Recommended Actions

(1) REGISTER and provide contact info so we can communicate with you

(2) Email the web address for this site to everyone else you know who put down a deposit at CityCenter

(3) Start following us on Twitter to receive updates - @CCDepositgroup is the name on Twitter



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.
Showing posts with label deposits. Show all posts
Showing posts with label deposits. Show all posts

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
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