# Manhattan Club owners - August Timeshare meeting/info available



## TUGBrian (Jun 27, 2015)

Was passed on to me by the editor of Timesharing Today:



> All MC Owners are Invited to attend to learn about the progress of the NY AG's case and to discuss the next steps for Owners. This special meeting is in advance of the Owners/Board meeting set for August 4th.
> 
> To RSVP and get further information email: jeff@redweek.com . Subject Line: MC Meeting. Please Include your complete contact information when replying
> 
> ...


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## jjlovecub (Jun 28, 2015)

Anyone going? I would love an update


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## Maz (Jul 1, 2015)

jjlovecub said:


> Anyone going? I would love an update



Thinking about it. Just wondering if anything new will be presented. Half of the issues at the MC are legit while the other half are just good old fashion timeshare realities.


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## Maple_Leaf (Aug 20, 2015)

*Update from Redweek*

Redweek provides a very interesting audio update and written summary.  I found some interesting allegations in there:

- According to the AG's office, a total of 2,265 contracts were inactive, or delinquent, as of March 2015. The Club has 14,147 active contracts.

- Only nine resales have been recorded in New York property records in 2015 (during which, the Club itself was barred from transferring, selling or foreclosing on property)

- From 2012 - 2015, Sharket traced 144 resales that had an average selling price of $2,148

- During that same 2012 - 2015 period, the Manhattan Club took back 1,554 timeshares through buybacks or foreclosures, paying an average price of $133 per unit

- From 2012 to July of 2014, the Club notched 1,521 sales worth $86 million, with an average selling price of $21,000 

- In its most recent court filing, the AG says: "NYAG has sought — and still seeks — to determine not only whether Sponsor (Eichner and his operating companies) had oversold any units in the timeshare plan, at any time, but also whether anyone at the Manhattan Club was keeping accurate records as to the inventory that Sponsor has sold, has yet to sell, and has bought back and re-sold."

- Going way beyond civil fraud, the AG is now pursuing a criminal probe against the Eichners for a variety of transactions — including misleading sales practices, inaccurate offering plans, securities violations and, in the last case, pocketing 20 percent of the annual $30 million in maintenance fees paid by TMC owners.


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## JoyC (Aug 21, 2015)

thanks for the updates. I am glad to hear that AG office is looking into their business practice - criminal - in my opinion.


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