They’re running a deficit, and it’s been growing year by year, so their problems are compounding. Every month they’re paying late fees, and interest is accruing on their late payments. Most recently, they paid their property taxes a couple months late and were charged interest. Because they had a line of credit with their bank, it was notified. The co-op received a default letter warning them that if they didn’t pay up, the bank would call back all the funds they gave through the line of credit. That would leave the building without any money for operating expenses.    Read the article……………………….