Another Trump managed hotel goes bankrupt this week.

[theeedude]

http://www.politico.com/magazine/story/2016/11/trump-tower-goes-bust-canada-214412

This Trump-branded and Trump-managed jewel is also, as a business venture, a bust.

On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee.

Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default.

Great CV to manage the country.

 

[Puffnstuff]

America stands to do the same thing as he struggles to make up for his small hands.

 

[1sikbITCH]

That hotel was not a bust. That was another Trump success story. Suck all the profit out, file bankruptcy, and move on.

 

[Vic]

That hotel was not a bust. That was another Trump success story. Suck all the profit out, file bankruptcy, and move on.

America next.

 

[MongGrel]

America next.

Wall Street seems to agree and looks a bit nervous these days.

 

[brycejones]

Guess he couldn't figure out how to have a campaign rally north of the border to funnel some more campaign donations into his own pockets.

 

[dphantom]

and the rest of the story...

"But this is Talon’s bankruptcy, not his. The project was built with other people's money; he just got paid for the use of his name and his hotel management team. It’s not clear how much he ever knew about Talon’s high-pressure sales tactics. It’s also not clear how much he ever knew about his Russian-Canadian partner's business activities in Eastern Europe."

Read more: http://www.politico.com/magazine/story/2016/11/trump-tower-goes-bust-canada-214412#ixzz4P09bOo2z
Follow us: @politico on Twitter | Politico on Facebook

 

[Vic]

Wall Street seems to agree and looks a bit nervous these days.

Hedging activity is through the roof and seems to be in step with Trump's chances. Expect a 'Black Wednesday' if Trump wins.

 

[Jhhnn]

and the rest of the story...

"But this is Talon’s bankruptcy, not his. The project was built with other people's money; he just got paid for the use of his name and his hotel management team. It’s not clear how much he ever knew about Talon’s high-pressure sales tactics. It’s also not clear how much he ever knew about his Russian-Canadian partner's business activities in Eastern Europe."

Read more: http://www.politico.com/magazine/story/2016/11/trump-tower-goes-bust-canada-214412#ixzz4P09bOo2z
Follow us: @politico on Twitter | Politico on Facebook

Donald got his up front & his management company appears to be locked in no matter what. He'll milk it for the last drop.

 

[Sunburn74]

How did this guy get this far without releasing his tax returns?

 

[Jhhnn]

How did this guy get this far without releasing his tax returns?

By being an astounding con artist.

 

[Brainonska511]

How did this guy get this far without releasing his tax returns?

Something something audit, I want to release them, later, look over there, where are Hillary's e-mails...

 

[Puffnstuff]

How did this guy get this far without releasing his tax returns?

Pastors across America rebuke you in the name of their Republican cash cow. Religitards speak for themselves by backing this guy.

 

[Homerboy]

and the rest of the story...

"But this is Talon’s bankruptcy, not his. The project was built with other people's money; he just got paid for the use of his name and his hotel management team. It’s not clear how much he ever knew about Talon’s high-pressure sales tactics. It’s also not clear how much he ever knew about his Russian-Canadian partner's business activities in Eastern Europe."

Read more: http://www.politico.com/magazine/story/2016/11/trump-tower-goes-bust-canada-214412#ixzz4P09bOo2z
Follow us: @politico on Twitter | Politico on Facebook

Ummmm... see the bolded part?

 

[dank69]

How did this guy get this far without releasing his tax returns?

Half of the people in this country have below-average intelligence. Lots of John Conners out there.

 

[Fern]

Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default.

Did no one notice this ^ part?

Fern

 

[fskimospy]

Did no one notice this ^ part?

Fern

Did you notice the 'hotel management team' part?

 

[Fern]

Did you notice the 'hotel management team' part?

Yeah. The article doesn't contain specifics but I'd expect their responsibilities to be hiring desk staff and janitors and taking care of routine maintenance. Perhaps staffing the sales force for units sales. Any real decisions however I think would be made by the owner

The real problem seems to be the 2007 real estate crash:

Talon pre-sold 85 percent of the units at near-Manhattan prices before the groundbreaking in 2007, but most of the buyers backed out after the global financial crisis ravaged the real estate market....

Poor sales means the construction loan payments cannot be met.

Edit: Forgot to mention the new owner expects to retain the Trump management services.

Fern

 

[pcgeek11]

How did this guy get this far without releasing his tax returns?

There is no requirement to release the tax returns.

 

[theeedude]

I guess Trump is just bad luck, everything he touches goes bankrupt. He's like the anti-Midas.

 

[Sunburn74]

There is no requirement to release the tax returns.

If you're applying for a job, there is no requirement you have to consent to the drug screen but it'd be pretty insulting to the intelligence of the employer if the job you're running for is like a substance abuse counseling or intervention position.
"Forget this BS. I'm not taking a pee test. But I am definitely the best person to manage, prevent and treat substance abuse". That basically is what Trump is saying about the US economy and presidency.
'Forget this BS. I'm not showing you my finances and taxes. But I'm definitely the best person to manage the economy".

And that not even talking about going against decades of basic precedents for presidential candidacy and the common decency of just being open and transparent with the American people whom you'll be able to send to war to die, if you're president.

 

[dank69]

There is no requirement to release the tax returns.

You're right, but only an ignorant fool would take a candidate that hasn't seriously.

 

[Puffnstuff]

There is no requirement to release the tax returns.

Could it be because his tax returns will look like how he sounded on that Access Hollywood bus?

 

[Jhhnn]

Yeah. The article doesn't contain specifics but I'd expect their responsibilities to be hiring desk staff and janitors and taking care of routine maintenance. Perhaps staffing the sales force for units sales. Any real decisions however I think would be made by the owner

The real problem seems to be the 2007 real estate crash:



Poor sales means the construction loan payments cannot be met.

Edit: Forgot to mention the new owner expects to retain the Trump management services.

Fern

"Expects to retain" is an interesting euphemism for "being stuck with" the Trump team-

Trump Organization spokeswoman Amanda Miller noted that the company still has a long-term deal to manage the Toronto property, no matter who controls it after the auction.

Still Trump's bitch. Always.

 

[pcgeek11]

If you're applying for a job, there is no requirement you have to consent to the drug screen but it'd be pretty insulting to the intelligence of the employer if the job you're running for is like a substance abuse counseling or intervention position.
"Forget this BS. I'm not taking a pee test. But I am definitely the best person to manage, prevent and treat substance abuse". That basically is what Trump is saying about the US economy and presidency.
'Forget this BS. I'm not showing you my finances and taxes. But I'm definitely the best person to manage the economy".

And that not even talking about going against decades of basic precedents for presidential candidacy and the common decency of just being open and transparent with the American people whom you'll be able to send to war to die, if you're president.

And you say this like Hillary has been open and transparent!

Bull Shit.