AP Exclusive: Panama condo owners to Trump: You're fired!

[Judi Lynn]

Source: Associated Press

AP Exclusive: Panama condo owners to Trump: You're fired!
Oct 11, 11:56 AM EDT
JEFF HORWITZ
Associated Press

PANAMA CITY (AP) -- The directors of the Trump Ocean Club met July 28 on urgent business. They needed to fire Donald Trump.

The building's residents and condo owners had invested in the namesake, a 70-story waterfront tower along Panama Bay, on the strength of Trump's reputation. But during the four years that Trump Panama Condominium Management LLC had managed the property, Central America's largest building, a team installed by the Trump family was accused of running up more than $2 million in unauthorized debts, paying its executives undisclosed bonuses and withholding basic financial information from owners, according to an Associated Press examination.

The Trumps had done all of this through fine-print chicanery, the board said. A clause in many residents' purchase agreements prevented them from voting against the Trump company's wishes. That allowed the Trumps to install their top employee as chairman and the residents' representative on the board - even though the Trumps' actual stake in the building's residential area was merely a storage closet on the 15th floor.

The Trump Organization sent its response days later. "Your letter is a complete sham," wrote the Trumps' top lawyer, Alan Garten. He accused the board of ingratitude and criminal trespassing. After refusing to accept being fired, Garten declared that Trump's company was quitting - and demanded a $5 million termination fee.

Read more: http://hosted.ap.org/dynamic/stories/U/US_GOP_2016_TRUMP_PANAMA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-10-11-11-56-40

[world wide wally]

1. Now, that's funny!

[yeoman6987]

3. That 10 billion is falling fast

[forest444]

2. Too bad they never say the same thing to the narcos

http://www.reuters.com/article/2007/12/31/us-panama-skyscrapers-idUSN2053334120071231

[sulphurdunn]

4. Trump is a crook.

You can find more honest people in any penitentiary.

[alfredo]

6. Only reason Trump isn't in prison is because he'd be a bad influence on other inmates.

[Kelvin Mace]

5. This is pretty much how Trump has always done business

I don't know why anyone would be surprised.

[OneCrazyDiamond]

8. Exactly.

Then the LLC declares bankruptcy. Never him personally.

[keithbvadu2]

7. A magic name with a wizardry for contracts.

"I shouldn't have signed that," Monstavicius said. "But there was nothing I could do because my money was committed. Trump's got smart attorneys, and he pays them well, and he takes advantage of that."