The lead lender on the Chicago Trump International Hotel & Tower is suing Donald Trump, seeking to collect on a $40-million personal guarantee the developer made on the 92-story structure, according to Crain's.
Citing chicagorealestatedaily.com, Crain's said Deutsche Bank Trust Co. Americas filed the suit Friday in Manhattan's New York state court, alleging Trump didn't pay off a remaining $334.2 million loan due on Nov. 7 to Deutsche Bank and its syndicate of lenders.
Amazing, Trump was doing great slapping his names on other peoples deals and getting a percentage for the marketing power of his name, and then he goes and personally guarantees his Chicago deal, breaking with the formula that has worked for him, and it bites him. .
It also looks like Trump Casinos is headed for its third bankruptcy.
This is what you get Donald for not understanding ABCT, and not watching money supply.
HT2DR
Showing posts with label DonaldTrump. Show all posts
Showing posts with label DonaldTrump. Show all posts
Sunday, November 30, 2008
Tuesday, November 4, 2008
Trump Sues The Carlyle Group
In papers filed last week, Donald Trump is suing the Extell Development Company and the Carlyle Group for tortious interference.
Details are vague but it appears that someone, according to Trump, sent a wire of "$16.5 million to the BNP Paribas Bank of London for the purpose of obtaining an unlawful advantage with respect to the purchase" of the former Penn Central rail yards, located in Manhattan. The parcel extends from 59th Street to 72nd Street east of the West Side Highway. Extell and the Carlyle Group jointly purchased the property for $1.76 billion.
Trump claims the Cheng Group sold the property for approximately $1 billion less than what it could have obtained. Cheng Group owned a controlling 70 percent interest in the 77-acre parcel while Trump owned 30 percent.
-RW
Details are vague but it appears that someone, according to Trump, sent a wire of "$16.5 million to the BNP Paribas Bank of London for the purpose of obtaining an unlawful advantage with respect to the purchase" of the former Penn Central rail yards, located in Manhattan. The parcel extends from 59th Street to 72nd Street east of the West Side Highway. Extell and the Carlyle Group jointly purchased the property for $1.76 billion.
Trump claims the Cheng Group sold the property for approximately $1 billion less than what it could have obtained. Cheng Group owned a controlling 70 percent interest in the 77-acre parcel while Trump owned 30 percent.
-RW
Tuesday, October 14, 2008
Trump, The Inflationist, Is Also Becoming A Socialist
Donald Trump, who has been calling for more Fed money printing-- probably since before he reached puberty, has now revealed a bit of a socialst streak in the mind that remains covered by a comb over.
In an interview this morning on CNBC, Trump said the injection of cash into banks felt "artificial." But like a woman who has a frozen face from too much botox, Trump couldn't resist applauding the money injection.
"It's almost socialistic, but I like it, really like it," he said.
He followed this ridiculous statement by making the absurd statement that oil should be $40 to $50 a barrel. Yeah, Donald with the money printing you are applauding start thinking about $240 and $250 per barrel oil.
From time to time, I will hear someone interviewed on CNBC and I wonder if they wander over to Mises.org once and awhile to get an education on how the economic world really works. With Trump, it's the opposite, he appears to know as little about economics as he does about running a gambling casino.
It's embarrassing listening to this man spout economic nonsense followed by more economic nonsense.
In an interview this morning on CNBC, Trump said the injection of cash into banks felt "artificial." But like a woman who has a frozen face from too much botox, Trump couldn't resist applauding the money injection.
"It's almost socialistic, but I like it, really like it," he said.
He followed this ridiculous statement by making the absurd statement that oil should be $40 to $50 a barrel. Yeah, Donald with the money printing you are applauding start thinking about $240 and $250 per barrel oil.
From time to time, I will hear someone interviewed on CNBC and I wonder if they wander over to Mises.org once and awhile to get an education on how the economic world really works. With Trump, it's the opposite, he appears to know as little about economics as he does about running a gambling casino.
It's embarrassing listening to this man spout economic nonsense followed by more economic nonsense.
Monday, August 18, 2008
The Donald Raising Prices of His Manhattan Real Estate Properties by Millions; For Sale To Russians
Problems selling your house? Take a page from Donald Trump. Sell it to the Russians.
Trump has hired a Russian-speaking broker to market some of his properties to Russian oligarchs.
