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Teflon Don: How Trump Survived a Real Estate Deal Gone Bad
Teflon Don: How Trump Survived a Real Estate Deal Gone BadFP (Foreign Policy), 11/30/15, by Bill Allison
[...]As a presidential candidate, Trump stresses his track record as a winner. Based on his experience, he says, he’ll pick the best people for his cabinet and put the best people in place to solve foreign crises. He says he doesn’t disappoint people. But a condo deal that was a huge disappointment to hundreds of people who wanted to buy into the Trump brand raises questions about the people Trump picks — and the way he wins.
Although the Fort Lauderdale project had ended in failure, Trump was determined to win its aftermath. He fought the buyers in court long after the other defendants had settled. His lawyers didn’t let them or their attorneys know a dwindling insurance policy was available to settle claims, depriving them of critical information they needed to evaluate settlement offers. A federal judge sanctioned Trump and his company, finding they had engaged in a “national litigation strategy” to selectively disclose the existence of the policy. And, in April 2015, almost six years after the project collapsed and two months before he announced his run for the White House, Trump opened a new front in the case, suing his former partners for damaging his brand and reaching settlements with the buyers.
Although the Fort Lauderdale project had ended in failure, Trump was determined to win its aftermath. He fought the buyers in court long after the other defendants had settled. His lawyers didn’t let them or their attorneys know a dwindling insurance policy was available to settle claims, depriving them of critical information they needed to evaluate settlement offers. A federal judge sanctioned Trump and his company, finding they had engaged in a “national litigation strategy” to selectively disclose the existence of the policy. And, in April 2015, almost six years after the project collapsed and two months before he announced his run for the White House, Trump opened a new front in the case, suing his former partners for damaging his brand and reaching settlements with the buyers.
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