Post reply

Manhattan Club clarifications (by Massie M.):

Thanks to all for your updates and guidance on our Manhattan Club timeshare interests. I'm a bit out the loop. I have a few questions that I hoped would be answered in the August 17, 2017 settlement statement, but unfortunately not. If anyone can offer any understanding of the following questions, I would be very grateful:

First, my ex-wife and I bought a 2 bedroom share in 2010(financed through the MHC). It was marketed to us with the belief I could make a weekday reservation when in NYC on business. (obviously, not the case). Being unable to secure a reasonable reservation for 5 years, I suspected it was a fraudulent deal, so stopped paying all notes, fees and expenses completely in 2015.

Question:

1) Based on the settlement findings, are there other owners like me who have no intention of resuming payments of any sort to the MC? Are there others who plan to "walk away" from this transaction that was fraudulently marketed? If so, has anyone pursued this strategy? Or do we have to wait for the acting or new attorney general to reopen this case against the GP?

2). I've talked to two different NY lawyers to obtain counsel on these questions, and they have indicated there's nothing I can do at this point. Until the court appoints a new GP to the MC, we are all in limbo. Is that what other owners in default understand?

3). Just to clarify, can any MC owner who owns shares free and clear, sell their shares? It's my understanding that there isn't a current market for shares?

Thanks very much for any help or guidance. Much appreciated. If anyone would like to contact me with further info, I'd welcome it.

Massie Meredith c)804-240-2160; massiemeredith4@gmail.com