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Developer To Open Company Books

Homeowners sued their property owners association for access.

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By LAURA KINSLER | The Tampa Tribune

Published: January 25, 2008

CORY LAKE ISLES - If Wednesday's court hearing were a high-stakes game of chicken, developer Gene Thomason waited until the last moment to back down.

Just minutes before Cory Lake Isles homeowners were going to ask the court to force Thomason to open his company books, Thomason's legal team agreed to turn over the records in 60 days.

"They've agreed to produce certain documents, namely showing the money transmitted to the association or Cory Lakes Limited for [operations and maintenance] assessments," said Mark Basurto, who represents the homeowners. "We'll get to see the money that was coming in and going out."

Seven Cory Lake Isles homeowners sued their property owners association for access to financial records, bank statements and audits showing how Thomason's company spent the millions he had collected over the years from residents.

Thomason's company, Cory Lakes Limited, has always provided the landscaping, road maintenance and security for the association. There was no written contract until 2007, and Cory Lakes Ltd. maintained its own records. Though the community is 13 years old, Thomason still controls all of the appointments to the Cory Lake Isles POA and chairs its community development district.

Thomason did not attend the hearing, but at least 25 residents waited in the courtroom while the plaintiffs and their attorney hammered out the agreement with lawyers for Cory Lakes Limited in another room.

"I'm happy they've finally agreed to give us the documents we've been asking for for a year," plaintiff Curtis Lee said.

No one was ready to declare victory. "I feel like we're in limbo for the next 60 days," Marc Chambers said.

Basurto said the residents would need a forensic accountant to examine the records. The number of homeowners in the 1,000-home community who are helping subsidize the legal expense has swelled.

"There are many dozens," plaintiff Dan Morford said. "The number keeps growing. It's a spreadsheet."

Thomason referred questions to his attorney, who could not be reached for comment.

Reporter Laura Kinsler can be reached at (813) 865-4844 or lkinsler@tampatrib.com.

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