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Re: Manhattan Club Lawsuit (by Irene S.):
As noted below TMC is being sued for using investment money illegally. Corrine Smith found this in the e-court files.
MFB REALTY LLC, individually and derivatively : on behalf of T. PARK CENTRAL, LLC, and JAY : FURMAN, individually, : : Index No. _________________ Plaintiffs, : : -against- : : IAN BRUCE EICHNER, LESLIE EICHNER, : STUART EICHNER, SCOTT L. LAGER, O. : PARK CENTRAL LLC, PARK CENTRAL : MANAGEMENT LLC and NEW YORK URBAN : OWNERSHIP MANAGEMENT LLC, :
Nature of the Action 1. T Park was supposed to be a timeshare project and O Park was supposed to be an office project. Plaintiffs MFB and Furman invested only in the timeshare project. When it became apparent that the office project would not be viable, the defendants, who obviously preferred their 100% interest in O Park to their 90% interest in T Park, in bad faith used T Park and its assets to repurpose O Park into a competing timeshare project. The defendants obtained tens of millions of dollars in loans, largely secured by T Park’s assets, for this nefarious purpose.