From: "Bauer, Nick" <[email-masked]>
To: "Crystal, Andy" <[email-masked]>
Date: Tue, 17 May 2016 08:19:48 -0700

Tampa - Licensing

2007: Investors In Trump Tower Tampa Sued For Their Money Back After It Appeared That Developers Would Not Be Able To Finish The Tower By The Time Their Contracts Mandated. "Two buyers in the stalled Trump Tower Tampa condominium say it is impossible for developers to finish the 52-story tower by the time their contract mandates. The buyers want their money back and have sued to get out of the deal. The buyers' attorney, Thomas Long, said his clients don't believe the riverfront condo will be built and feel misled. The fact that the developers don't have financing more than two years after announcing the project, combined with unresolved ownership issues and problems with unstable ground at the site, make it unlikely the tower will be completed by the December 2008 deadline stated in the contract, he said." [Tampa Tribune, 2/14/07]

Investors In Trump Tower Tampa Said They Were Misled Into Believing Trump Held "A Substantial Stake" In The Project When He Had Really Only Been Paid To License His Name. "The suit was filed in Hillsborough County Circuit Court on Jan. 31 and says the buyers were lured into purchasing a $1.4 million condo because they believed Donald Trump owned 'a substantial stake' of the project. 'Donald Trump has boasted that his partnership with SimDag is more than a licensing or marketing arrangement,' the suit states. Long said his clients, Louis Ricci and Joe Shultz, both of Walton County, near Pensacola, have since learned that the developers paid the real estate mogul for the naming rights of the building." [Tampa Tribune, 2/14/07]

SimDag, Devleoper Of Trump Tower Tampa, Dismissed Two Contractors, Pushed Back The Tower's Completion Date And Faced $3.3 Million In Liens. "SimDag has dismissed two contractors and passed on at least $40 million in construction increases to buyers who have contracts to purchase. Expected completion dates have been pushed back numerous times. The project is being rebid to subcontractors, and some companies that have completed work say they haven't been paid. Four have filed liens on the property totaling $3.3 million." [Tampa Tribune, 2/14/07]

Donald Trump Dropped His Opposition To A Catskills Casino After Fighting Tribal Gaming In New York For 10 Years. "He said he dropped his opposition to a Catskills-based casino after concluding, 'At some point there's going to be competition' to all the casinos in New Jersey.  'I'm not going to stop it, even though I stopped it for a period of 10 years through litigation,' said Trump, who repeatedly battled efforts by former Gov. George Pataki to bring Indian-run casinos to the Catskills." [New York Post, 2/26/07]

Donald Trump Backed Eliot Spitzer Over George Pataki, Said That "I'm A Big Supporter Of Gov. Spitzer And I Think He's Going To Go Down As One Of Our Greatest Governors Ever." "Part of Trump's willingness to accept Spitzer's efforts may have to do with his having strongly backed the Democratic governor last fall, even while privately telling friends he had little use for Republican Pataki.  'I'm a big supporter of Gov. Spitzer and I think he's going to go down as one of our greatest governors ever,' Trump said." [New York Post, 2/26/07]

Donald Trump Put Together A Hedge Fund To Take Over Trump Tower Tampa In An Attempt To Save The Project. "TAMPA - In a move that could mean instant financing for the troubled 52-story Trump Tower Tampa, a New York hedge fund is negotiating to become a financial partner in the riverfront project. Donald Trump's organization confirmed Friday that the celebrity developer helped put together the hedge fund and is hoping to finalize the deal next week. Officials with the original partners, Tampa-based SimDag LLC, wouldn't elaborate but confirmed the negotiations and said work could resume in 60 to 90 days." [Tampa Tribune, 3/3/07]

*         The Related Group, A Miami Based Developer Working On Other Trump Projects, Signed A Letter Of Intent To Become The General Managing Partner For Trump Tower Tampa. "Trump tried to buy out SimDag last fall, but the developer instead sold to Orlando private equity firm Mirabilis Ventures Inc. SimDag remained as a partner. Earlier this week, The Related Group, a Miami-based developer working on three other Trump projects, said it had signed a letter of intent to become the general managing partner for the Tampa tower." [Tampa Tribune, 3/3/07]

