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Welcome to the CityCenter Condo Deposit Group Forum

The group's goals include: (1) Creating a productive discussion forum
(2) Being a resource where owner's can get information on the CityCenter project
(3) Provide a mechanism to present a unified voice of the buyers to the seller
(4) MOST IMPORTANTLY, TO TRY TO ANSWER THE QUESTION, "WHAT DO THE OWNERS, AS A UNIFIED GROUP REQUIRE FROM THE SELLER IN ORDER TO MOVE FORWARD AND CLOSE THEIR CONTRACTS?"
All of the other key stakeholders involved in CityCenter have a voice - the bondholders, the shareholders, management, etc. To date, the buyers who represent billions of dollars in committments have yet to have a seat at the table. This group seeks to change that and come to a win-win solution with MGM.

Sunday, April 26, 2009

Where are our deposits?

When we provided deposits, they were originally held in escrow.

Apparently, MGM no longer has the money in escrow. Rather, it was turned over to M3 Nevada Insurance Company, which according to MGM SEC filings, is a wholly owned subsidiary of MGM.

The question is, does M3 have the money? If not, is there a bond that will cover the return of the deposits in the event of a Bankruptcy?

If anyone has any insight into this question, please respond! Thanks

3 comments:

Anonymous said...

I found the address and telephone number for M3 Nevada Insurance Company. I spoke to a woman named Paula Gentilly there. Her number is (702) 650-6723.

If you ask where your deposit money is, she will give you some scripted answer that goes like "in accordance with your contract, your escrowed money was assigned from CityCenter and it has been bonded by M3". When you ask who is supposed to pay the bond or where the money comes from she says "she is not at liberty to say". Call her and see for yourself. The issue is that M3 is wholly owned by MGM, and MGM is out of cash!!!! They wont answer the question "Where is the money coming" because they dont have the answer!

Matrix5000 said...

so legally if we all file a group lawsuit and win who will we get our money from ?

Anonymous said...

Can someone say 'MAFIA'?????