Post reply

Re: Manhattan Club Lawsuit (by Gail J.):

While I certainly agree with you that this was a bad investment and I agree with much of what you have said, I want to point out that when some owners do not pay their maintenance fees, it does have an effect on those that do. How can staff salaries be paid, taxes be paid, utilities be paid, repairs/maintenance be paid, insurance be paid when there is a shortfall in revenue ? There were not and are not huge reserves sitting there to be used to fund the deficits incurred when more and more owners cease to pay their maintenance fees for whatever reason. I don't think anyone wants the Manhattan Club to "go dark" - to be put into bankruptcy. It stands to reason that when there is a large deficit, then the maintenance fees for ALL have to be raised. Perhaps that is what the $6,000,000 settlement fund will be used for if it is ever paid but I think that those who have not paid their maintenance fees will probably not get the same benefit. I totally agree with William, those who have not paid their fees will still be responsible for them. I seriously doubt that those debts will be forgiven or that those owners will be allowed to walk away from their debts without some repercussion. I think that is the point that William and others have been trying to point out.