Manhattan Club Lawsuit
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Original Message:
Re: Manhattan Club Lawsuit (by Sharon L.):
nathanz2 wrote:~~~ That's what I was thinking. Who is the "TMC purchaser" purchasing from...the Eichners? Are they the owners or are we the owners? After all we all have a deed (or should have).The TMC purchaser referred to in the AOD is a placeholder, a role to be filled by a firm yet to be determined. If we’re lucky, it will be a Marriot or a Wyndham; it may be a lesser known firm. But whoever it is will make their business decision based on the profitability of that proposition. What I don’t understand is why the language refers to a purchaser at all. After a timeshare sponsor exits the scenario, most timeshares are owned by the individual owners who elect a board to either self manage (impractical for a property the size of the MC) or retain a management company, subject to board supervision. In that case, the “TMC purchaser” is purchasing the right to manage, for some period of years, not the TMC itself. I always assumed (probably to my regret) that ownership of a TMC interest included an undivided share of the TMC real property. Does anyone have a factual underderstanding here?