TAMPOA Is Broke!

TAMPOA owes Attorney Bill Andersen almost $100,000.00, according to the Treasurer's report discussed at the October 2, 2006 TAMPOA Board meeting. The bill has not been paid, and Andersen has told TAMPOA the money is overdue. We have also learned that TAMPOA also owes a substantial sum to another attorney and has not paid him. TAMPOA does not have the money to pay its bills from Andersen and still meet all of its other obligations, including the preservation of its emergency funds necessary for hurricane cleanup. TAMPOA will have to borrow the money or raise Annex resident's assessments.

The Board has already paid Andersen about $250,000.00 in connection with the Southard Street controversy. According to TAMPOA Board sources, most of the additional $100,000.00 is owed for "research."

Andersen has charged TAMPOA more than $350,000.00 so far this year. The TAMPOA Board was given an estimate that the Southard Street contract litigation would cost at least $500,000.00. This information was not shared with the Annex residents before the litigation was begun. With no end to the litigation in sight, the cost of Andersen's services could reach that amount by the end of the year.

According to the TAMPOA Board, Truman Annex residents are individually liable for the legal bills the Board has incurred, even if residents sell their home and move from the Annex. The Board has not furnished copies any of TAMPOA's legal bills nor their precise amounts to Truman Annex residents.