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Ask Curbed: Board Mismanagement Mania!

From co-op and condo boards, questions spring eternal. Here's a reader twofer:

1) Stories abound about poorly run co-op and condo boards. Do your readers know of any cases where co-op /condo boards ran the finances of their buildings into the ground? Juicy details would be interesting. [Agreed.—ed]

2) What happens if no one wants to serve on the board of a new small condo building? Who runs it then? Also, in a new building where one does not yet know the neighbors at all, aren't we voting in the dark?
Responses, please, in the comments or to This could be fun.