Post reply

Re: Manhattan Club Lawsuit - The battle continues (by Irene S.):

One very smart owner clarified the details of the stipulation about notifying owners. Owners only have to be notified after the AG's office accepts their proposed 89th amendment. Then owners have to be notified of the 89th amendment.

TMC doesn't have to do anything in 30 days except try to send papers to the AG.

The So Ordered Stipulation is dated October 20, 2014 (Steven Leibman incorrectly stamped it 2013 but it's obvious that's an error) so 30 days aren't even up yet. Note there is a different stipulation dated October 22, 2014 but that does not address the 30 days.

TMC had to "use best efforts" to submit a proposed 89th amendment to the offering plan to the AG's office. All TMC has to do is do their best to get a proposed 89th amendment to the AG's office within 30 days, TMC doesn't have to notify owners of anything within 30 days of the stipulation.

Once the AG's office reviews the amendment for deficiencies (no time frame is given for the AG to review the amendment) the AG then sends it back to TMC to "cure" or fix the deficiencies. There's no time frame ordered for TMC to fix the amendment.

Once TMC files a corrected amendment AND the AG accepts the amendment then, and only then after that filing, does TMC have to "distribute the amendment to all current owners." As the AG has an open ended time limit to review the proposed 89th amendment and TMC has an open ended time limit to make corrections there is no way to pinpoint a date by which TMC has to distribute the amendment to the owners and the 89th amendment is the only thing TMC has to distribute to owners.