Manhattan Club Lawsuit

agreed roger. however, there are many IF's and unanswered questions regarding our "albatrossian" TMC. the following are IF's and unanswered situations:

it appears that you have offered little in the line of proactivity regarding our dilemmas with TMC. your ideas and recommendations would be welcomed. criticism is welcomed but usually not helpful. proactive ideas are.

TMC is too savvy to offer more than $100 per unit. there would be a stampede of us owners to want more of our original purchase price.............then run. for their purpose, they'd rather screw us again; after all, they screwed us so many other times, they assume we're used to it......i don't like being screwed to the wall; do you? also, i believe they have developed a wariness as to the power we as owners can wield. we didn't do well with our nysag association, but as a group of owners, without the fees of legal professionals, maybe we can force a difference in their treatment of us owners via other legal means.

is TMC filing for bankruptcy?

who actually owns TMC?

are the eichners really and completely out of the picture?

we have 3 owner/board members, not one of which worked on behalf of fellow owners. i recently heard from robert ballot, an owner/board member ONCE offering assumed help. after further email by me, the management board members probably gagged him. i haven't heard from him again. (i believe he was using his personal email account.)

the half-fact is what the market will pay under the current greedy, inhumane, shoddy and incompetent management. the other half is what the property is really worth in terms of new york city real estate values for similar property. would TMC be charging $100 if suites were currently being sold even for a junior suite: one room with various bare living necessities? currently, that space would sell for more than an estimated (currently) $40, 000...for 7 days' use plus the annual exorbitant maintenance fees.

another IF: the highest bidder, at auction, would pay much more than $100 per living space, especially for 1br, 2ba and penthouse suites; who knows IF TMC will go up for auction?...a distinct possibility...and turn it into a luxury hotel.

so roger, i don't disagree with your statement under current circumstances; the seriousness of my statement of the CURRENT worth of TMC real estate is very questionable. BUT, the above IF's and unanswered situations hold true. do you or any one of us know the fate of TMC in the near future? the answer is obvious as is what the ACTUAL value of our NYC REAL ESTATE might turn out to be in the best-case scenario especially in the event of auction sale and/or bankruptcy. we could be intelligent winners instead of dissolutioned losers.

under the current management, sure....take the $100 and run. TMC gets to keep the rest of our initial investment. isn't that worth fighting for? this means the TRUE VALUE OF OUR NEW YORK CITY REAL ESTATE INVESTMENT, not the market value of what someone would pay under the now disgraceful TMC circumstances. few would be that stupid. certainly the (current) resale value of our investment is about $0.....under the current circumstances. this will change if these insane circumstances change as explained, with uncertainty, above. even if they change to an all-hotel operation, TMC would, according to my non-legal thinking, have to buy all of us owners out............................ and not at $100 a pop.

i am still in wonderment about all owners stopping paying their maintenance fees. i would like to see a complete and legal explanation of the consequences of that event. that i am aware of, no one has answered that question with any certainty or expertise. can you imagine 14,000 to 18,000 owners not paying maintenance fees? that sounds like a bankruptcy auction to me (a person with no legal expertise, just a bit of forethought.)

rogers334 wrote:

Are you serious? The market value is what someone will pay. Check out the resale value of TMC units. Nothing close to what you just posted.

We have been "Members" Ha Ha, and own 2- 1 bedroom units since 1990. We have not been able to make reservations on a weekend in years and years. We have decided with Covid-19 and the riots we will not be paying our assessment fees this year. We are joining you in the protest against TMC. Good Luck to us all!

this action of non-payment of maintenance fees should become a normal trend by all 14,000 to 18,000 of us owners, not even withstanding the coronavirus/covid-19 pandemic. that would be a very dynamic message.

additionally, TMC doesn't have the decency and humanity to show empathy and/or sympathy to owners by extending reservation use time due to this devastating and life-threatening illness, including the protests concerning mr george floyd, who we continue to mourn

TMC began as a disgraceful operation unbeknownst by us unwary purchasers. it has downgraded itself to unfathomable and deplorable depths ever since. again, ENOUGH IS ENOUGH.

lesliet94 wrote:

We have been "Members" Ha Ha, and own 2- 1 bedroom units since 1990. We have not been able to make reservations on a weekend in years and years. We have decided with Covid-19 and the riots we will not be paying our assessment fees this year. We are joining you in the protest against TMC. Good Luck to us all!

a reliable source has indicated that owners taking the $100 and giving up the TMC deed eliminates the possibility of said owners sharing in any legislation favorable to us owners, which could possibly be worth exceedingly much more in financial rewards. however, this comes with the risk of possibly not obtaining this favorable legal outcome.

need many owners:

any owners interested in establishing our own private website for the purpose of establishing legal but secret actions regarding our strategic plans to get TMC to respond to our rights and their so-called promises? we need to work with each other privately. TMC monitors redweek.com and they know our every move and plan. remember, they are in breach of contract as proven by former new york state attorney general, eric schneiderman who sold us down the river with his SETTLEMENT.