March 2007: Two Partners In The Trump Tower Development Filed A Lawsuit In Which They Alleged Donald Trump Misstated His Relationship With The Project By Saying He Had A "Substantial Stake" When His Exposure Was Actually Limited To A Licensing Deal. "UJoe Shultz and Louis Ricci tried to disregard Trump Tower Tampa's growing distress: the broken financing deals, the unpaid contractors and the slippery completion dates. They will disregard them no longer. Partners on a $1.48-million condo, Shultz and Ricci have become the first Trump Tower buyers to sue to get their deposit back. The pair from Santa Rosa Beach in the Florida Panhandle allege local developer SimDag LLC breached a sales contract by failing to build their 38th-story luxury condo on time. They also blame Donald Trump, suggesting the New York tycoon misstated his relationship to the project. Trump said at the time he had a 'substantial stake' in the $300-million tower when, in fact, his exposure is limited to a licensing deal with SimDag." [St. Petersburg Times, 3/6/07]

May 2007: Donald Trump Sued A Development Company To Recover More Than $1 Million In Fees He Was Promised For Licensing His Name To The Trump Tower Tampa. "D-Day is approaching for the local developers of Trump Tower Tampa, who say they'll either acquire financing within days for the $300-million 52-story luxury condominium project or call it quits. "Should we be denied financing, our efforts will immediately shift toward returning buyer deposits," Chief executive Frank Dagostino said on the long-delayed project's Web site. He also has to keep Donald Trump at bay. Trump sued Dagostino's company in May to recover more than $1-million in fees he had been prom-ised for licensing his name to the project." [St. Petersburg Times, 9/5/07]

Deborah And James Frederick Bought Into Trump Tower Tampa With Most Of Their Savings And Purchased A Unit In A Building That Had Not Yet Been Built Three Years Later. "Deborah Frederick and husband James Frederick aren't typical investors. James Frederick retired from the U.S. Air Force when he was 38, and has suffered from a variety of medical problems since then involving both his knees and his heart. Deborah Frederick raised a family and took care of her husband. The two never really invested in much of anything, except a home they bought in Cocoa Beach in 1980, and a savings account that had less than $300,000 in it. ... With a desire to be closer to their son and grandchildren in Tampa, the Fredericks decided to make the plunge into investing, and [in 2005] gambled most of their savings on a plan to live out their golden years with a $1.33 million unit in what many considered to be an investment slam dunk. ... It has been three years since they bought into Trump Tower Tampa, and now the Fredericks are struggling to make sense of what happened to all that promise as hope the proposed $225 million tower will ever get built has come and gone, and come and gone again. In some of the latest developments, Colonial Bank has initiated a foreclosure action that could lead to a sale of the land on the courthouse steps (for more on that story, see the June 6 print edition of the Tampa Bay Business Journal)." [Tampa Bay Business Journal, 6/6/08]

The Fredericks Blamed Donald Trump For The Failure Of The Trump Tower Tampa Development And Said "Donald Trump Mislead A Lot Of People." "Deborah Frederick and husband James Frederick aren't typical investors. ... With a desire to be closer to their son and grandchildren in Tampa, the Fredericks decided to make the plunge into investing, and [in 2005] gambled most of their savings on a plan to live out their golden years with a $1.33 million unit in what many considered to be an investment slam dunk. ... It has been three years since they bought into Trump Tower Tampa, and now the Fredericks are struggling to make sense of what happened to all that promise as hope the proposed $225 million tower will ever get built has come and gone, and come and gone again. ... 'Donald Trump misled a lot of people,' Frederick said. 'When he came in, the news people and the TV made us think, 'Oh my God, he is doing so much for Tampa.' We had a lot of trust in Donald Trump because Donald Trump ain't ever let nobody down,' she said." [Tampa Bay Business Journal, 6/6/08]

