Great pains would be suffered before the Acropolis struggled back to its feet, and its workout would serve as a model for dozens of other troubled co-ops.

Earlier that year, 1994, a friend had told Mr. Kennelly about a financially troubled 39-unit beachfront co-op in the Rockaways.

The attorneys in the office also try to work out plans to save financially troubled co-ops.

To the Editor: We've all been reading about troubled co-ops and sponsor defaults this year and the word seems to be, "Don't buy a co-op!"

Nor is the company a stranger to troubled co-ops.

The Rooneys' problems are typical of those in troubled co-ops.

"I'm willing to bet it just won't happen," said Stuart Saft of Manhattan, an attorney for several troubled co-ops.

Numerous troubled co-ops are selling at bargain prices and in many cases shares must be bought in cash, because no bank will make loans against them.

As a result, lawyers say, troubled co-ops should be able to move more aggressively to acquire shares from a defaulting sponsor.

The complex was one of New York City's most severely troubled co-ops.