Shareholders of the Continental, a co-op building at 87-10 51st Avenue in Elmhurst, have accused its board of directors of taking out $12 million in mortgages without telling them. The shareholders allege that they first found out about the mortgages, broken into two $6 million loans, in June, when court papers warning of foreclosure arrived. Further, the shareholders contend that Council Member Helen Sears ignored the problem because of an alleged financial arrangement between Sears and the directors. Sears has received political contributions from the board, one shareholder told the New York Daily News, a relationship the shareholder believes has influenced her decision-making. Sears has denied the allegations, saying that her “friendships with people have nothing to do with [her] service to [her] constituents.”