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Re: Manhattan Club Lawsuit (by Becky F):

Thank you Fibo N for this very accurate, pointed summary of exactly why TMC is in the financial crisis they are in and why all of us owners now have a worthless piece of “property” that they paid thousands and thousands of dollars for (in my case $59,000) and cannot “use and enjoy” as William465 can do. Yes William465, you are correct that the AG investigation is over and restitution has been paid. A measly $6.5 as opposed to the $32M Eichner received is not justice! Keep paying your MF so those who do use and enjoy TMC can continue to do so.

fibon wrote:

williamm465 wrote:

To your last Point Chris--it is strange and undaunting as you say. But the situation was created by those of you not paying your maintenance fees. I am glad they are getting a few dollars rather than let the suites sit empty.

In 1995 the Sponsor Ian Bruce Eichner alias Urban LLC entered into the contract with the TMC Board, where 4 out of 7 members were the Sponsors' members. The President, CEO, and the only employee of Urban was the one person, Mr. I. B. Eichner, until the year 2014, when the NAYG launched the Investigation. Pursuant to the Offering Plan, originated by the Sponsors-Eichners, Urban was authorized to offer the MC rooms to the general public within 48 hours prior to the check-in date. That provision was violated in all the times because Urban made available rooms for outside public any time of the year.

Pursuant to the NYAG Investigation, from 2012 to 2014, Urban - Eihner collected into his own pocket from outside renting-

In 2012 - $4,063,947.03;

In 2013 - $3,724,611.54;

In 2014 - $4,232,763.33.

Above renting out, Urban - I. B. Eichner collected each year 20% of the TMC revenue which is about $ 6.3 millions.

Therefore, I. B. Eichner pocketed, at least-

In 2012 - $ 10, 363,947.03;

In 2013 - $ 11. 024,611.54;

In 2014 - $ 10, 532,763.33.

Continuation in sales of the TMC interests via the Sponsors' O. Park Central and T. Park Central raised more money for I.B. Eichner. It's still unknown whether the purchased money have been delivered to the TMC or stayed pocketed by Eichners'.

@William465: why don't you request I. B. Eichner to return the stolen money instead of demanding the owners to cover the Eichners' fraud by paying their MC dues? These stolen money, more than $ 32 millions, would keep the MC in business and protect your personal desire to stay with the MC.