Trump Org In Crisis and Bleeding Money; Toxic Name

Regular Member Posts : 7317 Join date : 2014-07-29

1-21-2021

'The name's toxic':
Trump Org in crisis and bleeding money
as ex-president takes the reins again.

On Thursday, The Washington Post reported
that the Trump Organization is in financial freefall
as former president Donald Trump prepares to
take the helm of the company again.

"Financial disclosure forms, filed by the former president as he left office, revealed that his hotels, resorts and other properties had lost more than $120 million in revenue last year, as the pandemic forced long-term closures and kept customers home," reported David Farenthold and Jonathan O'Connell.

"Those losses were worst in the places where Trump could least afford it: His Washington hotel, which has a $170 million loan outstanding, saw revenue drop more than 60 percent. His Doral resort in Miami also carrying a huge debt load saw a 44 percent drop."

Moreover, the Trump Organization is also losing
a number of business partners.

"On Thursday, the company's troubles grew:
One of its banks and one of its law firms said they would cut
their ties with the Trump Organization," said the report.

"They are the latest in a string of vendors and customers who severed their relationships with the company after Jan. 6,
when a mob of Trump supporters attacked the U.S. Capitol directly afterhe addressed them at a rally."

Meanwhile, his properties are losing contracts to host events, including the PGA tour and a triathlon in North Carolina with
the latter's organizer, Chuck McAllister, saying,
"The Trump name's toxic. It's toxic to some people.
That's never going to change."

The City of New York "said it will end the Trump Organization's contracts to run a carousel, two ice rinks and a golf course in city parks contracts that brought the Trump Organization $18 million in 2019."
And the Girl Scouts and a tuberculosis charity are trying to
break their leases on offices in Trump's building on Wall Street.

According to the report, President Joe Biden might ultimately
hold the entire fate of the Trump Organization in his hands. "That's because Biden's success in speeding up vaccinations for the coronavirus will play a major role in determining how fast
the hotel and travel industries recover.

In addition, because Trump's D.C. hotel is located in a
federally owned building,
the Biden administration is his landlord.
If Trump seeks to renegotiate his lease, or to get federal
approval for a sale of the building, he will
be dealing with Biden's General Services Administration."

(((trumps huge numbers of court trials to begin, should keep in courts for years and lawyer fees will be in high millions)))

Regular Member Posts : 7317 Join date : 2014-07-29

22:35:381-21-2021

NY AG is closing in on Trump — and his tax lawyers just quit.

Donald Trump returned to private life on Wednesday after spending four years as America's president -- and is now dealing with legal crises that are catching up to him.

"The law firm that handled the tax affairs of Donald Trump and his company during his presidency said it would stop representing him and his business," The Wall Street Journal reported Thursday.

"The firm, Morgan Lewis & Bockius, is currently wrangling with the New York attorney general's office over documents related to its work for the former president's business, the Trump Organization. Led by Democratic Attorney General Letitia James, the office is conducting a civil-fraud probe into Mr. Trump's financial dealings."

"Morgan Lewis joins other firms that have distanced themselves from Mr. Trump in recent days. After the Jan. 6 Capitol riot, Seyfarth Shaw LLP said it had notified the Trump Organization it would no longer represent the company."
Trump was represented by Sheri Dillon, a partner at the firm.

"The New York attorney general's office in August asked a judge to order Morgan Lewis and Ms. Dillon to comply with subpoenas that were part of its civil-fraud probe.
The attorney general's office argued the firm had refused to hand over substantive communications between Ms. Dillon and key Trump Organization employees.

Morgan Lewis said the documents in question were protected by attorney-client privilege," the newspaper reported. During the deposition, Ms. Dillon said she had no idea how many times she met with Mr. Trump's son Eric Trump about Seven Springs, a Trump estate in New York's Westchester County that is part of the attorney general's probe, the letter said."

The newspaper published a statement from the law firm."We have had a limited representation of the Trump Organization and Donald Trump in tax-related matters," a Morgan Lewis spokesperson said. "For those matters not already concluded, we are transitioning as appropriate to other counsel."

James vowed in December to "follow the facts wherever they may lead us" after winning a court victory against the Trump Organization.

Regular Member Posts : 7317 Join date : 2014-07-29

1-22-2021

Second Miami bank severs ties with Donald Trump
-- 4 banks are now shunning him:

Former president Donald Trump continues to be
publicly shunned by banks even after leaving office
on Wednesday.

"On Friday, Miami Lakes-based BankUnited announced
it was ending its relationship with the former president.
New financial records show Trump maintained
two money-market account sthere that held a total of
more than $5.1 million,"
Rob Wile of the Miami Herald reports.

