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Re: Manhattan Club Lawsuit (by Jon L.):

Thanks Max. I will have to pull out the book/contractual documents from when we bought in, but my understanding from the "pitch" we received way back when was that TMC was a different kind of "timeshare" in that ownership included an actual fraction share of ownership in the terra firma/building. That seems consistent with us paying NYC taxes as part of our annual fees. If there are 14,000+ members and each paid between $20K & $40K to become an owner/member, our friends the Eichners [even after commissions to the slick sales folks we all met] must have done very well. Now we are in the situation where we have many members in arrears and the Eichners are under a settlement order with the AG to sell its interest in TMC. Since the Eichners have pocketed some significant percent of $280-560M, regardless of what the documents say, it does not see right/equitable that the Eichners should have anything left to sell other than some right/obligation to "manage" TMC [and that we owners/members should have an oar in the water when it comes to picking a new manager since we collectively paid the $280-$560M]. It seems to me that the equitable result should be that the 14,000 accede to the management of the terra firma/building [and ownership if my assumption is incorrect that members/owners already own it] and to figuring out what happens to members/owners who are in-arrears with their maintenance fees - [hence my question a couple of days ago on how many "paid-up" and in arrears members/owners and how much in total is owed]. From my perspective, given the legitimate issues with the Eichners management and sales practices, if there is a way for the member/owners to "take over" ownership/management, then each in-arrears owner/member could be given the option of paying-up on all of their past due fees [with or without some sort of interest charge] or walking away from his or her investment in TMC. Any of this make sense or is someone/group already working on this or something similar?