Condo Association: Can I sue the board and the accounting firm for being stupid?

My condo association received a line of credit which was to be used for repairs that occured due to storm damage. However, they failed to use all the money by a specified time, and now the money is no longer availible to borrow. We will not have enough money to pay the contractors to complete the work they started and would have to do $1000 per month special assessement for the entire year (and get 3/4 of the people to actually pay it) in order for us to be able to make up for the expired credit line. The board members say that they didn't use the credit line because the firm's accountants, who have acted as complete intermediaries between the board and the lender since inception of credit line, gave the board the wrong date that the credit line transformed into a installment loan.

Can I sue the Board members for this mistake and will the D & O insurance cover this mistake? If what the Board says is true, can I also sue the accounting firm. - Is this your question? Add additional information