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Message from the President of The Board of Directors May, 1998 volume 4 issue 2-----"LAKESIDE TOWERS"
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This evening (election night) gives board members an opportunity to explain in great detail many of the improvements already made and to be made here at LAKESIDE. However, the single most important aspect of this evening is that it ALLOWS YOU YOUR RIGHT AND MORAL RESPONSIBILITY TO VOTE FOR THE BOARD OF DIRECTORS OF LAKESIDE TOWERS. IT IS A NIGHT WHEN YOU DECIDE WHO WILL LEAD YOU FOR THE NEXT YEAR, OR IN A MORE BASIC WAY, WHO CAN YOU TRUST TO HOLD YOUR WALLETS FOR THE NEXT YEAR.

DEAR SHAREHOLDER,
Mr. BLACK'S WORDS WERE MEANINGLESS THEN, AS THEY ARE NOW. IF HE
ENCOURAGES VOTING HE WOULD BE SUPPLYING INFORMATION AND ENCOURAGING AN EXCHANGE OF IDEAS. CERTAINLY. SINCE THE LAST ELECTION, NO COMMUNICATION OF ANY KIND BETWEEN Mr. BLACK AND THE SHAREHOLDERS HE ALLEGES TO REPRESENT HAS TAKEN PLACE. MR. BLACK HAS STATED HE SPENDS MANY HOURS PER DAY MEETING WITH THE SPONSOR, MANAGING AGENT, REALTY FIRM AND OTHERS.
I WOULD SUGGEST THAT HE CUT BACK, DIRECT HIS ATTENTION TO HIS OWN AFFAIRS, AND WHEN TIME PERMITS, MEET AND COMMUNICATE WITH US THE OWNERS OF SOLD SHARES. HE IS A VOLUNTEER, NOT AN EMPLOYEE. HOWEVER I THINK HE HAS CAPABILITIES AND I WOULD BE WILLING TO CONSIDER PLACING HIM OFFICIALLY ON THE PAYROLL, THEREBY REDUCING OUR MANAGEMENT FEE CONSIDERABLY.

Why do I persist? I am familiar -more than most of you- with how individual board members were willing to do anything to get elected. I wondered then why! I saw how, despite my calling and writing our corporation council, that they proceeded in their election campaign with a letter indicating that forced sales of apartments would start in a year's time. They did so to create
chaos!!! Then they take credit for ending it! I call this deception of the worst kind. I dealt with their everyday sabotage of delaying important and necessary improvements to the lobby and parking lot, yet I completed both. I saw them attack an aged sponsor for no reason that can be justified.

While I believe in moving on, I fail to see even a glimmer of forthrightness with some individuals. Yes some accomplishments have taken place, but at what cost? The bill is adding up! What it will be in two to five years should be your concern now. We did not see the value of our shares increase in the past three years, yet the economy, including the equity market, has surged. Why? Because of productivity and individuals access to information. If our co-operatives' board now takes a straight path, the value of shares will increase. Continuing as they have will result in little or no improvement. I would suggest our board president make available to us (as was provided, before his coming to office) all sales of shares of units sold along with the $$$$$$ amount received. He should stop telling us,"Prices are great. Believe me" do you think a businessperson (certainly not the sponsor) would tolerate his simple statements that are not verified? Certainly no mortgage company will. Our building, with its location, should demand significantly higher prices. We must present our building's opportunities positively to a broad market. We must demand that the board open its books and its process. This will allow our building to prosper and not become a lower tier residential
building. Reducing our debt increases value! Increasing our revenue increases value.
More than your vote, I ask for what should be in our common interest, the first step being an open and communicative board.

 Sincerely,

Greg Doane

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