Special Notice to Shareholders

by admin on May 31, 2013

Special Notice to Shareholders

GEM Property Management, Inc., as you know from the last board meeting, resigned as the Palm Worth property management company effective May 31, 2013.  The Palm Worth Board became aware and was told yesterday, May 2, 2013, that Robert Bucchere, the owner of GEM, turned himself into authorities, having been charged with stealing almost $62,000 from Wellington Arms Condo Association.
Palm Worth Auditors, Hafer & Company, Certified Public Accounts, have completed the Palm Worth annual audit for Dec. 31, 2012, and they assure us that Mr. Bucchere did not take any money from Palm Worth in 2012.  Mr. Bucchere has not been a signer on any of the Palm Worth accounts since the Palm Worth annual meeting in Feb. of this year.  Additionally a review of our bank statements shows that he did not sign any checks in 2013 for Palm Worth. The Board also implemented two signatures required on all checks starting in Feb. of this year.  As an additional precaution, the Board has instructed our auditors to perform a cutoff audit of our financial records as of this date to double check that there has been no fraud or funds stolen.
The Board has also asked Mr. Bucchere to resign immediately as the Palm Worth property manager and he has agreed to do that.
In light of the fact that the contract with GEM was going to expire at the end of May, Board members Jim Apostolico, Marian Day & Glenn Keller, have been talking with Marcy Cresswell, the GEM assigned licensed property manager who has been on site at Palm Worth for the past two seasons, about becoming Palm Worth’s property manager.  Ms Cresswell has formed a property management company of her own, called Cresmarc Property Management, Inc..  Palm Worth is working on putting together a short term contract with Cresmarc, running into this coming fall, at which time the Board will interview and obtain bids from several management firms, including Cresmarc, to determine what is best for Palm Worth.
If you are a stockholder who mails your monthly maintenance fee, please discard the supplied envelopes and address a new envelope to Palm Worth, Inc., 2850 S. Ocean Blvd., Palm  Beach, FL, 33480, attention Manager.  If you make your payment online thru your bank, please contact your bank and have them change the mailing address to Palm Worth, Inc., 2850 S. Ocean Blvd. Palm Beach, FL 33480, attn. Manager.  Stockholders that have Palm Worth deduct your monthly payment from your bank need not do anything.  As I’m sure you have been doing in the past, continue to make your checks payable to Palm Worth, Inc.
The Board is providing this information to keep you informed, not to cause you undue concern.  At this point there is no indication that any Palm Worth assets were involved.  Your Board will continue to keep you informed on the results of the cutoff audit and any other developments should they arise.

On Behalf of the Board,
Glenn Keller, President

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