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Manhattan Club Update

Manhattan Club Update

by March 21, 2017 0 comments

Important update on the ongoing Manhattan Club issues:

In the upcoming hearing on 3/31, Judge Rakower’ Court Room in NYC, the TMC defendants’ motion seeks release of monies from frozen accounts to pay legal fees.  They are also seeking to use maintenance fees from TMC owners to pay their legal fees.

 

 

 

Item #10 Schedule B on the new 2018 TMC budget provides for $2.6 million for administrative costs and this include legal fees.  However, the Timeshare Association is not a defendant in the NYAG’s case.  We need a more detailed breakdown of the $2.6 million.    It’s vague and ambiguous. We need to see a breakdown.  For all we know they could be budgeting for legal fees.

 

 

 

It is also important to note that they are also budgeting $7,000,000 for a reserve for bad debts! Guess who pays that!  The unit owners are subsidizing the consequences of  sponsor malfeasance.
Lisa Ann Schreier, The Timeshare Crusader

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