The Trumpster in Trouble
Donald Trump’s got housing bubble splatter on his face
I know, I know – he’s always in involved in one lawsuit (or divorce) or another. But this time, it sounds serious. Donald Trump has been hit by the splatter of the housing bubble just like the rest of us.
His take on the housing bubble burst is a little different than ours, however – last month he asked his bank to simply look the other way on the payment that was due (*cough* $330 million) and indefinitely extend the loans needed to finish construction on the Trump International Hotel & Tower. His claim is that the global market meltdown has made it difficult to sell the remaining condos in the tower, and this circumstance should be cause for a payback extension.
Deutsche Bank is having none of it – who would? The rest of us don’t get that kind of leeway on our mortgages – even though the global economic meltdown has resulted in our own decreased incomes! They are filing their own lawsuit, claiming that Trump has defaulted on a $640 million construction loan, and now owes them $40 million.
Deutsche is trying to have Trump’s lawsuit thrown out, stating that his ongoing construction projects in other places are proof positive that he has the capital to pay the money he owes on this particular loan. Trump has even been quoted as saying that he is in a “very strong cash position” by a Scottish newspaper, in reference to a large golf course with time-shares that he is building there. The Trumpster’s attorney Steven Schlesinger, has said that, “we’ll have a knock-down, drag-out for the next six months over this.”
Instead of wasting all that time and money on court costs Mr. Trump, may I suggest auctioning off that FANTASTIC hair piece to raise the money? It’s like spun gold, baby. Spun gold.