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Re: Manhattan Club Lawsuit (by Sue O.):

Jeff W - I will try and call you shortly for your Redweek post but I was in attendance at Board meeting. The same non sponsor Board people got voted in again - surprise surprise!) and the other 4 were NEW(sponsor seats) and they were from Bluegreen Corporation. Bluegreen (as we were told) has owned about 50 units since 2010, and in June gained another 100 (from where - not sure - perhaps Eichners own inventory??). So Bluegreen controls about 150 units.

.Eichner was NOT present - and from speaking to many owners that come every year - apparently he has never showed up. Note: the non sponsor board members indicated they send out email newsletters to all owners at least twice? a year - many in the room said they had never received anything. My advice - call TMC if you are an active owner, and make sure your current EMAIL is on this list and/or check your junk mail.

I would guestimate there was 100 or so mostly frustrated owners in the room. Most confusion was in regard to Bluegreen's involvment today versus what it will be in the future when they are allowed to 100% 'manage" the Manhattan Club and regarding the Settlement status . The current management company is still URBAN and will be for next 3 years per the settlement agreement. Almost every person asked a question or gave the Board a complaint - most of them saying the same thing! That is - there NEEDS to be a buy back program, heck even for a small fee to just dump it and be done! Median age in the room as 67 or so, and many of them cannot continue to pay the high fees, or they enjoyed the Club 10-15 years now and no longer have a use for it but cannot get rid of the burden. Many people asked Sal Reale and Joshua Wirshba (TMC Operations) about the settlement and they had no news, no updates, really did not seem to want to talk about it. Sal R referred everyone with questions to the OFFERING plan(said the "timeshare" clearly was NEVER intended to be an investment property as per Offering plan; , and Joshua referred everyone to read the Settlement document from NYAG. When it was my turn to speak - I first told the room that the status of the settlement is indeed unknown (even Louis Soloman NYAG office didn't know current status of the claims /payouts since being handled by the BBB Better Bus Bureau, and asked Mr Reale to STOP referring to the 1000 page Offering Plan document that was sent out to all of us AFTER the signing day for the timeshare (bait and switch). You can bet the microphone was taken from me then.LOL!

One owner asked Bluegreen if they will CHARGE a fee once they do manage the property to convert the Manhattan Club into their POINT based program. She said she knows of a case where they had done that, and wouldn't want to be asked for thousands to simply use the Manhattan Club , on top of already high maint fees! There was also some mention of how Bluegreen might handle the non paying members /past maintenance - Bad Debt totals approx 10 million. Some were upset this Bad Debt carries into the high maintenance today . (NOTE: They may contract to a third party Collector - not sure as they really couldn't comment about anything solid for the future.)

meeting was from approx 9:15 am to 11:30 am.