the enbloc meeting started half year ago, when the property market started to pick up. marathon man's fren ah kung, being a member of the sale committee attended a few meetings.
tonite they talked about engaging a property valuer to give them a valuation of the 13 types of units in their condo. the price was $4700, and also quoting them a price of $12,000 for a third party valuation of the whole estate just before the tender would called if they got the 80% of the share values to go ahead for the enbloc. the question was, who was going to foot the bill? the valuer agreed to a deferred payment scheme whereby they would only pay the valuer after they went to the eogm to start collect signatures and an amount for the valuation fee. it work out to be $100 each unit owner who's going to sign.
one member joked, "like going into the casino in sentosa, paying the $100 entrance fee, now we can tell the residents that, instead of going to the casino, they can pay the $100, and just like entry into the casino, if everything goes well, they would get back a couple of million buck.... much better than the return from gambling in the casino. "
the other said, "hmmm. enbloc is big gamble, if done wrongly would involve the reputation and financial loss of the committee members like the ones in horizon tower. we better get it right."
"don't worry. i'm here to help you guys." the lawyer representing the committee said.
"lawyer, how can we not be sued by some of the people who are very against the enbloc thingy?"
"be transparent, no hanky-panky things."
"are we transparent enough?"
"with me around, i can make things very transparent."
"how?"
"just follow my instructions."
"but horizon tower's committee also had lawyers, how come they got sued?"
"read my lips : follow my instructions, you will be ok."
- it takes another lawyer to read a lawyer's lips.
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