I'm surprised he's not bankrupt yet. I imagine he's heavily leveraged. On Sat, Dec 6, 2008 at 2:09 PM, raghu <[EMAIL PROTECTED]> wrote: > This guy gives the word 'scumbag' a new meaning.. > http://www.nytimes.com/2008/12/05/business/05norris.html > --------------------------------------------snip > > Rather than have to pay the $40 million, Mr. Trump thinks the bank should > pay him $3 billion for undermining the project and damaging his reputation. > > He points to a "force majeure" clause in the lending agreement that allows > the borrower to delay completion of the building if construction is hampered > by such things as riots, floods or strikes. That clause has a catch-all > section covering "any other event or circumstance not within the reasonable > control of the borrower," and Mr. Trump figures that lets him out, even > though construction is continuing. > > "Would you consider the biggest depression we have had in this country since > 1929 to be such an event? I would," he said in an interview. "A depression > is not within the control of the borrower." > > He wants a state judge in the Queens borough of New York to order the bank > to delay efforts to collect the loan until "a reasonable time" after the > financial crisis ends. > > Deutsche Bank thinks the idea that an economic downturn should free people > from the obligation to pay their debts is laughable. > > Mr. Trump, it may be noted, does not think remorseful condominium buyers are > in a similar position. When I asked him if he would let them walk away from > contracts to buy apartments at predepression prices, he said he would not. > "They don't have a force majeure clause," he said. > > > > -raghu. > > > -- > milli-helen : The amount of beauty required to launch one ship. > > > > > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > >
-- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