Oh, and to further follow Trump's lead, you need to raise the price. A duplex penthouse at Trump Park Avenue has been on sale since 2005 for $32 million, since he had no takers at $32 million, he just raised the price to $51 million.
Trump recently sold his Palm Beach estate Maison de L'Amitie to a Russian fertilizer baron for a reported $100 million.
Here are more Trump, price increases (Via StreetEasy):
PH#23 Now Asking: $31,120,000
Last Week's Ask: $21,784,000Increase: $9,336,000
First Listed: November 2005 (at $18.9 million)
Days on Market: 1020[Listing]
PH#24 Now Asking: $31,000,000
Last Week's Ask: $20,433,600Increase: $10,566,400
First Listed: January 2006 (at $18,375,000)
Days on Market: 935[Listing]
#19A Now Asking: $14,449,500
Last Week's Ask: $9,633,000
Increase: $4,816,500
First Listed: November 2005 (at $9,104,000)
Days on Market: 1020[Listing]
Curbed.com thinks #23 might be the penthouse rented by Donny Deutsch.
Trump has hired a Russian-speaking broker to market some of his properties to Russian oligarchs.
Oh, and to further follow Trump's lead, you need to raise the price. A duplex penthouse at Trump Park Avenue has been on sale since 2005 for $32 million, since he had no takers at $32 million, he just raised the price to $51 million.
Trump recently sold his Palm Beach estate Maison de L'Amitie to a Russian fertilizer baron for a reported $100 million.
Here are more Trump, price increases (Via StreetEasy):
PH#23 Now Asking: $31,120,000
Last Week's Ask: $21,784,000Increase: $9,336,000
First Listed: November 2005 (at $18.9 million)
Days on Market: 1020[Listing]
PH#24 Now Asking: $31,000,000
Last Week's Ask: $20,433,600Increase: $10,566,400
First Listed: January 2006 (at $18,375,000)
Days on Market: 935[Listing]
#19A Now Asking: $14,449,500
Last Week's Ask: $9,633,000
Increase: $4,816,500
First Listed: November 2005 (at $9,104,000)
Days on Market: 1020[Listing]
Curbed.com thinks #23 might be the penthouse rented by Donny Deutsch.
Friday, August 15, 2008
Donald Trump to Buy Ed McMahon's House
Ed McMahon had slashed the price on his Beverly Hills house by $1.9 million, to $4.6 million. Donald Trump will buy it and allow McMahon, who was facing foreclosure, to continue living in the home.
"I don't know the man, but I grew up watching him on TV," Trump told LaTi. Trump's plan is to buy the home from the lender and lease it back to McMahon.
The deal with Trump was cemented this past weekend when McMahon's listing agent, Alex Davis of Hilton & Hyland in Beverly Hills, flew to New York to make a personal appeal to Trump, according to LaTi.
Monday, July 28, 2008
Crashng Prices On Chicago Condos Undercuts Trump
ChicagoBusiness reports:
Investors no longer have to pay Trump prices for a piece of Donald Trump's downtown condominium and hotel tower.
At least 34 hotel suites sold by the developer in the past six months are back on the market, some priced at a steep discount to comparable unsold hotel units in the yet-to-be-completed project. They are owned by investors who signed purchase contracts before construction began on the 92-story skyscraper, aiming to flip the units for a profit after closing.
It's a potential problem for Trump International Hotel and Tower, which is having a hard time regaining early sales momentum in a downtown condo market suffering from surging supply and declining demand. Mr. Trump, who relied on early sales contracts with investors to get $770 million in construction loans, now must compete with many of them for buyers: That's tough when prices on some of the resale units are more than 30% below the developer's.
"My clients want to get out, and the only way they can get out is by undercutting the developer," says broker Andrew Glatz, who has listings for 18 hotel units in the building at 401 N. Wabash Ave.
Mr. Glatz has listed a one-bedroom hotel suite on the 25th floor for $1 million, well below the $1.5 million a buyer would pay Trump for a comparable unit.
He's also trying to sell a two-bedroom suite on the 23rd floor for $2.6 million, vs. $3.2 million for a Trump unit.
The 339-unit hotel opened in January, the same time buyers started closing. Unlike a traditional hotel, where one large investor owns the entire building, the Trump project is a condo-hotel, where suites are sold individually to investors. The investors can occupy their condos and have them rented out when they're away.
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