Post reply

Re: Manhattan Club Lawsuit (by Robert S.):

The due date is your purchase anniversary date. Anything paid after that date is subject to late fees/penalties and interest on the unpaid debt. As an aside TMC has made it a practice to invoice for maintenance fees many many months in advance of that due date.

The gamble many of us have taken is that any collection proceeding brought before a court of law would be laughable. To the best of my knowledge, short of a few small claims actions, this opinion has not been tested. Can TMC report unpaid obligations to credit agencies? Sure. But to date it does not appear they've done so. My personal feeling is that I'm willing to take the risk of non-payment. I feel there is signifiant enough evidence within the NYAG case that shows breach of contract on behalf of TMC. It is my personal opinion that I have been wronged and have suffered a significant loss in value of an asset purchased from TMC due to the perceived breach. I also feel the NYAG case stripped the current owners negotiating ability to collect current and past due maintenance fees.

In short we are at a stalemate as to two possible outcomes. One: a new manager will follow through with what I think the intent of the NYAG's direction was by purchasing the business and restoring the value to the owners. And the second is the current management style of a scorched earth approach to the owners will continue. Unfortunately, the latter seems to be where we are heading. This is based on the appearance of cooperation between the current management and Blue Green's history. With respect to the former many of us are disappointed with the lack of follow through with the NYAG case. The appearance is the settlement was more for political gains of individuals than it was to remedy or restore value to the owners.

There is a contingency of owners that feel they are getting their money's worth and the increased fees are the fault of those of us that have stopped paying. I'd argue that the hike in fees started long before the exodus of owners electing to stop paying the fees started. Personally, I'm guilty of paying the higher fees for years before I opted to stop being taken for granted by TMC. The exact numbers of paying vs. non-paying can only be speculated based on the annual reporting and budgetary figures provided by TMC. One of the long time suspicions by many owners is that TMC oversold ownership. It's also speculated by several of us (myself included) that is why TMC has not released the list of owners. Doing so could admit criminal wrong doing on behalf of the managers.

Sorry for the long winded response that has been covered multiple times over more than 200 pages on this forum alone. There are other internet outlets where someone can research the saga we owners find ourselves in. But it seems there are several newer posts that have requested we re-hash the past. Mine is only one opinion - I'd encourage the recent posters to study the history. Read the NYAG settlement, it'll only take about an hour of your time, about as long as TMC took giving you a sales pitch to fork over the purchase price. https://ag.ny.gov/sites/default/files/manhattan-club-aod_0.pdf