Deed theft & selling a co-op, can this be done?

A process for deciding to sell the building (i.e. dissolving the coop) would be governed by the coop proprietary lease and bylaws. Typically it requires a supermajority % of shares, but whatever the documents say is controlling.

Selling/paying would get the lender off your back, but it also sacrifices your leverage in the dispute (the building, and being otherwise unable to pay) and it locks in the losses. You will be left without homes, and the lender walks away with the money (or a big chunk of it, at least). If there is any eventual recourse against the 'rogue' board members' personal funds, or the lender, or your coop's insurance (directors & officers policy?) it would take a long time to reach a judgment and then could be hard to actually collect any cash.

Were the loan proceeds used for coop/building purposes, or for personal enrichment of the individuals?

Is there any indication the lender knew, or should have known, that the borrowers were acting without proper authorization?

Has anyone looked into a criminal complaint with the DA's office?

1. depends what was forged
2. generally a forged deed conveys no legal or equitable interest in property

3. if deed forged lender should be on constructive notice that it was forged because
original valid deed has been recorded

4. lender's loan might thus be unenforceable

5. but your Coop cant make a payment on the loan without ratifying the forgery and making
the loan enforceable

6. see Rothschild v. Title Guarantee __ NY ___ (1912)