Now this is interesting. Donald Trump is saying he shouldn't have to pay what he owes to Deutsche..

[Joanne98]

Because of "Force Majeure" -- equating it with war or an act of God.
Remember when the Twin Towers insurer use this to get out of paying their claim? Maybe we all should use this defense. 'I can't pay my debts because of "Force Majeure"'



NEW YORK (Reuters) - Trump Entertainment Resorts Inc's bankruptcy filing is only the latest disappointment to attach itself to the Trump name, once a byword for luxury and high living.

Donald Trump, the real estate mogul who has splashed his name on everything from skyscrapers to neckties to bottled water, has suffered a string of recent reversals that threaten to dilute his cachet, say branding experts. His name, which he often licenses to real estate projects in which he has no direct control, has earned him millions.

"His brand is associated with success and making money. And every time the word bankruptcy appears next to Trump, that's not good," said Allen Adamson, managing director of Landor, a brand consultancy. "He can take a few chinks in the armor, but I think he's probably at the limit."

Famous for shouting "You're fired!" at the contestants who aspired to his tycoon status and lavish lifestyle on "The Apprentice," his long-running reality TV series, Trump would never fire himself. But image watchers will be looking for signs he may have lost some of his luster, as the latest season of his show premieres on March 1.

Deutsche Bank Trust Co Americas, a unit of Deutsche Bank AG, is suing Trump for $40 million, the personal guarantee he pledged as security on a $640 million construction loan for the Trump International Hotel & Tower, according to lawsuits filed in New York Supreme Court in Queens.

He defaulted in November, arguing he should not have to pay over $330 million he owes because the world economic crisis constitutes a "Force Majeure" -- equating it with war or an act of God.

He also seeks $3 billion in damages, according to court documents.

http://www.reuters.com/article/ousivMolt/idUSTRE51G70E20090217

[ixion]

1. between this and "produce the note", maybe we've got tools to fight back with

not that I'm advocating for Trump, though. I've always considered him to be quite slimy.

[Joanne98]

12. I was thinking the same thing. Wall street waged war on the American people

and now they can't even produce the notes. Sounds like a plan.

[2Design]

2. He went through this in the 90's - this is is what Rosie was talking about

He acts like he is the greatest but he make huge mistakes too. Said last night on Letterman that he said years ago we were heading to depression - yet what he did say years ago was the real estate market was fine and that it was the news media taking down housing by scaring everyone -

[Ikonoklast]

3. Trump is the biggest con-man since P. T. Barnum

The only reason he has ANY money is that he had a billionnaire daddy.

Otherwise, everything Trump has is mortgaged to the hilt. He turned a large fortune into a small one.

I bet his 'real estate fortune' is mostly negative equity.

[HamdenRice]

6. The Trump family home is about 2 miles from me and I pass it often

That's because it's about 3 blocks from the main train station out here in eastern Queens. The neighborhood is called, "Jamaica Estates." It's a large prosperous house, but by no means a billionaire's house. These days it would be the house of a family practice doctor or a successful contractor. Now it's a neighborhood of mostly successful Asian immigrants.

I don't think his father was a billionaire, but he certainly was a millionaire. He was a modest but successful developer of apartment buildings in the outer boroughs. He was very public spirited and donated a lot of money to Jamaica Hospital.

How The Donald metastacized from that family is puzzling. It has something to do with outer borough insecurity and ambition -- he's the kid from Queens who conquered Manhattan.

[TreasonousBastard]

11. I grew up on Midland Parkway and...

know that house well, even though I don't remember running into the Trump kids (we travelled in different circles) but my mother would occasionally run into his mother in the Daitch supermarket and regularly exchanged pleasantries and did some charity work together.

Trump senior wasn't exactly secretive, but he was a fairly private person and I suspect he's spinning in his grave with this little pishiger and his big mouth and bankruptcies. Years ago The Donald had dip into the family well for 500 million to keep his casinos open, then the creditors insisted he hire the retired CFO of GE to approve his expenses and for the first time he had someone who really understood finance watching his deals.

To be a fly on the wall when his sister, the federal judge in New Jersey, talks about her brother and his airline...

(Who remembers the sorry saga of Trump Air?)

[HamdenRice]

15. Thanks for the recollection. Here's a coincidence...

I grew up to the southeast in Hollis/St Albans, to which I returned after many years to live. My father was friends with the father of Russel Simmons father, and claimed that I knew him from riding the school bus together.

Russel Simons considers Trump to be a big influence and personal mentor!

Midland Pkwy is a nice area, btw. Have you seen how (before the mortgage crisis anyway), so many of those great old classic houses were being partly demolished and replaced with "taj mahal" type facades and upper floors by the nouveau riche successful immigrant professionals? Parts of that neighborhood now look downright weird. One good effect of the mortgage crisis is that hopefully neighborhoods like that won't be destroyed.

[FieldsBlank]

4. google "Force Majeure"'

let's hope we never hear the Sec. of Treasury declare it

[DS1]

5. He's always been a scumbag

[HamdenRice]

7. Business genius who seems to go bankrupt every 5 years

Banks are suckers for this guy. I don't get it.

[PassingFair]

13. He's TOO BIG TO FAIL!

Remember?

[Joanne98]

14. His hair's to big too fail.

[ixion]

16. ...

:rofl:

[izquierdista]

8. I suggest dropping letters

In the interest of brevity, he should no longer be referred to in the news as Donald Trump or The Donald, but just plain as D(onaldT)ump

[MannyGoldstein]

9. I Love The Donald

He's sort of a high-rent court jester. Always good for a laugh.

[stray cat]

10. He justifies it by saying he has a special clause that allows him to do it

that others are not smart enough to include in their contracts