"Last week, Professional Bank also said it would no longer
do business with Trump.
The Coral Gables-based firm loaned $11.2 million
to Trump's family in 2018 to purchase a property adjacent
to Trump's Mar-a-Lago club in Palm Beach,
and also held a money-market account in Trump's name
valued between $5 million and $25 million."

The two Miami banks aren't the only ones distancing themselves
from Trump following the fatal January 6th insurrection at the U.S. Capitol.

Deutsche Bank and Signature Bank have also cut ties with Trump.

Trump's banking crisis occurs against the backdrop of
his tax firm ending their representation.

Regular Member Posts : 7317 Join date : 2014-07-29

1-27-2021

'Radioactive' Trump properties plummet
in price as New Yorkers reject his brand.

On Wednesday, Business Insider reported
that Donald Trump's properties in New York City are plummeting in value, as locals reject any association with the former president.

"UrbanDigs — which looked at the seven luxury buildings in Manhattan that still bear the Trump moniker, and three that used to — found that even properties that formerly had Trump in their names lost 17% of their value since 2016. By comparison, the overall price per square foot decline in Manhattan over the same period was just 9%," reported Juliana Kaplan. "In 2016, the average price per square foot in seven NYC properties run by his real-estate behemoth, the Trump Organization, was $3,346, according to the report. In 2017, following Trump's election and inauguration, that figure sunk to $1,903; by 2020, it was at $1,619. That's a drop of 51% from its 2016 price."

According to the report, the decline accelerated in earnest after the violent attack on the U.S. Capitol, which Trump stands accused of inciting in the upcoming Senate impeachment trial.

"Groups began to cut ties with the Trump Organization, including the Girl Scouts and the city of New York," noted the report. One real estate broker with ties to Trump Tower, Mark Cohen, "said that, in the weeks before the insurrection, he had fielded some phone inquiries from prospective buyers about the Trump apartments he was representing — but it felt like they were searching for deals."

Trump himself no longer lives in the penthouse of Trump Tower, having taken up residence at his country club in Palm Beach, Florida, over the objections of locals — though his family still owns the Manhattan property.

Regular Member Posts : 7317 Join date : 2014-07-29

1-31-2021

The Scottish Parliament will vote this week
whether to investigate former President Donald Trump's finances.
There are growing concerns about how Trump
was able to acquire his holdings in Scotland.

Trump's 2014 purchase of Ayrshire's Turnberry golf resort raised eyebrows after
he forked over $250 million for the property despite reporting substantial
losses for the past six years.

According to The Scotsman, there have been debates about the Trump finances
and property for the past year. He thinks that the Scottish government avoided
the issue through the Trump presidency. Now that he's out of office,
it will likely be easier, at least diplomatically.

"That's why I'm bringing this vote to Parliament.
The government must seek an unexplained wealth order to shine a light
on Trump's shadowy dealings," said Patrick Harvie, co-convenor of the
Scottish Greens, who brought the problem to First Minister Nicola Sturgeon.
Full Report;
https://www.scotsman.com/news/politics/scottish-parliament-hold-vote-unexplained-wealth-order-donald-trumps-finances-3118810

Regular Member Posts : 7317 Join date : 2014-07-29

2-12-2021

Trump’s two most profitable real estate holdings could now be in jeopardy:

During Donald Trump's four years in the White House, the Trump Organization profited considerably from his presidency — and the former president still owns real estate all over the world. But according to NBC News financial reporter Gretchen Morgenson, the Trump Organization's partnership with the company Vornado Realty Trust now poses a "potent threat to the crown jewel of his real estate holdings."

"The partnership owns two first-class commercial buildings — one on 6th Avenue in New York City and the other in Downtown San Francisco — and it is the single most profitable asset in the Trump empire," Morgenson explains.
"The Trump Organization owns a 30% stake in the buildings, while its partner, Vornado Realty Trust —
a huge public real estate concern in New York City — owns 70%."

According to Morgenson, Vornado founder Steven Roth "is considering whether to withhold the partnership's cash flows from Trump,
said a person familiar with the matter."

"Such a move would slash the Trump Organization's cash receipts," Morgenson notes, "and it could force Trump to sell his stake back to Vornado at a discount — leaving him with a smaller gain and eliminating a crucial source of cash."

Morgenson points out that the Trump Organization has owned its stake of the NYC and San Francisco buildings for over a decade and that Forbes Magazine has estimated its minority holding in them to be $784 million. And its share of the debt on the buildings is $285 million, according to Forbes.

