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Re: Manhattan Club Lawsuit (by Fibo N.):

@ drusillam2: are you sure you made a contract for 1 year subscription with RCI? Typically, the owners have to cancel RCI subscription and payments to RCI to cancel RCI membership. If yes, which document did you sign? Was it mentioned in your Purchase Agreement?

We reside in NJ and visit Atlantic City numerous times a year. Considering the MC possible bankruptcy we signed up for the AC TS resorts presentation and attended it last weekend. We asked at the sales pitch about the Offering Plan, the sales Rep had no idea what we were talking about.

When we got to the point "own it forever" we asked whether there were options to get out from the contract considering that the maintenance fees will raise, we will be closer to the retirement, and our kids/beneficiaries were not interested in such deals. Rep #1 did not have an answer and invited Rep #2. Rep#2 did not have an answer and invited Rep#3. The last one told we could sale it for profit, or donate. We argued these variations were not an option.

At the next phase of presentation where the price was drastically reduced we were asked what stopped us from buying. We mentioned the point to getting out. In couple minutes the manager showed up and said he "created' such an option: when the mortgage will be paid off (or full price of the Deed, within two years ). We asked for the written documentation, he could not present any. Obviously, we did not purchase.

My point to telling the story that the entire TS sales industry, in most cases, is a fraud. Hope, NYAG efforts will resolve it.