Post reply

Re: Manhattan Club Lawsuit (by Paul D.):

Thank you for your thoughts, Gerald. I have saved some of the court documents to read through, and listened to the Time Sharing Today podcast on their YouTube channel. As it relates to my inquiry, the attorney on the podcast said that owners must decide what to do based on their "individual tolerance for risk". In other words, roll the dice and hope for the best! He also explained that the current appeals made by Eichner, et.al., and subsequent reviews, will take at least 9 months to a year, or longer. (Note: the podcast is from July 2016).

Anyway, we are still weighing our options before paying the maintenance fee and taxes for this year. Like so many others, we hate to give up on our "investment" and take such a loss, but at the same time are reluctant to pour money into what could be a disastrous loss in the end. ""

geraldc102 wrote:

pauld220 wrote:

We are at a decision making crossroad, and so.....

What are the opinions on what can happen down the road if we do not pay maintenance fee AND stop monthly loan payments?

I understand about writing to NYAG and to credit bureaus, BUT...

What is the speculation on repercussions for non-payment? (Bob Biello had a very interested statement a while back indicating that owners would be left out in the cold regardless of the outcome of the investigation, and so had decided to cut his losses.) Thoughts? Thank you...

We have not paid maintenance for the last two years (two weeks at penthouse). We got several letters asking for payment in July and nothing since. As far as we can tell no effect on credit. Our position is that we are not being served. We do not want to put any more money into the MC. We cannot presently sell or give back to MC because of AG action. Our view of the AG case is that it was moving as best as could be expected in view of the Judge's ruling several months ago. However, we recognize that the AG is not taking action for us personally but the wording of the past AG arguments to the judge uses all the right terms regarding the owners e.g. preservation of funds for a possible settlement etc. It is possible that there could be a legal resolution and we would have to pay up on the arrears. On the other hand we might not have to so therefore we stopped paying.

I would strongly suggest to the uninitiated to go back and read the blog page by page. You should also read the AG/MC lawyer/judge statements on the court web site. They are quite revealing. All the links for these sites are in blog notices. My current concern is that the AG attorney who has been on the case for the last 2 years has left and since then nothing has happened. I assume a replacement has been assigned and is getting up to speed (no info on this however).