By all means, seek the advise of a competent real estate attorney (I can provide you with one if you write).
Meanwhile, kindly let us know where things stand since your original post.
Whatever you do...don't just sit there - Do something and keep in mind that time is of the essense.
All the best.
In the past I have seen complexes that were smaller be converted back to apartments because so many of the units became foreclosed on and the values kept dropping.
It all gets down to someone has to be paying the expenses for the common areas in a condo complex or there will be no maintence of the property and no utilities to address common needs. When this happens there is a downward spiral.
I wish you luck and get the association to get an attorney that can explain the options for the association and for the indiviual unit owners.
First Weber Group
Certified Distressed Property Expert