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Initial Legal Analysis of AG Settlement from Doug Wasser (by Dennis C.):

Redweek & Doug: Maybe you'll can comment on these questions... not legal advice, just thoughts.

I am ecstatic that our TMC saga has moved to a new phase. But that's what it is, a new phase with lots of issues that lawyers, the claims administrator, and new owners will need to hash out. Here are some issues that I see:

-- which of the 14K-18K original purchasers are still considered 'owners', both for purposes of the restitution, and potential follow-on ownership under the new owners ? (presuming that all timeshare ownerships are not severed/bought out by the new owners).

-- as some have asked, what happens for those who are being billed during the interim between AG/Court ruling and the eventual sale to new owners?

-- which contracts will transfer from current TMC-old to TMC-new? (there are 88+ versions of rules/contracts), or will new contracts be offered to those who want to continue with TMC-new

-- if TMC-old has not properly registered deeds, mortgage payoffs, paid taxes to NYC Dept of Finance, and hasn't kept a valid set of books... who's going to straighten it out, how long will it take (part of negotiations on transfer sale?)

-- potential investors will be very cautious in getting involved with highly encumbered property, so will be seeking some way to indemnify themselves from prior Eichner-related problems & wrongdoing.

-- Then there are all of the issues with class action or other suits against Eichner (instead of against TMC-new owner)... unless the AG's settlement somehow relieves Eichner & others from such actions.

Thanks Doug and Good Luck to all of us... but we'll need lots of patience, even after all these years.

NB: edited and crossposted on Yahoo TMC group