Comments on: 2008 POA Annual Meeting Observations and Comments

By: Very Concerned

Very Concerned — Tue, 06 Jan 2009 20:13:30 +0000

My biggest worry is that Wachovia Bank will recall the POA Board’s loans or cut off its line of credit, which will require a special assessment of thousands of dollars from each property owner, or will require that the Big Canoe POA go into bankruptcy.

By: Wachovia Customer

Wachovia Customer — Tue, 09 Dec 2008 17:29:29 +0000

I don’t think that Wachovia Bank will cut off the Big Canoe POA Board’s line-of-credit.

Even if Wachovia Bank doesn’t do its due diligence, they still understand that a POA Board has unlimited taxing authority.

Even with the crushing burden of its interest rate payments ($700,000 in interest annually), the POA Board can force the property owners to pay-the-piper.

By: Wachovia Customer

Wachovia Customer — Tue, 09 Dec 2008 15:45:25 +0000

Sounds familiar to me:

Your son borrows $10,000 and adds the money to his checking account. He tells you that his bank statement is in the black. Therefore, he is financially OK.

Looks like this is the same creative bookkeeping that our Big Canoe POA Board uses?

By: Alley_Cat

Alley_Cat — Tue, 09 Dec 2008 05:35:56 +0000

I sit in amazement at how poorly this Association has been run.

I will long remember each and everyone of those involved in selling this beloved community down the river.

I know we are suppose to accentuate the positve, but there is a reality to our financial statements and the complete betrayal of the single family home/condo owner.

Positive cash flow comments are comical if they weren’t so sad that there appears not to be an ounce of financial management skill amongst the boys on the Board. I get the impression the Board thinks if they have ‘checks’ they have money. PLease Wachovia cut off our credit line.