From the Times Ledger:
The North Shore Towers Shareholders Association wants to look into a lease the co−op made in 1988 with a communications company that manages and operates antennas on the roofs of the co−op’s three buildings after a settlement was reached between the company and the co−op.
Continental Communications, the company that manages and operates the antennas, has a lease that gives the company free reign over how many antennas it can install, which led the company to put up more antennas than is allowed under city regulations, according to North Shore Towers Shareholders Association President Barbara Leonardi.
“We, as the shareholders, don’t even control our property,” Leonardi said.
Continental Communications sued North Shore Towers and the co−op’s board of directors individually for $500 million after the co−op held off on endorsing the company’s permit for the antennas, which were up for renewal.