Getting arrested at your co-op -- consequences?

Have you read Bonfire of the Vanities?

There're a few conditions under which the co-op can terminate the proprietary lease and evict the shareholder. Just getting arrested isn't one of them.

Almost all proprietary leases have an objectionable-conduct clause. E.g., two-thirds of the shares would have to agree to terminate the lease if the lessee repeatedly breaks the house rules, or was found to "permit or tolerate a person of dissolute, loose or immoral character to enter or remain in the building or apartment." That hardly ever happens.

I suppose being convicted would qualify, but by then the U.S. would've taken possession of the shares, evicted the lessee, and sold the place, anyway.

Here's the apartment as it was when they bought it in 2009: http://streeteasy.com/nyc/sale/357609-coop-885-park-avenue-upper-east-side-new-york

I like the gallery ceiling.

Very nice. I like the bookcase. How much do you think it will sell for at auction?

The last few I noticed were sold through brokers. Madoff's and Dreier's were like that, IIRC.

For cars and guns and stuff they'll go to auction right away (judging by the U.S. Marshal's ads in the paper) but for a big-ticket thing they'll want more exposure.

Good qUestion.

NWT:

Getting arrested for securities fraud doesnt justify termination of
a shareholder's lease under Pullman, and conviction wouldnt either.

The same is true for committing mass murder, as long as the murders
are committeed off premises and do not involve coop owners.

... ont he other hand, harboring a dog

Right, that's what I said re: arrest. I guess they could try if the guy's convicted, but then the government wouldn't let his wife keep the apartment anyway, so it won't come to that.

Right too, that breaking dog rules trumps everything but price-gouging on kiddie porn. (I've been waiting 20 years to recycle that line from alt.tasteless....)

or harboring an illegal washer/dryer.
probly get probation for not covering 80% of floors.

In the Madoff case wasn't it the govt which confiscated and sold his co-op? I don't think it was the co-op itself which liquidated him.

Yes, the U.S. took the apartment and sold the shares, with the buyer being vetted by the co-op, as usual.

C0C0 were you still in your co-op at the time or had you moved to the rental already?

Nice floorplan, though I'd like to see a half-bath off the central gallery hall, rather than the only 'public' one being through the library. Shared bath between the 2nd & 3rd BR is a compromise, and too bad it doesn't have a window, but there's not a lot to dislike in this floorplan.

If he's convicted and can pay the fine out his other assets, he'll keep the apartment. It's an insider trading charge, not defalcation.

NWT: Madoff had a lot of stuff. This guy probably doesn't have Madoff-level stuff.
Maybe if he can pay the fine by selling assets he can keep the apartment and get the stink-eye from the Board.