Manhattan Club Lawsuit

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Original Message:

Re: Manhattan Club Lawsuit (by Dennis C.):

Here is the link to the settlement doc. https://ag.ny.gov/sites/default/files/manhattan-club-aod_0.pdf

kevin631 wrote:
nathanz2 wrote:
The "AOD" is up on the website of the NYAG. (https://ag.ny.gov/sites/default/files/manhattan-club-aod_0.pdf) It contains the details of the settlement, which according to my quick read, breaks it up over the next 2 years (50% now /25% in a year/25% in two years). The first payment is based on how many days in 2011, 2012, 2013 and 2014 paid-up owners were unable to use, and the final two payments are will be made to paid-up owners based on the proportion of their maintenance fees (for those who paid their maintenance fees) to the total maintenance fees charged. It's all in paragraph 69. So half of it has to do with compensation for loss of use and half of it for overcharges to owners who continued to pay their maintenance while others did not. There is nothing here for any other losses, real or imagined. Anyone who stopped paying their fees will not qualify for the settlement. But I'm not a lawyer, so perhaps Jeff can impose one more time on his legal consultant and ask him to interpret for us.

Thank you for sharing this information!

I also reviewed the documents on the NYS Attorney General's webpage. This is my own interpretation of the settlement.

As mentioned it appears to me that the Manhattan Club owners that continued to pay the maintenance fees and were not able to obtain any reservations will be eligible for the majority of the settlement. The remaining amount of the restitution will be distributed to all owners that were up to date on their maintenance fees.This remaining amount is designated for the additional amounts that owners were charged due to non payments of owners.

RESTITUTION-PAGE 14 (NYS ATTORNEY GENERAL WEBSITE)

1. Manhattan Club has 15 days to pay 3,250,000 as part of the restitution after the monies that were frozen are released.

2.Manhattan Club has one year from the anniversary date of the agreement to pay 1,625,000.

3. Manhattan Club has two years from the anniversary date of the agreement to pay 1,625,000.

This is my understanding of the settlement Everyone is encouraged to review this important information themselves.