Everything he touches, dies. # 23

[dixiegrrrrl]

He killed a bank:
Trump and Ivanka mis-lead/mis-stated how many units of the Trump Ocean Club, in Panama City, had "pre-sold", which was an important number to obtain construction financing, in this case, bonds issued by Bear Sterns Bank.
there is a question if those pre-sold contracts were ever scrutinized by the banker who signed off on the bonds.
That was Nov. 2007.
6 months later, Bear Sterns went bankrupt and was taken over by J.P. Morgan Chase.

But wait...there is more.
Mis-stating important details was a pattern, a long running con, and the losers were the buyers who DID end up buying condos in Trump buildings, either pre-sold or after construction, when they thought most or all of the units had sold, so it would be a good investment.

Projects Where a Trump Family Member Overstated Sales Numbers

Dominican Republic
Claim: Donald Trump claimed $365 million in sales in a 2007 letter to The Wall Street Journal.
Reality: Trump reported $290 million in a 2009 project audit.
Result: Never built.

Fort Lauderdale
Claim: Trump announced the hotel/condo was “pretty much sold out” in April 2006, according to a broker who attended the presentation.
Reality: 62 percent of units were sold as of July 2006, according to bank records that emerged in a court case.
Result: Entered foreclosure. Trump’s name removed before construction completed.

Las Vegas
Claim: Condos “sold out,” Trump told The Associated Press in 2005
Reality: About 25 percent of units were sold by 2011, according to press accounts.
Result: Built.

Panama
Claim: “It’s a 1,000-unit building, we've sold over 90 percent of it,” Ivanka told Portfolio in 2008.
Reality: As of three months later, 79 percent of the units were pre-sold, according to Moody’s.
Result: Built, but went bankrupt; Trump name removed.

SoHo
Claim: In 2008, Ivanka told reporters that 60 percent of units had sold.
Reality: A Trump partner’s affidavit revealed that 15 percent had been sold at the time.
Result: Built, but went bankrupt; Trump name removed.

Tampa
Claim: The building “sold out,” Trump told The Wall Street Journal in 2007.
Reality: The developers failed to sell a minimum of 70 percent of units, according to a Trump company letter that year, which deemed that a violation of its contract.
Result: Never built.

Toronto
Claim: In a 2009 interview, Ivanka referred to the property as “virtually sold out.”
Reality: 24.8 percent of units had sold, according to a 2016 bankruptcy filing by the developers.
Result: Built, but went bankrupt; Trump name removed.





From a ProPublica story
https://features.propublica.org/trump-inc-podcast/trump-family-business-panama-city-khafif/

[brush]

1. A family of shysters. The princess lies as much as trump.

[Scurrilous]

2. More touching, more dying...

Trump Ocean Resort Baja Mexico

<snip>

"Trump Ocean Resort Baja Mexico was a failed luxury condominium-hotel resort to be located at Punta Bandera in the Playas de Tijuana borough of Tijuana, Baja California, Mexico, approximately 16 kilometres (9.9 mi) from the San Ysidro border crossing.

It was initially announced in 2006 as a joint venture between the Trump Organization and Los Angeles-based real estate development company Irongate. Investors were led to believe that Trump CEO Donald Trump was supervising the project, however he was just licensing his name for the development (and subsequently also sued the company).

This was the second Trump-Irongate joint venture, and followed the more successful Trump International Hotel and Tower (Honolulu) venture.

The project was to be a 3 tower, 25 story, 526 unit condo-hotel.

In late 2008, with the project experiencing delays and cost overruns, Trump removed his name from the development.

In early 2009, The Associated Press reported that the project had collapsed financially; investors who had put down deposits on the project condos faced a total loss of their down payments (typically $200,000 – $300,000 per person). After its collapse, Trump (whose videos promoting the development had been shown to potential investors) claimed that he had been little more than a spokesperson for the entire venture, and disavowed any financial responsibility for the debacle."

https://en.wikipedia.org/wiki/Trump_Ocean_Resort_Baja_Mexico

[malaise]

3. So why doesn't he do us a favor and

Touch himself.

[Scurrilous]

4. LOL