Posted on 01/17/2016 10:46:44 AM PST by justlittleoleme
Deutsche Bank Trust Co. Americas ratcheted up its battle with Donald Trump, claiming the hard-charging developer personally owes it $40 million after defaulting on a $640 million construction loan for Trump International Hotel & Tower in Chicago.
On Friday, Deutsche, the main lender on Trump's development alongside the Chicago River, filed suit against Trump in New York State Supreme Court in Manhattan.
It is the second suit filed within a month over the high-profile project under way at 401 N. Wabash Ave., which at 92 stories has already become a dominant figure on Chicago's skyline.
-snip-
Steven Molo, an attorney representing Deutsche, declined to comment on the latest suit or the financial discussions between Deutsche and Trump. Without continued funding, Deutsche could eventually find itself in the unenviable role of developer.
Last month, Trump filed suit against Deutsche Bank in New York State Supreme Court in Queens, seeking to excuse a repayment of more than $330 million due Nov. 7 and extend the construction loan for an unknown period of time because the global economic crisis was a "once-in-a-lifetime credit tsunami." Trump also seeks $3 billion in damages. On Wednesday, Deutsche moved to have that case dismissed.
This latest suit, filed by Deutsche, calls for Trump to make good on the personal payment guarantee he signed in February 2005 for the building if he didn't make the loan payments on time. The suit alleges that Trump did not pay the more than $330 million due Nov. 7, a date that already had been extended, and that on Nov. 10, Deutsche made written demands for the outstanding loan payment and the $40 million guarantee.
(Excerpt) Read more at articles.chicagotribune.com ...
This story is seven years old. How did it turn out?
2008???
This will be an endorsement of Trump to his followers. Add this to the fact that his wife didn’t work at Goldman Sachs and we have a winner!
Here comes the NWO.
LOL!
Trump sued them. They called a truce.
More here (from 2009):
“Donald Trump, Deutsche Bank reach truce over Chicago skyscraper’s finances”
That’s it. I’m done with Trump.
Trump wins again. LoL.
Just another successful negotiation for Donald Trump. :-)
Trump filed suit against Deutsche Bank in New York State Supreme Court in Queens, seeking to excuse a repayment of more than $330 million due Nov. 7 and extend the construction loan for an unknown period of time because the global economic crisis was a “once-in-a-lifetime credit tsunami.”
So.... Trump is going to default on a loan and then sues the bank who loaned it to him?
Very Presidential.
Trump isn’t owned by the big banks. He just defaults on loans. New York values.
Deutsche then filed its lawsuit in New York State Supreme Court in Manhattan, claiming Trump personally owed the bank $40 million after defaulting on the loan.
OK guys, we are adults around here. This was to forestall a foreclosure when because the economy went south, Trump was left with a building to complete and sell. The lenders, Deutsche Bank, are big boys and knew that they were accepting a market risk when they made the loan.
At the end of the day I presume the building was completed, the units sold, and the lender repaid.
Any information that the loan was not eventually paid?
This story is old. You forgot the rule that anything Trump said or did more than a week ago is irrelevant.
Eight years ago;really?
By Trump logic, Trump is owned by Duetsche Bank.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.