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Another Trump managed hotel goes bankrupt this week.

theeedude

theeedude

Lifer
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.
Click to expand...

Great CV to manage the country.
 
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.
 
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
 
dphantom said:
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
Click to expand...

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

Ummmm... see the bolded part?
 
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.
Click to expand...

Did no one notice this ^ part?

Fern
 
fskimospy said:
Did you notice the 'hotel management team' part?
Click to expand...

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....
Click to expand...

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
 
Last edited:
pcgeek11 said:
There is no requirement to release the tax returns.
Click to expand...
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.
 
Fern said:
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
Click to expand...

"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.
Click to expand...

Still Trump's bitch. Always.
 
Sunburn74 said:
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.
Click to expand...

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

Bull Shit.
 
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