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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBREAKING: Trump Tower Goes Bankrupt – Being Auctioned Off
The 65-story Trump International Hotel & Tower in Toronto is officially bankrupt. On Tuesday, a bankruptcy judge placed the building into receivership, a mere four years after Trump and his children cut the ribbon at its grand opening.
Tarheel_Dem
(31,234 posts)over the weekend. Say it loud, and say it repeatedly. He's a failed businessman, and a tool of the Kremlin.
ginnyinWI
(17,276 posts)Just wait--when he loses, his name will be worthless. Canada already knows this.
Buns_of_Fire
(17,181 posts)From the article:
On edit: Just for the hell of it, here's an article that notes that even the Rumps know their name is toxic: http://www.politicususa.com/2016/10/22/trump-admits-brand-toxic-changing-trump-hotels-scion.html
Hortensis
(58,785 posts)Mud TV. His name-branding days in the hotel industry are obviously crashing to an end.
Warpy
(111,270 posts)how the fuck did he manage that? Even if he did the usual--glitzy lobby and suburban builder's grade finishes in the apartments--the place should have sold out before it was built.
I don't know what's going on with him, but he does seem to have the reverse Midas touch these days. Let's hope it extends to next Tuesday.
napi21
(45,806 posts)the same thing is occurring with his rentals.
I don't know how he manages to keep what little sanity he has, with rape trial, Trump Univ. trial, just losing the anti union case in Nv. and now this bankruptcy. If I had ANY of those things going on in my life I'd be insane! We don't know if there are even more horrible things going on inside his empire!!
Warpy
(111,270 posts)and I'm talking about tenants in the apartments/condos.
A hotel that had been short of guests for only a few weeks wouldn't go bankrupt, either, without massive mismanagement.
napi21
(45,806 posts)just not renewed. As to the Hotels, the guest rate started dropping in January and averaged 59% down for 10 months. With Trump's history of maximizing his leverage, I'm not so sure that much of a drop would be negligible over almost a year. We'll see.
closeupready
(29,503 posts)those loans are wiped out under Canada's bankruptcy laws, then how is that accounted for per IRS rules?
Think of it like this:
You have a child who lives abroad. You loan them $100,000. They go have a party. They soon after declare bankruptcy. Do I, as a parent, get tax benefits due to that loss?
chelsea0011
(10,115 posts)yardwork
(61,649 posts)awoke_in_2003
(34,582 posts)that that is the best joke from the Naked Gun.
kennetha
(3,666 posts)it's all blather about the latest polls and Trump making a comeback.
Can't get caught up i facts, when there is a good yarn to spin.
Stinky The Clown
(67,808 posts)Oh . . . . wait.
Never mind.
It just really seems to be a continuation of the entire year that weve seen, said Shawn Zigelstein, a sales representative with Royal LePage Your Community Realty.
Were not seeing a sign of any slowdown at this point.
There were 9,768 properties sold in October, up 11.5 per cent from the same month last year, according to the latest figures from the real estate board.
That came as the average selling price for all types of homes rose to $762,975, a 21.1 per cent increase from a year ago.
http://www.torontosun.com/2016/11/03/october-is-another-hot-month-for-toronto-home-sales-prices-soar
The Toronto Real Estate Board (TREB) says there were 9,768 sales in the Greater Toronto Area up 11.5 per cent from the same month last year.
Its benchmark price index was also up by 19.7 per cent from a year ago and the average selling price for all types of homes rising by 21.1 per cent to $762,975.
TREB president Larry Cerqua says growth was strong throughout October a month in which federal Finance Minister Bill Morneau announced stricter rules for mortgage lenders and foreign buyers.
He says the board will be monitoring sales and listings carefully in light of Morneau's policy changes and the board is surveying consumers to measure buying intentions for 2017.
http://www.cbc.ca/news/canada/toronto/toronto-house-sales-prices-1.3834367
But this just HAS to be somebody else's fault. Can NOT be a Trump's fault. They're the best and real estate. And after all, the whole famn damily was there four years ago for the ribbon cutting.
Glimmer of Hope
(5,823 posts)smirkymonkey
(63,221 posts)"I am such an amazingly, phenomenally successful businessman!"