Santa Monica Observer - Community, Diversity, Sustainability and other Overused Words

Ocean Towers Has Been Falsely Portrayed, Reports One Homeowner

There is no Misappropriation of Funds, and John Spahi is not the CEO, for starters.

 

Ocean Towers apartments is at the North end of Palisades Park, one of the world's finest urban locations for an apartment building

A posted article about Ocean towers contains a ton of false information, I'd love a chance to discuss with the author and set the record straight.

The following is just some of the information that is false.

1."Prestige property at 201 Ocean Ave. has completed three years of litigation"

The litigation is still on-going and the matter has not be adjudicated fully yet.

https://www.smobserved.com/story/2018/06/24/news/judge-will-appoint-receiver-over-ocean-towers-co-op-apartments-in-santa-monica/3500.html

2. " In a hearing conducted on June 13, Los Angeles Superior Court Judge Marian Kohl said that she was inclined to appoint a receiver. "there is sufficient evidence to show misappropriation of funds," she said." The judge is Judge Lisa Hart Cole, not Marian Kohl. She did not make any such comments about misappropriation of funds.

3. " The lawsuit alleges that Spahi, who now owns a controlling interest and 40 units in the property, misappropriated $11 million out of $50 million FEMA paid Ocean Towers to make repairs after the 1994 Northridge earthquake."

The lawsuit has nothing at all to do with these allegations. The matter at hand is whether or not Ocean Towers had the right to pay attorney fees to protect its board of directors.

4. "That $11 million has never been accounted for," one resident told us. "We believe that he used the money to acquire more units for himself because he appointed himself CEO of the co-op corporation and could do whatever he wanted or felt he could. And anyone who challenges him is immediately sued," she said."

This is all false, none of this has been alleged in any formal document in the case pending. John Spahi was never CEO of Ocean Towers. Ocean Towers provides financial statements every year to show ALL distribution of fund. Ocean Towers has taken on 3 loan since that time and has passed all due diligence from all the lenders.

I'm happy to discuss the receivership motion in detail, but please issue a retraction of this article as none of it is true. I'm happy to meet with you in person to discuss all the relevant facts.

Best,

Omar Spahi

 

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