Is the situation that some of the owwners are solvent and some aren't? In seems that condo associations in general are going to get increasingly risky.
Well, I would guess this along with some holding back their funds due to the situation.
So, based upon the building and the owners, would you put up $50K if the building wasn't able to secure funding/rebuilding? Tough decisions for all of them, I'm certain.
And, the lenders - OMG! They don't want to own that......who's in first position?
That would go by date of filing, but it's a colossal, ginormous mess. However, not all of them can own the dirt - isn't it four stories?
Bless their hearts! I really do wish I had a majic wand to fix this economy and edumacate some people, too! ;-)