When I inherited 2 time shares, one a penthouse and the other a studio with 2 bathrooms, I had to have this real estate assessed when having it transferred into my name from my Mother's. The penthouse was assessed at $30,000 and the other at $20,000. These assessments were done in June of 2014.

I'm not going to disagree with anything you said. It's just my opinion that no one will ever get more than a few hundred at most if and when they sell. If someone wants to wait it out for Zimmerman to get something from them I wish them good luck. I don't have the patience. I paid a lot less than many others did and since then I have made a few blunders on wall street of equal value. I never looked at this as a way to make money, I don't recall the salesman making that pitch to me. Even with a revised maintenance fee I would be giving up my unit, there are so many other interesting places to stay in NYC.

yes. if someone can find a way to safely open a new private site I think many owners would be happy to join.

.........so you can estimate what your shares are worth now in 2020! perhaps double.

deborahs528 wrote:

When I inherited 2 time shares, one a penthouse and the other a studio with 2 bathrooms, I had to have this real estate assessed when having it transferred into my name from my Mother's. The penthouse was assessed at $30,000 and the other at $20,000. These assessments were done in June of 2014.

In 2014, when I had the timeshares appraised, I was in disbelief and angry, because at the time, on the open market, no one was buying them, they were worth nothing. So I didn't understand how they came up with and justified the amounts they assessed. Think about all the rising fees, over the years we owners have paid and I'll bet many of us have paid at least once over, what the purported value of these timeshares is.

chrisv126 wrote:

.........so you can estimate what your shares are worth now in 2020! perhaps double.

deborahs528 wrote:

When I inherited 2 time shares, one a penthouse and the other a studio with 2 bathrooms, I had to have this real estate assessed when having it transferred into my name from my Mother's. The penthouse was assessed at $30,000 and the other at $20,000. These assessments were done in June of 2014.

Hi John, we are owners that live in Canada. We did not pay our fees last December. We received a letter stating that a late payment penalty of $600 was added to our past due account. We have not heard from TMC in over 3 months. I don t really know what to do with this. We just could not afford the fees anymore. Gerry

gerry,

consider consulting with a knowledgeable attorney about your issue. the following is the attorney i assume many redweek.com subscribers have used. of course, this would be your choice. if you are aware of other trusted attorneys familiar with timeshare operations, check with them.

Jean-Marc Zimmerman Zimmerman Law Group 233 Watchung Fork Westfield, NJ 07090... Telephone: (908) 768-6408 Fax: (908) 935-0751

E-MAIL JMZ@ZIMLLP.COM ​

there are no guarantees, but zimmerman appears to have gained more timeshare background information than other attorneys in this area of practice.

gerryc52 wrote:

Hi John, we are owners that live in Canada. We did not pay our fees last December. We received a letter stating that a late payment penalty of $600 was added to our past due account. We have not heard from TMC in over 3 months. I don t really know what to do with this. We just could not afford the fees anymore. Gerry

I would be interested in joining a private page as well.

The only way that would be possible would be through attorney Zimmerman. Of course he would have to have a list of members. Did he get that list yet? Is the matter still in litigation?

consider asking mr zimmerman directly.

williamm465 wrote:

The only way that would be possible would be through attorney Zimmerman. Of course he would have to have a list of members. Did he get that list yet? Is the matter still in litigation?

In this case, I'm sure no news is bad news.

why not communicate with attny zimmerman prior to making this definitive judgement?

williamm465 wrote:

In this case, I'm sure no news is bad news.

Hi . Hoping everyone is staying well and safe!

Is there any process for deed back to MC

I would appreciate it if you would ask him and tell us all.

chrisv126 wrote:

why not communicate with attny zimmerman prior to making this definitive judgement?

williamm465 wrote:

In this case, I'm sure no news is bad news.