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Class action lawsuit (by Becky F):

roberts714 wrote:

"are you really satisfied with this, and willing to do nothing" never said or implied any such sentiment.

I'm not an attorney, but have been close to real estate litigation for a good portion of my career. I'll be the first to admit I was surprised to read there are ways to re-open via the Martin Act. That said -- I don't feel the NYAG is ever going to make us whole. They aren't motivated to do so financially or politically. The only way I see is to do this ourselves. One of the largest tools we have in our arsenal (as owners) is control over the cash flow. If enough of us stop paying into the management of the facility they will be forced to negotiate with us or foreclose on us individually. I totally get why a good portion of the owners what to continue to pay maintenance fees. I respectfully disagree that sending any money to the current management team is a good idea. I have a glimmering hope that the new buyer is someone we might be able to reason with. Someone that can build a financial performa for the property based on real world numbers, not on the Eichner sales pitch of "look at this bright shiny object with 150% of the units sold and everyone of them paying 400% of actual costs". (my numbers have no basis in reality except to say I believe they oversold and are overcharging).

I agree with you 100%. Why should we continue to fund a BAD, BAD organization. I gave $59,000 cash to TMC right up front and I feel that is a big enough loss to have to take on a fraudulent scheme that Eichner was able to pull over on us unsuspecting victims.