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rfmcdonaldThe Toronto Star's Michael Lewis reports on a lawsuit lodged by Trump Tower's investors against Trump. This is good: Anything that will get this fucker's name off the map of my city is a good thing.
Republican presidential nominee Donald Trump could be in the sights of investors who lost money on units in Toronto’s glitzy Trump hotel and condo project, even though the property is a Trump development in name only.
Mitchell Wine, a lawyer representing plaintiffs who bought Trump hotel suites with the hopes of renting them out for profit, said if a receiver sells the complex as expected for less than the amount of the defaulted mortgage — and if funds cannot be recovered from the developers — damages could be sought from individuals connected to the project.
“We’d have to take really hard look at everyone else,” Wine said Friday, after the Ontario Superior Court of Justice earlier in the week approved the appointment of a receiver to oversee the sale of the Trump International Hotel and Tower and Trump Residences.
The receiver said it is prepared to submit an offer if no other party steps up with a bid greater than the $301-million senior indebtedness.
The hotel portion of the project is managed by the Trump Organization, which has licensed its brand but has no equity interest in the property, according to a lawyer for Talon International, the Ontario investment group that developed the project.
