wow, a real smart business man eh? AND IT'S TIED TO RUSSIANS.... hehehehehehe!
On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee.
Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default. The Trump Toronto is still a posh hotel, and even though nearly two thirds of the tower’s condo units remain unsold, they’re still upscale residences. Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.
Trump has vowed to run the country the way he runs his businesses, and Trump Toronto is yet another reminder that his businesses do not always run smoothly. Even before the bankruptcy, the Trump Organization was already mired in litigation over management issues with the project’s owner, Talon International—led by Alex Shnaider, the steel magnate who is perhaps better known for buying a Formula One racing team and hiring Justin Bieber to sing at his daughter’s Sweet Sixteen. The project also faced lawsuits filed by middle-class investors who claim they were suckered into buying time-share-style units in the hotel with wildly overstated projections of Trump Toronto’s performance. Now it’s in receivership, which will produce new ownership and, quite possibly, a new brand.
A Trump Tower Goes Bust in Canada
On Tuesday, a Canadian bankruptcy judge placed the glass-and-granite building into receivership, just four years after Trump and his children cut the ribbon at its grand opening. Once it’s auctioned off, whether or not Trump is the leader of the free world by then, his name may well vanish from its marquee.
Trump is not the project’s developer or even an investor; one of his partners, a Russian-born billionaire who got rich in Ukraine’s steel industry, controls the firm that’s in default. The Trump Toronto is still a posh hotel, and even though nearly two thirds of the tower’s condo units remain unsold, they’re still upscale residences. Still, the saga of the property’s glittering rise and rapid fall is classic Trump, featuring a tsunami of litigation and bitterness, money with a Russian accent, and a financial wreck that probably won’t hit its namesake particularly hard.
Trump has vowed to run the country the way he runs his businesses, and Trump Toronto is yet another reminder that his businesses do not always run smoothly. Even before the bankruptcy, the Trump Organization was already mired in litigation over management issues with the project’s owner, Talon International—led by Alex Shnaider, the steel magnate who is perhaps better known for buying a Formula One racing team and hiring Justin Bieber to sing at his daughter’s Sweet Sixteen. The project also faced lawsuits filed by middle-class investors who claim they were suckered into buying time-share-style units in the hotel with wildly overstated projections of Trump Toronto’s performance. Now it’s in receivership, which will produce new ownership and, quite possibly, a new brand.
A Trump Tower Goes Bust in Canada
