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Original Message:
Re: Manhattan Club Lawsuit (by John L.):
It is simply NOT TRUE that owners who continue to pay subsidize those who have stopped making their annual payment. Some years ago I stopped paying the annual fee with the written proviso that my days be resold by the association. Their published rates charged for sales to the public would have exceeded my annual fee. Here is the fraud - owners who paid their annual fees failed to get reservations because the space was being sold to non-owners. A great "double dip" scheme by management.
Once the the character of the Manhattan Club fraud was quantified in the NY AG's investigation, many owner contractual responsibilities were voided.
Owners who think they will gain substantive reimbursement in the near future for their "investment" are delusional. We were bamboozled in grand fashion. The prospectus that we received after the signing in 2000 explicitly stated that this investment involves a high level of risk.
This was the most accurate statement in the whole document.