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Re: The Manhattan Club Lawsuit - RedWeek's Report & Most Recent Info

I asked Douglas Wasser, liaison attorney to NY AG TMC investigation Hi Irene – It sounds from the posts, that the purchasers used 3rd party sources to purchase at the Manhattan Club. I haven’t seen the actual settlement agreement yet so I can’t say for sure who benefits from the settlement and who does not. The NY Attorney General’s press release indicated that $6.5mm was to be set aside for the benefit of “hundreds of purchasers” as a restitution fund. But The Manhattan Club has upwards of 14,700 unit owners. So, it appears likely from the press release that the pool of Manhattan Club owners entitled to a purchase refund may be a very small one. I have no indication yet, without seeing the settlement agreement, as to what the eligibility requirements may be for restitution. On the other hand, the press release speaks of the forced divestiture by the current sponsor of control over the Manhattan Club. Given the lack of confidence in the current reservation system and the many complaints that the reservation system was heavily tilted to benefit the sponsor, this seems like a significant positive to Manhattan Club community. It may restore confidence, perhaps drive up market value of the units and allow those who want to leave to do so, and bring in new and willing participants. That could be a lift for the entire community. Keep up the good work!