March 06, 2007

Trump Implosion Begins - lawsuits, lies, deception and now "A lot of people are going to be hurt on this thing"


Even though a lot of these Trump Tower projects will see lawsuits, foreclosures, financial disaster and mothballs, you gotta give it up for The Donald. He swindled people into paying millions for an apartment, to be "part of the Trump Empire", but alas, the guy didn't even have an ownership stake in the projects - he was just licensing his name out like Subway or Dairy Queen.

Brilliant. And yes, there is a sucker born every minute. And Donald Trump knows it.

Frustrated buyers sue for refund on condo - They bought into the idea of living in Trump Tower luxury. Now they just want their deposit back.

Joe Shultz and Louis Ricci tried to disregard Trump Tower Tampa's growing distress: the broken financing deals, the unpaid contractors and the slippery completion dates.

They will disregard them no longer. Partners on a $1.48-million condo, Shultz and Ricci have become the first Trump Tower buyers to sue to get their deposit back.

They also blame Donald Trump, suggesting the New York tycoon misstated his relationship to the project. Trump said at the time he had a "substantial stake" in the $300-million tower when, in fact, his exposure is limited to a licensing deal with SimDag.

The project, advertised as west-central Florida's tallest at 600 feet and 52 stories, was unveiled with fanfare in early 2005, but remains little more than a hole in the ground at 111 S Ashley Drive in Tampa.

Smitten with owning a piece of the Trump empire, Shultz and Ricci grabbed a condo in August 2005. As part of the 20-percent nonrefundable deposit, the men paid SimDag $148,200 in cash and provided a letter of credit for an equal amount.

"I think these suits are going to become more frequent. I think we're three months away from when developers say, 'Forget about it,' " Long said. " There's a real risk many people will not get their money back. There's a real risk you're going to see a bankruptcy filing."


Long suspects SimDag is out of money and has used up some of the deposits. How else to explain why developers owe more than $3-million to contractors forced to place liens on the property?

"I understand their position. To a certain extent it's a floodgate: If they give one person money back, it's the same for everyone else," Long said.

"A lot of people are going to be hurt on this thing."

30 comments:

Anonymous said...

Two words: YOU'RE SUED

Anonymous said...

U.S. stocks set to open higher Tuesday, following in footsteps of international rebound. So your Doom and gloom was just a bunch of BS! We'll see who's laughing when I sell my house for double, while you still live in a trailer.

I'M IN THE MONEY,I'M IN THE MONEY!

Anonymous said...

SINGAPORE (Reuters) - Former Federal Reserve chairman Alan Greenspan was quoted as seeing a "one-third probability" of recession in the United States this year, according to an interview with Bloomberg.



THAT MEANS 2/3 there will not, OK,

a.creampuff said...

.
.
.
.
.
See? Casey Serin can be like The Donald one day!

borkafatty said...

I can sum this up with one word:

"FOOLS"

Anonymous said...

He may never have much skin in the game (and that's probably smart, no?) but at least he bags hot chicks.

Bill Mann said...

Better Catch That Cow!
By
March 5, 2007
Seriously, are you kidding me?

On March 2 of this year, federal banking regulators expressed their concerns that homeowners who buy or refinance using adjustable-rate mortgages may not understand these products' associated risks.

They didn't say this on March 2, 2002. Not March 2, 2003, 2004, 2005, or 2006. But in 2007.

I also understand that the National Transportation Safety Commission is about to come out with its groundbreaking study on how the design and construction of the Titanic might represent a risk to passengers.

http://www.fool.com/
investing/small-cap/2007/03/05/
better-catch-that-cow.aspx

Anonymous said...

Where are home prices headed?

Anonymous said...

Let the Lawsuits Begin!

Anonymous said...

I don’t know what’s going on, I called myself yesterday to see if my phone was still working. My phone hasn’t rung in two weeks. It seems like the whole world’s for sale, and there’s no buyers. It’s been dead.

Anonymous said...

He may never have much skin in the game (and that's probably smart, no?) but at least he bags hot chicks.

You mean he buys hot chicks,don't you?

Anonymous said...

Yeah but he still gets to bang Melania every night. He won't lose his Florida "home". So go ahead HPers, laugh at him, somehow I think he doesn't really care.

fish said...

"Trump Implosion Begins - lawsuits, lies, deception and now "A lot of people are going to be hurt on this thing""

Does this mean he won't be at the learning annex this weekend?

Anonymous said...

