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Re: Manhattan Club Lawsuit (by Chris V.):

agreed roger. however, there are many IF's and unanswered questions regarding our "albatrossian" TMC. the following are IF's and unanswered situations:

it appears that you have offered little in the line of proactivity regarding our dilemmas with TMC. your ideas and recommendations would be welcomed. criticism is welcomed but usually not helpful. proactive ideas are.

TMC is too savvy to offer more than $100 per unit. there would be a stampede of us owners to want more of our original purchase price.............then run. for their purpose, they'd rather screw us again; after all, they screwed us so many other times, they assume we're used to it......i don't like being screwed to the wall; do you? also, i believe they have developed a wariness as to the power we as owners can wield. we didn't do well with our nysag association, but as a group of owners, without the fees of legal professionals, maybe we can force a difference in their treatment of us owners via other legal means.

is TMC filing for bankruptcy?

who actually owns TMC?

are the eichners really and completely out of the picture?

we have 3 owner/board members, not one of which worked on behalf of fellow owners. i recently heard from robert ballot, an owner/board member ONCE offering assumed help. after further email by me, the management board members probably gagged him. i haven't heard from him again. (i believe he was using his personal email account.)

the half-fact is what the market will pay under the current greedy, inhumane, shoddy and incompetent management. the other half is what the property is really worth in terms of new york city real estate values for similar property. would TMC be charging $100 if suites were currently being sold even for a junior suite: one room with various bare living necessities? currently, that space would sell for more than an estimated (currently) $40, 000...for 7 days' use plus the annual exorbitant maintenance fees.

another IF: the highest bidder, at auction, would pay much more than $100 per living space, especially for 1br, 2ba and penthouse suites; who knows IF TMC will go up for auction?...a distinct possibility...and turn it into a luxury hotel.

so roger, i don't disagree with your statement under current circumstances; the seriousness of my statement of the CURRENT worth of TMC real estate is very questionable. BUT, the above IF's and unanswered situations hold true. do you or any one of us know the fate of TMC in the near future? the answer is obvious as is what the ACTUAL value of our NYC REAL ESTATE might turn out to be in the best-case scenario especially in the event of auction sale and/or bankruptcy. we could be intelligent winners instead of dissolutioned losers.

under the current management, sure....take the $100 and run. TMC gets to keep the rest of our initial investment. isn't that worth fighting for? this means the TRUE VALUE OF OUR NEW YORK CITY REAL ESTATE INVESTMENT, not the market value of what someone would pay under the now disgraceful TMC circumstances. few would be that stupid. certainly the (current) resale value of our investment is about $0.....under the current circumstances. this will change if these insane circumstances change as explained, with uncertainty, above. even if they change to an all-hotel operation, TMC would, according to my non-legal thinking, have to buy all of us owners out............................ and not at $100 a pop.

i am still in wonderment about all owners stopping paying their maintenance fees. i would like to see a complete and legal explanation of the consequences of that event. that i am aware of, no one has answered that question with any certainty or expertise. can you imagine 14,000 to 18,000 owners not paying maintenance fees? that sounds like a bankruptcy auction to me (a person with no legal expertise, just a bit of forethought.)

rogers334 wrote:

Are you serious? The market value is what someone will pay. Check out the resale value of TMC units. Nothing close to what you just posted.