Two Years After The Fredericks Spent Most Of Their Savings On A Unit In Trump Tower Tampa, Donald Trump Revealed That He Was Neither A Developer Nor Investor In The Project, But The Developer Was Paying Him Millions Of Dollars To Use His Name. "With a desire to be closer to their son and grandchildren in Tampa, the Fredericks decided to make the plunge into investing, and [in 2005] gambled most of their savings on a plan to live out their golden years with a $1.33 million unit in what many considered to be an investment slam dunk. ... It has been three years since they bought into Trump Tower Tampa, and now the Fredericks are struggling to make sense of what happened to all that promise as hope the proposed $225 million tower will ever get built has come and gone, and come and gone again. ... As the start of construction was delayed over and over again, details about Trump's arrangement with SimDag/RoBEL LLC came to light, especially as Trump himself was being blamed for many of the tower's problems. In early 2007, he confirmed what had only been rumor before. Trump was not a developer in the project, nor was he an investor. In fact, the developer, Tampa based SimDag was paying him millions of dollars to use his name, and he was still out more than $1 million of it. 'I don't care who he is, you don't do that to people,' Frederick said. 'His mouth is bigger than his wallet, and he's misleading a lot of people. What he's done is not very nice.'" [Tampa Bay Business Journal, 6/6/08]

Deborah Frederick Said She Never Would Have Bought Into The Trump Tower Tampa If It Had Been Disclosed That Trump's Only Involvement With The Project Was A Licensing Agreement For The Use Of His Name. "Deborah Frederick and husband James Frederick aren't typical investors. ... In early 2007, he confirmed what had only been rumor before. Trump was not a developer in the project, nor was he an investor. In fact, the developer, Tampa based SimDag was paying him millions of dollars to use his name, and he was still out more than $1 million of it. ... In May 2007, he sued SimDag for more than $1 million in unpaid licensing fees in federal court and demanded his name be removed from the project. SimDag, maintaining that Trump would keep his name on the project when he's paid, still counter sued claiming his revelation about being nothing more than a licensor on the project caused irreparable harm. Frederick says she would've never bought into the project if Trump's true status had been revealed, and car dealership owner Kevin Brodsky stands with her on that." [Tampa Bay Business Journal, 6/6/08]

Kevin Brodsky, A Car Dealership Owner, Won A $2.1 Million Judgment Against The Trump Tower Tampa Developers For A Pair Of Bridge Loans He Made In 2005 And Said, "There's No Way I Would've Done This If I Knew What Trump's Involvement Really Was." "Frederick says she would've never bought into the project if Trump's true status had been revealed, and car dealership owner Kevin Brodsky stands with her on that. Brodsky recently won a $2.1 million judgment against the Trump Tower Tampa developers for a pair of bridge loans he made to SimDag in March 2005 worth $1.6 million. Jody Simon, one of the original partners in the tower, pulled Brodsky on board through a mutual friend, former Tampa Bay Buccaneers halfback Mike Alstott, who also was a buyer in Trump Tower Tampa at the time. 'There's no way I would've done this if I knew what Trump's involvement really was,' Brodsky said. 'When I did the investment, I thought it was a no-brainer. It was Donald Trump, how could I go bad?'" [Tampa Bay Business Journal, 6/6/08]

Jean Shahnasarian Sued Trump, The Trump Organization Inc., And Trump Tower Tampa For, Among Other Charges, Misleading Buyers To Believe Trump On The Project's Development Team And Not Simply A Licensed Name. "Jean Shahnasarian sued Trump, his company The Trump Organization Inc., and Trump Tower Tampa for, among other charges, misleading buyers to believe that Trump was part of the development team of the 52-story tower and not simply a licensed name. The case was filed at the end of May in the Hillsborough County Circuit Court, just weeks before Sim-Dag/RoBEL sought Chapter 11 bankruptcy protection. The bankruptcy stayed SimDag/RoBEL's involvement in the lawsuit, but Christine A. Lamia of Bryant Miller Olive PA in Tallahassee, who is representing Shahnasarian in the case, said the suit is moving forward against Trump and his New York City-based company. Shahnasarian wants her deposit returned and to be released from the sale." [Tampa Bay Business Journal, 7/28/08]

Donald Trump Claimed That He Was A "Partner With Simdag-Robel In Developing" Trump Tower Tampa. "The following is the original press release[:] DONALD J. TRUMP TO PARTNER WITH SIMDAG-ROBEL IN DEVELOPING A NEW RESIDENTIAL CONDOMINIUM TOWER IN DOWNTOWN TAMPA."

