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Original Message:
Re: Manhattan Club Lawsuit (by Dennis C.):
You assume that Bluegreen will actually pay itself ( the board it controlls) the accumulated “in-arrears” maintenance fees after they acquire a unit from an in-arrears owner for $100. I don’t believe that it will work that way. Is there some legal or other requirements for BG to bring a unit’s missed/abandoned fees up to date?
roberts714 wrote:Just a point of clarification since I've seen references to it a few time in the last few days....It's my understanding the that we (current owners) have never been precluded from selling our unit. The action taken by the NYAG was to stop TMC (Eichner) from buying or selling units. So the idea that we've been precluded from sale is false, and would not be a reason to stop a foreclosure. IMHO there are a thousand other reasons a court might laugh at a foreclosure - but this isn't one of them.
What is interesting about the current 'offer' from Bluegreen is it is now possible for Bluegreen to 'offer' to purchase units back. And in the process according to what the offer states Bluegreen will make the association 'whole' by paying the unpaid maintenance fees. That action should allow the association to pay Eichner any unpaid or arrears that may be outstanding. This is just another way the settlement by the NYAG only put a small dent into the problems we owners are still facing.