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http://www.crainsnewyork.com/article...TE02/307229976
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"In the end, after finding no takers for his stake on eBay, Craigslist and other online sites, Mr. Cottone handed it over to the Manhattan Club's owner-operator, Ian Bruce Eichner, chairman of Continuum Co., and other firms, for a dollar.
Mr. Cottone has loads of company in a once-glistening project that has drawn a growing army of detractors over the course of nearly five years. A Yahoo online group where owners voice their complaints has drawn 493 members since it was created in 2007. Three years later, a website called the Disgruntled Manhattan Club New York Timeshare Owners, which chronicles the owners' plight, went up. More recently, a similar site appeared on Facebook, and TimeSharing Today published an article by a former owner titled "My Manhattan Club Experience: A Tale of Frustration."
. . .
At this point, many Manhattan Club owners simply want to wash their hands of the whole experience.
"I am trying to get out of it, and it is almost impossible," said Zenon Hac, a teacher in New Jersey, who paid $20,000 for his time-share in 2002 and wants to give back his share for $1.
Other angry owners like Mr. Hac say they, too, would love giving shares back to the sponsor, but they say the developer is only compiling a waiting list and is not buying any shares back. In retaliation, Mr. Hac and others have recently stopped paying their annual maintenance fees, ranging from $1,800 to $2,500 a year, in protest of how the club is being run.
"I refuse to pay," said Tony Caliguire, a firefighter in Albany, who attempted to sell his $20,000 time-share online for $10,000 last year, but got no bidders. "My credit is at risk, but why should I pay for something I can't use?"
Read more: http://www.crainsnewyork.com/article...#ixzz2GTds22da
Hint:
"In the end, after finding no takers for his stake on eBay, Craigslist and other online sites, Mr. Cottone handed it over to the Manhattan Club's owner-operator, Ian Bruce Eichner, chairman of Continuum Co., and other firms, for a dollar.
Mr. Cottone has loads of company in a once-glistening project that has drawn a growing army of detractors over the course of nearly five years. A Yahoo online group where owners voice their complaints has drawn 493 members since it was created in 2007. Three years later, a website called the Disgruntled Manhattan Club New York Timeshare Owners, which chronicles the owners' plight, went up. More recently, a similar site appeared on Facebook, and TimeSharing Today published an article by a former owner titled "My Manhattan Club Experience: A Tale of Frustration."
. . .
At this point, many Manhattan Club owners simply want to wash their hands of the whole experience.
"I am trying to get out of it, and it is almost impossible," said Zenon Hac, a teacher in New Jersey, who paid $20,000 for his time-share in 2002 and wants to give back his share for $1.
Other angry owners like Mr. Hac say they, too, would love giving shares back to the sponsor, but they say the developer is only compiling a waiting list and is not buying any shares back. In retaliation, Mr. Hac and others have recently stopped paying their annual maintenance fees, ranging from $1,800 to $2,500 a year, in protest of how the club is being run.
"I refuse to pay," said Tony Caliguire, a firefighter in Albany, who attempted to sell his $20,000 time-share online for $10,000 last year, but got no bidders. "My credit is at risk, but why should I pay for something I can't use?"
Read more: http://www.crainsnewyork.com/article...#ixzz2GTds22da
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