Monday, 10 November 2008

Trump not so rich after all?

An encouraging story, courtesy of Kevin Brass of the International Herald Tribune Online:

A few days after Donald Trump said he has “a lot of cash” and wouldn’t have a problem financing a development in Scotland, the Trumpster filed a lawsuit against the lenders of his Chicago project (Bloomberg News/Landov).
Trump wants more time to repay the $640 million construction loan on the 92-story Trump International Hotel and Tower, according to
the Wall Street Journal. Due to the “unprecedented financial crisis,” Trump wants to trigger a clause in the deal normally reserved for “acts of war and natural disasters,” the article says.
Sales in the partially-completed tower, which will be the second-tallest in the U.S., “have come in below original estimates and the project’s current projected revenue remains short by nearly $100 million,” the WSJ reports.