[Tampa Bay Business Journal, 7/28/08]

Jean Shahnasarian Sued Donald Trump, Alleging She Was Defrauded Out Of Her Entire Deposit In Trump Tower Tampa Because All Aspects Of The Transaction, Especially Trump's Actual Involvement In The Property -- Were Not Disclosed." "[Jean] Shahnasarian and husband -- Dr. Michael Shahnasarian, founder of Career Consultants of America Inc. on Dale Mabry Highway -- paid a $278,000 deposit for a $1.39 million unit on the 27th floor of Trump Tower Tampa in late 2005 with an agreement that the tower would be completed by the end of 2008. But by November 2007, developers made it clear they wouldn't be able to meet that construction deadline and asked buyers to sign extensions that provided for a number of incentives including accrued interest on deposits. Shahnasarian, however, had already given up. She decided to leave her contract and began to ask for a refund of her deposit as early as August 2007, the complaint reads. ... The lawsuit claims Shahnasarian has yet to receive a refund of her deposit and that she was defrauded out of that money since all aspects of the transaction -- especially Trump's actual involvement in the property -- were not disclosed." [Tampa Bay Business Journal, 7/28/08]

HEADLINE: "Failed Donald Trump Tower Thrust Into GOP Campaign For Presidency." [Miami Herald, 3/13/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

The Collapse Of The Trump International Hotel Project In Fort Lauderdale, Florida Sparked Over A Dozen Lawsuit And Cost Buyers Millions Of Dollars In Deposits. "The buyers at Trump International Hotel & Tower said they thought they were getting a ticket to an exclusive club, a high-rise developed by Donald Trump offering a five-star restaurant, $3 million penthouses and sweeping views of the Atlantic Ocean. What they actually got: a hulking, empty concrete shell that was built by someone else, and ran out of money long before it was completed. The collapse of the celebrated project four years ago cost buyers millions in lost deposits, sparked more than a dozen lawsuits, and has now emerged as a campaign issue that threatens to follow the GOP front-runner through the presidential race." [Miami Herald, 3/13/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump Testified That He Barely Knew Felix Sater, Though Sater May Have Introduced Him To The Fort Lauderdale Project. "For years, Trump has distanced himself from the project, stating in a deposition in 2013 he barely knew Sater and would not know what he looked like 'if he was sitting in a room right now.' He said Sater might have introduced him to the Fort Lauderdale venture a decade ago, but that, ultimately, Sater 'was not involved in this job very much.'" [Miami Herald, 3/13/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Felix Sater Was An Executive On Trump's Fort Lauderdale Project That Was Convicted Of Stabbing A Man And Defrauding Investors With Members Of The Gambino Crime Family. "Last week, anti-Trump ads on television focused on his ties to Felix Sater, an executive on the Fort Lauderdale project who was once jailed for stabbing a man with a broken margarita glass in a barroom fight. In another case, Sater pleaded guilty to defrauding stock investors of $40 million with members of the Gambino crime family." [Miami Herald, 3/13/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

The Collapse Of The Trump International Hotel & Tower Project Cost Buys Millions In Lost Deposits And Sparked More Than A Dozen Lawsuits. "The buyers at Trump International Hotel & Tower said they thought they were getting a ticket to an exclusive club, a high-rise developed by Donald Trump offering a five-star restaurant, $3 million penthouses and sweeping views of the Atlantic Ocean... The collapse of the celebrated project four years ago cost buyers millions in lost deposits, sparked more than a dozen lawsuits, and has now emerged as a campaign issue that threatens to follow the GOP front-runner through the presidential race." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

J. Michael Goodson, A Buyer At The Trump International Hotel Who Thought He Was Buying Into A High-Rise Developed By Trump Called The Project An "Outright Lie." "The buyers at Trump International Hotel & Tower said they thought they were getting a ticket to an exclusive club, a high-rise developed by Donald Trump offering a five-star restaurant, $3 million penthouses and sweeping views of the Atlantic Ocean... 'It was an outright lie,' said J. Michael Goodson, a buyer and former Wall Street investment banker who has pending litigation against the real estate mogul. 'I thought the last thing Donald Trump would do was walk away.'" [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Felix Sater, An Executive On Trump's Fort Lauderdale Project, Had Mob Ties And Had Previously Pled Guilty To Fraud And Gone To Jail For Stabbing A Man. "Last week, anti-Trump ads on television focused on his ties to Felix Sater, an executive on the Fort Lauderdale project who was once jailed for stabbing a man with a broken margarita glass in a barroom fight. In another case, Sater pleaded guilty to defrauding stock investors of $40 million with members of the Gambino crime family." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