Morgenson reports, "Almost $400 million in debt backed in part by Trump International Hotel in Washington, D.C., and the Trump National Doral Golf Resort in Miami starts to come due in 2023.

And while a sale of his partnership back to Vornado would provide something of a cushion for paying down that debt, getting top dollar for the stake is critical."

Adam J. Levitin, an expert on commercial law who teaches at Georgetown University in Washington, D.C., told NBC News,
"If he doesn't keep the facilities in good maintenance and up to date, the ability to attract future business becomes impaired. He needs money to keep running the facilities."

Regular Member Posts : 7317 Join date : 2014-07-29

3-24-2021

'Awful news' for Trump hotels and resorts after top luxury travel agency dumps them,

Former President Donald Trump's hotel business took a fresh blow this month when a top luxury travel agency reportedly ended its preferred partnership with ten different Trump hotels.

Luxury Launches reports that the Trump hotels received "awful news" in early March when Virtuoso, which it describes as "the travel industry's most prominent and undisputed player," removed all Trump hotels and resorts from its network.

"This quiet elimination of all 10 Trump-branded hotels and resorts from its list of preferred partners will... severely hamper Trump's hotel management and licensing business, which is already down $24 million since 2019, as well as his golf resorts in Miami and Europe, which are down another $120 million," the publication writes.

A spokeswoman for Virtuoso confirmed that Trump hotels were no longer part of the agency's network and said that "we consider many variables when reviewing both existing and new network participation," although she would not comment on why the Trump hotels had been delisted.

Trump is facing an array of legal and financial challenges now that he's no longer in the White House, and tax records obtained by the New York Times last year revealed that he must pay back at least $421 million in personally guaranteed debt -- and that much of that debt is coming due within the next four years.

Regular Member Posts : 7317 Join date : 2014-07-29

4-6-2021

'Monumental miscalculation': Trump cost himself a fortune by refusing to divest when he became president.

Even though former President Donald Trump tried to enrich himself at taxpayers' expense during his tenure with frequent trips to his own golf clubs, those apparently weren't enough to make up for the massive losses he incurred during his four years in the White House.

Forbes; reports that Trump made a "monumental miscalculation" when he refused to take ethicists' advice by divesting his assets upon assuming the presidency in 2017.

"From the time he entered the White House in January 2017 to his departure a few months ago, Donald Trump's fortune fell by nearly a third, from $3.5 billion to $2.4 billion," Forbes writes.

"If he had sold everything on Day 1, paid the maximum capital-gains taxes on the sales, then put the proceeds into a conflict-free fund tracking the S&P 500.
Trump would have ended his presidency an estimated $1.6 billion richer than he is today."

The publication then runs down the plethora of Trump properties that crashed in value while he was in the White House, headlined by 6 East 57th Street in Manhattan, which saw its net value plunge by a whopping $217 million over the last four years.

The value of Trump's hotel management and licensing brand also crashed by $163 million during his presidency, and real estate analyst Kevin Brown tells Forbes that the former president
"has done permanent damage to the Trump name and image, at least for two or three decades."

Regular Member Posts : 7317 Join date : 2014-07-29

6-4-2021

Trump condos scooped up at rock-bottom prices as '50 percent of people' refuse to live in them.

Former President Donald Trump's once-sprawling real estate business has taken a major hit ever since he got into politics, and the Associated Press has found that Trump-branded condos are now selling at steep discounts because so many people refuse to live in them.

According to the AP, condos in Trump buildings are now the targets of "bargain hunters" across the United States, as the twice-impeached one-term former president's deep unpopularity in urban areas has made prospective buyers reluctant to live in them.

"Fifty percent of the people wouldn't want to live in a Trump building for any reason... but then there are guys like me," "It's a super buy."

The AP conducted a broad analysis of 4,000 Trump properties and found that "prices for some condos and hotel rooms available for purchase have dropped by one-third or more,"
which it describes as a "plunge that outpaces drops in many similar buildings, leaving units for sale in Trump buildings to be had for hundreds of thousands to up to a million dollars less than they would have gone for years ago."
"Things got real bad" for Trump properties right after he incited a violent mob to attack the United States Capitol building on January 6th.

Ondel Hylton, a senior content director at real estate price tracking website CityRealty, tells the AP:
__"I have never seen buildings plummet so dramatically."

» Trump Laundered Money Through Corporations Run by Top Trump Campaign
» Trump- In Crisis As People Shun Him --
» Trump Tells U.N. To Find Money Elsewhere
» Trump Scammed His Supporters Out Of Money.
» Dark Money PAC Behind Trump's Big Tech Lawsuit