Application was received on or about August 18, 2009. The Board had concerns about the
financial information provided by the Colacinos as it was valued as of December 31, 2008. See
Spiegel Aff. at ¶6. Spiegel requested that Tonya Sledge-Goodwine ("Sledge"), an employee
of the Building's managing agent, Prudential Douglas Elliman Property Management ("Prudential
Management"), convey to the Colacinos that updated information was required for Board
approval along with information about the status of the sale of the Beach Street Residence, which
they were advised had been scheduled for September 15, 2009. Id.
On September 16, 2009, Mr. Colacino sent an e-mail to Muss ("E-mail No.1"), in
which he explains that he has not closed on the Beach Street Residence yet because he is hoping
not to have to move twice. He further states in this e-mail that the closing on the Beach Street
Residence "is scheduled and will occur on October 14th."
Mr. Colacino states that, after the initial submission of the Application, he heard nothing
from the Board until September 17, 2009, when the request for additional information was
communicated to him. Colacino Aff. ¶9. Mr. Colacino states that he supplied the requested
information to the Board within 48 hours. Id.
Spiegel states that the new information and documentation, which included
information that the sale of the Beach Street Residence had been rescheduled for October 14,
2009, was distributed to the Board on September 21, 2009. Id. at ¶7. According to Spiegel,
the new information provided by the Colacinos raised concerns with the Board. Id. at ¶8.
The Board requested, among others, correction of certain financials containing arithmetical
errors, valuations of certain of the Colacinos' real estate holdings, an explanation of the