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

nathanz2, your comments are certainly understandable. frustration has captured most of us, and this redweek.com forum helps us to vent a little, and make some sense of all of this crap and nonsense. your comment, "stop stirring the pot," seems to imply that we owners should roll over and play dead. NO WAY. if we do that, the battle will have been lost. the fact is, we need to stir the pot more vehemently than ever and make those who will administer the bottom line of this ridiculous law suit make accurate note of what we owners deserve: financial and other remuneration for our great losses.......................DUE TO OWNERSHIP IN TMC. IT'S TIME FOR SOMEONE TO COME TO OUR RESCUE INSTEAD OF IGNORING WHAT WE JUSTLY DESERVE. it appears that the nysag has earned his salary and won his case. to date we have been left hanging, since schneiderman works for new york state and not for duped and scammed owners of TMC. it appears that we are left to fend for ourselves which translates to our continued pushing for our legal riights.............continuous stirring of the pot, if you will.

..........and justice for all. keep in touch. pax,

chris

nathanz2 wrote:

OK.

I don't know any more about the specifics of the settlement than anyone else, just what was in the press release and what I was told by the head of the Real Estate Enforcement Division of the NYAG. I have shared that already.

The investigation has ended. A settlement has been reached. We are all waiting for the details to be released. I have no evidence for this, but I wouldn't release the settlement until I had the administrator and new management company lined up.

No amount of wishful thinking is going to change the result of three years of negotiation by the NYAG and the MC's high priced legal team. If you can locate a private attorney to take it from here, have at it. It seems to me that those efforts didn't go so well before the NYAG started the investigation. Perhaps they will go better now, but again, in my opinion, the odds are against it.

My personal belief is that few if any MC owners will be satisfied with the financial aspect of the settlement. But my interest will become marketable at whatever value the market places on it rather than being frozen. That is something of value to me.

I will be interested in seeing how owners who have not paid their maintenance fees will be treated. Do you think anyone escrowed those funds? Regardless of what the MC may have done, failure to pay without an escrow is just non-payment. Now that the situation is nearing resolution, I feel payment of past due fees should be required, perhaps at a modest discount, and used to upgrade the MC physical plant.

Unwinding this complex situation is a problem of huge proportions. Assertions of what is "right" and "deserved" or dividing $6.5 million by some number of owners doesn't help with the resolution,... especially after a settlement has already been agreed! In addition, the Eichner's may be out of the Manhattan Club, but I haven't heard anything about their ownership of the Park Lane Hotel. We are going to be intertwined with the Eichners as long as they own that property, with shared floors, elevators and who knows what else! Anyone care?

Let's stop "stirring the pot," and simply wait for the disclosure of the settlement. There are so many real questions that will need discussion, we don't have time for this stuff.

With all due respect.