A Judge Just Declared Trump’s New Hotel in Toronto Canada BANKRUPT
A Judge Just Declared Trump’s New Hotel in Toronto Canada BANKRUPT
By Colin Taylor
Posted on November 3, 2016
Yet another one of the obnoxiously ostentatious monuments to Trump’s ego is going under. The Trump International Hotel in Toronto is filing for bankruptcy, a mere four years after it opened.
The champagne and caviar toned tower will be auctioned off after a Canadian bankruptcy judge placed the building into receivership on Tuesday.
In a story that is now very familiar to all of us, the $310 million project was beset with lawsuits from the start from angry investors who claim that Trump and his partners lied to them with “wildly overstated projections of Trump Toronto’s performance,” telling investors the “worst case” scenario for occupancy rates would be 55%, when in fact court documents show it varied between 15% and 45%.
In a story that is now very familiar to all of us, the $310 million project was beset with lawsuits from the start from angry investors who claim that Trump and his partners lied to them with “wildly overstated projections of Trump Toronto’s performance,” telling investors the “worst case” scenario for occupancy rates would be 55%, when in fact court documents show it varied between 15% and 45%. POLITICO details just how hard Trump screwed his investors:
It is clear from affidavits in the fraud cases and the bankruptcy case that the buyers have taken a financial beating. A warehouse supervisor named Sarbjit Singh, who was earning about $55,000 a year, testified that he borrowed money from his father, a retired welder, for the deposit on his hotel unit; he never closed on the deal, but he says he still lost $248,000. Se Na Lee, a homemaker who was married to a mortgage underwriter, borrowed money for her deposit from her parents; she did close, and ended up losing $990,000 through December 2014, she says.
http://occupydemocrats.com/2016/11/03/judge-just-declared-trumps-new-hotel-bankrupt/
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