21, 2013) >>