• The TUGBBS forums are completely free and open to the public and exist as the absolute best place for owners to get help and advice about their timeshares for more than 30 years!

    Join Tens of Thousands of other Owners just like you here to get any and all Timeshare questions answered 24 hours a day!
  • TUG started 30 years ago in October 1993 as a group of regular Timeshare owners just like you!

    Read about our 30th anniversary: Happy 30th Birthday TUG!
  • TUG has a YouTube Channel to produce weekly short informative videos on popular Timeshare topics!

    Free memberships for every 50 subscribers!

    Visit TUG on Youtube!
  • TUG has now saved timeshare owners more than $21,000,000 dollars just by finding us in time to rescind a new Timeshare purchase! A truly incredible milestone!

    Read more here: TUG saves owners more than $21 Million dollars
  • Sign up to get the TUG Newsletter for free!

    60,000+ subscribing owners! A weekly recap of the best Timeshare resort reviews and the most popular topics discussed by owners!
  • Our official "end my sales presentation early" T-shirts are available again! Also come with the option for a free membership extension with purchase to offset the cost!

    All T-shirt options here!
  • A few of the most common links here on the forums for newbies and guests!

Manhattan Club owners - August Timeshare meeting/info available

TUGBrian

Administrator
Joined
Mar 24, 2006
Messages
22,091
Reaction score
7,673
Points
1,099
Location
Florida
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

RSVP today.

All Manhattan Club owners who are anywhere near Manhattan on Aug. 2 are invited to attend a special owners' meeting to hear experts talk about the Attorney General's investigation and discuss practical owner issues, including maintenance fees and future reservations. This open meeting will be held from 1:30-5:30 p.m. Sunday Aug. 2 at a midtown hotel, convenient for any guests who are already registered to attend the MC HOA board meeting on August 4.

The meeting is being hosted by TimeSharing Today, Redweek.com and the National Timeshare Owners Association. Legal experts and representatives from the AG's office and Manhattan Club are invited to participate, as well.

To receive complete details about the meeting, please RSVP to: jeff@redweek.com.

Here are some of the issues that will be discussed at the meeting.

-The AG's case: provide update on status of case and possible outcomes.

-The Aug. 4 board meeting at MHC: owner strategies for proxies and participation
-Practical owner issues: should I pay maintenance fees while this investigation continues? Impact on credit rating

-What happens to my ownership if another company buys the Manhattan Club?

Again, if you are an owner at the Manhattan Club and would like to attend the meeting on August 2nd, RSVP now to jeff@redweek.com . Subject: MC Meeting, Upon receipt of your RSVP, we will send details about the meeting location.
 

Maz

TUG Member
Joined
Jun 7, 2005
Messages
127
Reaction score
0
Points
16
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.
 

Maple_Leaf

Tug Review Crew: Rookie
TUG Member
Joined
Jun 24, 2009
Messages
888
Reaction score
269
Points
273
Location
Not Toronto
Resorts Owned
Royal Dunes
Hapimag
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 :eek:

- 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.
 
Last edited:

JoyC

TUG Member
Joined
Jun 6, 2005
Messages
205
Reaction score
15
Points
378
Location
CT
thanks for the updates. I am glad to hear that AG office is looking into their business practice - criminal - in my opinion.
 
Top