"The global economy is more than sound," Paulson said. "It's as strong in the last couple of years as I've seen in a lifetime.

"All the economies are growing, inflation is low, and liquidity is high," he said.

http://money.cnn.com/
2007/03/06/news/economy/
bc.japan.economy.paulson.
housing.reut/index.htm?postversion=2007030606

Anonymous said...

Look at that sneer, he actually thinks he's Hot!

The Thinker said...

Don Trump figured out that he can make more money off of his celebrity than he can with real estate. He is not a business man as much as a celebrity. He is more akin to Paris Hilton than Warren Buffet.

Anonymous said...

"There's no doubt in my mind that the Fed has us unfortunatetly by the short and curlies,"

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

DOW
+133.14


HAPPY DAYS ARE HERE....things REALLY are different this time.

Anonymous said...

you are 100% right anon 7:06. Things are not any different this time around.

DOW has gained an average of 7.4% since its inception. This includes the '29 crash. And it will probably return 7.4% annualized for the next 100 years as well.

Nope, nothing different at all.

Noodles said...

I do have to admit that the RE market and the stock market have weathered the storm well so far.

I agree with how the fundamentals should work and the trickle theory of doom should happen but up to this point the rubberband has not snapped.

In reality it should be about 50% as bad as Keith has wrote but it isn't and there's still millions of suckers posting the economy up somehow....but there is one point that all these Anon pro business/pro war/pro stupid consumerisms CANNOT lie about-------->ALL THE SMART $$$ FROM BILLIONAIRES TO CEOs OF THE COMPANIES ARE CASHING OUT AT INCREDIBLE RATES AND THE AMERICAN ECONOMY IS BEING SUPPORTED BY THE INTERNATIONAL MARKETS...all things come to an end and when it does then it will get really bad overnight...but you're right Kieth needs to tone it down a notch

Anonymous said...

This carnival barker will be bk when all is said and done, when the money goes the hot chicks go.

Anonymous said...

another one of the "I never filed for bankruptcy" trump companies, filing for bankruptcy, typical enough, to make rosie, look good, not

Anonymous said...

I am making a killing it is so simple all I have to do is follow your advice to the letter by doing the exact opposite, this is great. My house is killer - San Diego is killer - my Bank Account is Killer - Shit I do not even work - this is the Greatest Thanks I love coming up off of the idealistic younger fools.

Anonymous said...

Anonymous said...

I am making a killing it is so simple all I have to do is follow your advice to the letter by doing the exact opposite, this is great. My house is killer - San Diego is killer - my Bank Account is Killer - Shit I do not even work - this is the Greatest Thanks I love coming up off of the idealistic younger fools.

March 06, 2007 10:55 PM
--------------
Ignorance is bliss until the moment right before you get too close to the bug zapper & then ZAP it does not matter anymore. But oh you're only a bug in terms of mental capacity, but otherwise your a human and will be on the street until you die a cruel, brutal and short life.

Anonymous said...

DOW
+133.14


HAPPY DAYS ARE HERE....things REALLY are different this time.

Ever notice how some people are so stupid, they have no idea they are stupid?

Lost Cause said...

So many high rise condos going up in so many cities...and who will buy these units, now that the speculators aren't willing to carry a declining asset (40% of the market) plus toxic loan are no longer allowed (20% of the market.) Can anonymous check my math?

Frank said...

"He is more akin to Paris Hilton than Warren Buffet."

That's certainly true, and now he's hit bottom with this WWE nonsense he's doing.

Anyway I never understood the whole "luxury condo" thing and why people would be dumb enough to pay twice as much for a condo than they could for a big house on a large property. Instead of blaming Trump, let's blame the dumbasses who bought those things, because, let's face it, Trump and the other developers didn't force anyone to buy, it was their own stupidity that caused them to buy.

In Scottsdale those Optima Camelview condos that sold for a million bucks are now available for rent for around $2,000/month... LOL!!!!!!

Anonymous said...

Who wants to live in a luxury condo? WTF?

On a different thread there are HPers praising the glories of living in seaside condos on the 16th floor and how wonderful it is to not have to worry about snow shoveling or cutting the grass.

Make up your minds people, do you or do you not like conods.

PL said...

It's all about what is good for you and your style. Yes a house is better because you own it. Final. But you have no free time and you become involved with all your free time on it. A condo you have the luxury of freedom and if you're in California it is always a good investment and the returns are as good. Even in these times.