Manhattan Club Lawsuit

irenep59 wrote:

Jo Ann, To my knowledge, no timeshare company will award the owner a reimbursement, or even accept a voluntary surrender, if maintenance fees are not current. At least you won't have to pay 2022 maintenance fees, which are about the same amount as renting a week online.

This is not correct — Our maintenance fees were current.. I called, surrendered it, and received the same buyback, if that’s what we’re calling it.

I quit paying maintenance fees about 5 years ago. 18 months ago I got the offer to buy back for $100. I got that check one year latter. No questions about the unpaid maintenance cee’s.

For all the folks who have deeded back their interests in return for $100. I’m curious to hear what happened to any unpaid fees you were behind on to TMC, i.e. mortgage and maintenance? Do they just go away?

As I stated, the unpaid maintenance fees just went away. I owned my week outright, no mortgage involved. Can’t help you there but if a bank was involved I can’t imagine that part of your investment commitment just goes away.

I believe there is a part in the agreement that states that all fees would be forgiven with the agreement. I did own mine outright with no mortgage, but behind on at least 3 years Maintenance Fees.

Yes. Bad debt

When we turned ours in there was an appraised value on the paperwork. It was for the whole unit and was something like $193000. We used that as appraised and wrote off the $27000 as a loss but you only get $3000 per year so will be writing off $3000 for 9 years.

Irene, you can get more information on the MC owners complaints from the the last law suite files; Almost 200 owners were involved.

Acklin et al v. Eichner et al 1:20-cv-07042 | New York Southern District Court

https://www.docketalarm.com/cases/New_York_Southern_District_Court/1--20-cv-07042/Acklin_et_al_v._Eichner_et_al/

The court ruled to dismiss the case without prejudice. The court did not accept attorney's claims in regards to the RICO regulations BUT did not reject the breach of contract, the MC fraudulent activities, and the NYAG investigation results.

Thank you Kbar. I will read that complaint as soon as I finish the 2015 Memorandum of Law opposing Motions - NY Supreme Court Hon Eileen Rakower. I'm on page 5 of 60 pages. If it wasn't so sad it would be amusing. The court doc states that TMC sales agent told the undercover NY AG investigator that they had to buy the same day because it was required by the NY AG!

Kbar From what I understand, the court has dismissed the RICO claim re the Zimmerman lawsuits, and thus the entire complaint (the remaining claims could be filed in state court) but has given plaintiffs until 11/15/21 to amend the complaint for another try.

Can anyone comment or provide additional information?

Has anyone ever heard of a timeshare exit company called timesharesellingteam.com, out of Wildwood, MO and Orlando? They are not a marketing firm and claim to use attorneys to cancel the timeshare. Has anyone considered them? Regards, Brian

Why go thru the hassle and expense of a timeshare exit company, when Manhattan Club will buy it back for $100.00?

Because they put the buyback program on hold. I'm still on the waiting list, and as long as I'm on that list, I'm still considered an owner and thus subject to maintainence fees! And, It behooves one to get info on as many options as possible.

cliff20 wrote:

Why go thru the hassle and expense of a timeshare exit company, when Manhattan Club will buy it back for $100.00?

I just relinquished my share due to rising costs. They told me that since there is a deed we go thru the closing process- no cost to me. After all is done they will send $100. I assume that I can take a loss on taxes, will check with accountant.

Unfortunately I lose my RCI points that I have accumulated. That bothered me. But I was so tired of paying especially now that I'm not traveling for a while.

I had points for three nites in NYC and the rest RCI. Fir what I was paying to TMC and RCI I could take a whole lot of trips.

I bought in 2013. A friend who was an owner lent me her time. I fell in love with the place and the location. I believed the lies the sales person told me and decided that it was not a high risk investment. Ha. Next time I come to NYC I'll stay in a hotel for less $.

It appears from the posts that there is no consideration for the owners issues.

Hope you all have healthy and happy holidays.

Brian, That FL group sounds like just more opportunists, aka scam artist . If you read the very long chain, you’ll see that as long as you don’t plan to use time at the Manhattan Club, you can stop paying your fees and eventually you’ll get your buyback. Ignore any threats. They’re baseless. Even if you continue paying you still will get a buyback offer as long as you informed the financial office that’s what you want. Appears people wait on average between a year to three years. We waited one year for paperwork, and are now awaiting the measly $100, which takes another year.

brianm659 wrote:

Because they put the buyback program on hold. I'm still on the waiting list, and as long as I'm on that list, I'm still considered an owner and thus subject to maintainence fees! And, It behooves one to get info on as many options as possible.

cliff20 wrote:

Why go thru the hassle and expense of a timeshare exit company, when Manhattan Club will buy it back for $100.00?

Diane B. As long as your RCI membership is paid, you can continue to use any accumulated points. I got rid of TMC last year and I've gone to Aruba 2x using points and have 35,000 points remaining. My RCI membership expires in 2022, so I have until that date to use them or pay $129 for 1 yr to extend it further. Travel and use those points!

The "buyback" program is not on hold. Two weeks ago I called TMC for the paperwork and it was received in about seven days. I filled out the forms, had them notarized and returned them. I don't know if this matters, but my maintenance fees are current and I have no mortgage.

The buyback program is not on hold. At least it wasn't two weeks ago.

To my knowledge, any points or weeks that you have banked with RCI, while your timeshare ownership was in good standing, are yours to keep...as long as your RCI membership is paid

I contacted a timeshare exit company in the past and they told me that they could not help what the Manhattan Club