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 ...
The Trump you see today is the same Trump that was back then, only difference is, he has gotten older.
So did Trump win? He did get the German bank to back off - right? According to TornadoAlley3, Trump did increase his leverage or his position against the bank. Trump sounds like the guy we need in the White House to do our bidding.
The Cruz ship has run aground, and the crew is getting desperate!
Trump paid them off to settle the suit. He knew he stood to lose millions...
Looks like Deutsche is attempting to insert itself into our presidential campaign. Might they have unseen ties to the Bushes? Just asking.
They should be careful what they insert, and where they insert it. They COULD get it chopped off.
Then Trump cut his business loses. That’s good.
In 1992, Trump filed for Chapter 11 bankruptcy on his Trump Plaza Hotel in Atlantic City. At this time, Trump owed $550 million on the Trump Plaza Hotel. As part of the restructuring, Trump gave Citibank a 49% interest in the hotel. He was given a lenient repayment plan. Trump was able to stay on as CEO but he had to give up his salary.
http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/
So I guess you could say he is owned by Citibank as well.
He sued for $3 Billion. The Art of the Deal sez you start by demanding 3 times what you actually want and expect. Worth keeping an eye on it.
Business is messy in a way that the average person does not comprehend. Attacking Trump for this type of activity is similar to attacking Dr. Ben Carson because he drew a lot of blood in the operating room, and doubtless lost some patients.
I just can’t resist saying: Grow up people!
According to his financial disclosure of July 2015:
a term loan from Deutsche Bank Trust Company Americas was made in the range of $25 million to $50 million, the report said. The note has a variable interest rate and matures in 2024.
Sounds like Donald negotiated with them regarding the Trump International Hotel and Tower.
BTW, condo sales at that property generated 43 million dollars.
Beck should know that Trump is on record endorsing McCain/Palin in 2008.
I suppose mystic Glennie Beck floated back through time in an out of body experience to witness Trump marking the ballot card for Obama.
Quoth Winston Churchill:
“A lie gets halfway around the world before the truth has a chance to get its pants on.”
The two sides reached an agreement and in 8/10, the loan was extended for 5 years.
He voted for Zero in 2008...
As to the Tweet Mr Trump said I always vote for the Winner Congratulations Obama my friend!!!
That Tweet is a fake.
“Desperate Liar - Glenn Beck Sends Followers Fake Trump Tweet - Conservative Tree House ^ | January 16, 2016 | by sundance “
http://www.freerepublic.com/focus/f-news/3384623/posts
I have to apologize I thought it was real Beck Apologized too!!!
Article just posted.
“Glenn Beck apologizes to Trump
Bizpac Review ^ | January 17, 2016 | Michael Dorstewitz “
http://www.freerepublic.com/focus/f-news/3384937/posts
I have to apologize I thought it was real Beck Apologized too!!!
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