2013: Trump Claimed He Barely Knew Felix Sater And That While Sater Might Have Introduced Him To The Fort Lauderdale Project, Sater Was Not Very Involved. "For years, Trump has distanced himself from the project, stating in a deposition in 2013 he barely knew Sater and would not know what he looked like 'if he was sitting in a room right now.' He said Sater might have introduced him to the Fort Lauderdale venture a decade ago, but that, ultimately, Sater 'was not involved in this job very much.'" [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump Claimed He Was Not The Developer Of The Trump International Hotel Despite Brochures Referring To It As His Development: "The World Develop, It Can Be Used In A Lot Of Different Contexts." "Despite a host of sales brochures [for the Trump International Hotel] referring to Trump's 'development,' he said he was not the developer in the project, but he merely lent his name to the resort and approved design motifs. 'The word develop, it can be used in a lot of different contexts,' Trump said in sworn testimony. 'We work with the developer on trying to get a beautiful product built, but we were not the developers.'" [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump's Attorney Claimed That All People Had To Do To Know Trump Was Not The Developer Of A Project Called His Development Was Read The Disclosures. "Despite a host of sales brochures referring to Trump's 'development,' he said he was not the developer in the project, but he merely lent his name to the resort and approved design motifs... 'All you had to do was read' the purchase documents, said attorney Alan Garten. 'The disclosures could not be any clearer.'" [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Felix Sater Once Carried Business Cards Saying He Was A Senior Adviser To Trump, Including A Trump Organization Address And Email. "Sater, who once carried a business card showing he was a senior adviser to Trump - with a Trump Organization address and email printed on the card - declined to comment on questions about the candidate. The Trump Organization said he was never a company employee, but performed work as 'an independent real estate broker.'" [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Plaintiffs Were Appealing A Broward County Decision That Ruled In Trump's Favor Regarding The Trump International Hotel. "Goodson, a Duke University benefactor whose name is emblazoned on the school's law library, is appealing the Broward County court decision that ruled in Trump's favor in 2014 [on the Trump International Hotel]." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

A 75-Year-Old Buyer At The Trump International Said He Handed Over A $345,000 Down Payment To The Project Because He Thought Trump Was Behind It, Citing Brochures And Sales Materials That Called It A Trump Development. "The 75-year-old owner of Crest Group, Inc., said Trump misled scores of buyers into believing he was the man behind the project [Trump International Hotel]. In the end, Trump's name convinced Goodson to hand over a $345,000 down payment on a penthouse. He said the brochures and sales materials clearly painted Trump as head of the 298-unit project that was supposed to turn Fort Lauderdale into an international destination. In a promotional, hard-bound book sent to Goodson, the first page reads: 'A Signature Development by Donald J. Trump.'" [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump Rolled Up To The Media Event Launching The Trump International Hotel In A Black Limousine In 2006 After Launching Three Similar Projects. "The origins of the Trump International Hotel & Tower date back to one of the most vibrant periods in Florida real estate, when property values were soaring and the idea of condo-hotel projects was spreading across the country. Trump helped pioneer the business model, which allows owners to rent their units like hotel suites. And he was eager to bring his brand to Fort Lauderdale's fabled beachfront. When the plan was unveiled, the Trump tower generated a host of publicity, glossy advertisements, and even a celebrity event featuring rapper Wyclef Jean in 2006 at a historic museum mansion in Fort Lauderdale. Trump, who showed up in a black limousine, had just launched three similar projects in other cities in a media blitz that included Sater and Bayrock's CEO, Tevfik Arif." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Buyers At The Trump International Hotel Paid A Premium Because Of The Name, Spending On Average 38 Percent More Per Square Foot Than At Similar Condo-Hotels. "The origins of the Trump International Hotel & Tower date back to one of the most vibrant periods in Florida real estate, when property values were soaring and the idea of condo-hotel projects was spreading across the country... Because of the name, buyers paid a premium, spending an average 38 percent more per square foot for a Trump unit than the other condo-hotels on the beach, bank records state. Prices started at $500,000." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

The Trump International Hotel Missed A Series Of Construction Deadlines And Failed To Sell A Sufficient Number Of Units After The First Wave. "The origins of the Trump International Hotel & Tower date back to one of the most vibrant periods in Florida real estate, when property values were soaring and the idea of condo-hotel projects was spreading across the country... But over the next two years, the project would miss construction deadlines and, at a critical point, was strapped for loans from its top lender. Though the first wave of units sold briskly in 2006, by the following year, momentum had slowed."

