can a condo have two HOA?

They could but it would be subordinate to the current HOA and would have no powers to speak of and you would still need to pay assessments to the current HOA and follow the current CC&R's and Board. Somewhere in your CC&R's it should be spelled out when the developers must transition the HOA to homeowner control, usually when 75% of the units have been sold or after X number of years. Even after transition as long as the developers have such a large number of units they will be in practical control, especially if your CC&R's allow for cumulative voting. If not you and your fellow homeowners will need to band together and vote together to have control.

If your already in the court mode and have a prejudgement, I would suggest that you don't create a separate entity to represent you. You might want to ask the court (if it's not too late) to turn full control of the Association over to the members now rather than later. If granted, then the members can form a new corporation and have the existing common assets and responsibilities transferred to that corporation/association.

Of course, be careful what you wish for.

Thank you all for your good advice. We will pursue the court option. I understand the statement of 'be careful with what you wish for'. With what we have gone through with the current board, we are willing to try everything.