When The Trump International Hotel Project Stalled, Developers Sold Off Their Interests For $50 Million And Funneled The Money Through A Shell Company. "'With the [Trump International Hotel] project stalled, the partners in Bayrock took a drastic step - cashing out much of their future profits while the building was still a shell. In a transaction that would not become public until years later, the Bayrock team traded its interest in the Fort Lauderdale resort and three others projects to an Icelandic investment firm - receiving $50 million, according to a Delaware lawsuit against Bayrock by a former finance chief. The money was funneled through a Delaware shell company, the suit said. A month after the deal, Sater purchased a 4,000-square-foot waterfront condo on Fisher Island for $4.8 million, records show." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump Decided To Strip His Name From The Trump International Hotel Project, Which Lead Developer Roy Stillman Called A "Well-Placed Torpedo" That All But Ended The Deal. "By the following year, the Fort Lauderdale project was all but doomed: The real estate market had collapsed, and the project's lender, Corus Bank, was in financial trouble. Trump later testified the lead developer missed too many deadlines... After tense negotiations, Trump decided to pull his name from the project and end his agreement with the developers in what was the final blow. More than $140 million had already been spent on the construction. He also fired off a letter to Corus Bank to disclose the developer was in default. [Lead developer Roy] Stillman later testified that Trump's decision was like shooting a 'well-placed torpedo.' In May 2009, buyers were informed that Trump had stripped his name off the tower, all but ending the deal." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump International Hotel Buyer Naraine Seecharan Was Recovering From Brain Surgery When He Found Out The Project Had Gone Under And While He Recovered Some Of His $289,000 Down Payment In A Settlement, He Never Fully Recovered Financially. "One buyer, 51-year-old Naraine Seecharan of Coral Springs, was in the midst of recuperating from surgery to remove a brain tumor. Along with the 'excruciating pain' of his recovery, Seecharan said he was distraught over his investment turning sour. 'This was equal pain, thinking what was going on,' said Seecharan, who turned over $289,000 in a down payment. 'It was very, very hard.' Seecharan was among the scores to receive confidential settlements from Trump and the developers, but said he has never fully recovered financially. 'I would have been able to almost retire,' Seecharan said." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump Tried To Argue That The Buyers In The Trump International Hotel Were Actually Lucky That The Project Went Under, Because They Would Have Lost Even More Money If They Had Completed Their Purchases. "Trump, Bayrock and others argued the real culprit was the downturn in the real estate market - one of the primary defenses in court. It didn't matter whether buyers mistakenly believed Trump was the developer, lawyers argued. If the buyers [at the Trump International Hotel] had completed their purchases, they would have lost even more money. 'On this one, they got very, very fortunate that they didn't put their money down, that they didn't buy the units and that would have been worth a fraction of what they were [worth] when they signed at the all-time high in the market,' said Trump during a deposition." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]

Trump Claimed That The Condo-Hotel Model Was In Serious Trouble After The Economic Downturn, But He Had Condo-Hotel Deals That Did Not Fail And Several Similar Models In The Fort Lauderdale Area Survived The Downturn. "Trump said the condo-hotel model was in serious trouble during the downturn - 'the worst period since the 1920s,' he said - and banks even stopped lending to people who wanted to buy units. 'Horrible, horrible conditions,' he testified. However, Joseph Altschul, an attorney for scores of buyers, said several similar models survived in the same area and managed to keep their doors open, rattling off the names of three others that opened since 2004. 'You had other condo-hotel deals that didn't fail,' he said." [Miami Herald, 3/12/16<http://www.miamiherald.com/news/politics-government/election/article65709332.html>]