BREAKING: Trump Tower Goes Bankrupt – Being Auctioned Off

[Coyotl]

BREAKING: Trump Tower Goes Bankrupt – Being Auctioned Off

The 65-story Trump International Hotel & Tower in Toronto is officially bankrupt. On Tuesday, a bankruptcy judge placed the building into receivership, a mere four years after Trump and his children cut the ribbon at its grand opening.

[Tarheel_Dem]

3. I hope Hillary and ALL her surrogates find a way to work this tidbit into their stump speeches....

over the weekend. Say it loud, and say it repeatedly. He's a failed businessman, and a tool of the Kremlin.

[ginnyinWI]

4. His name is now Mud.

Just wait--when he loses, his name will be worthless. Canada already knows this.

[Buns_of_Fire]

20. Hence their NEW property "branding": "Scion"

From the article:

There are also a few other reasons the hotel is doing so badly. The city of Toronto has been pleading for the hotel to change its name, with Trump not being viewed very favorably in the area after his open hostility towards foreigners. Over the last year there have been several protests at the building by union workers, women’s groups, and Muslims.

On edit: Just for the hell of it, here's an article that notes that even the Rumps know their name is toxic: http://www.politicususa.com/2016/10/22/trump-admits-brand-toxic-changing-trump-hotels-scion.html

[Hortensis]

22. Mud Tower? My guess his next venture will be

Mud TV. His name-branding days in the hotel industry are obviously crashing to an end.

[Warpy]

5. In a red hot housing market like Toronto

how the fuck did he manage that? Even if he did the usual--glitzy lobby and suburban builder's grade finishes in the apartments--the place should have sold out before it was built.

I don't know what's going on with him, but he does seem to have the reverse Midas touch these days. Let's hope it extends to next Tuesday.

[napi21]

8. Could be that there's no tenants! I've reading that business at his hotels is down 59%. MAYBE

the same thing is occurring with his rentals.

I don't know how he manages to keep what little sanity he has, with rape trial, Trump Univ. trial, just losing the anti union case in Nv. and now this bankruptcy. If I had ANY of those things going on in my life I'd be insane! We don't know if there are even more horrible things going on inside his empire!!

[Warpy]

15. The ribbon cutting was 3 years ago

and I'm talking about tenants in the apartments/condos.

A hotel that had been short of guests for only a few weeks wouldn't go bankrupt, either, without massive mismanagement.

[napi21]

16. I agree, but Apt. leases are usually year to year so there's no reason the tenants couldn't have

just not renewed. As to the Hotels, the guest rate started dropping in January and averaged 59% down for 10 months. With Trump's history of maximizing his leverage, I'm not so sure that much of a drop would be negligible over almost a year. We'll see.

[closeupready]

13. If the Trump parent US company made loans to the Toronto subsidiary, and

those loans are wiped out under Canada's bankruptcy laws, then how is that accounted for per IRS rules?

Think of it like this:

You have a child who lives abroad. You loan them $100,000. They go have a party. They soon after declare bankruptcy. Do I, as a parent, get tax benefits due to that loss?

[chelsea0011]

6. Trumps owes so much, I am beginning to believe he is flat broke

[yardwork]

9. He wishes he was flat broke. I think he owes billions to Russian oligarchs.

[Loryn]

11. This

[awoke_in_2003]

23. Surely you can't think...

that that is the best joke from the Naked Gun.

[kennetha]

7. How come this isn't being reported in most of the MSM?

it's all blather about the latest polls and Trump making a comeback.

Can't get caught up i facts, when there is a good yarn to spin.

[Stinky The Clown]

14. Don't get sidetracked. Toronto's a dead market.

Oh . . . . wait.

Never mind.

Toronto’s scorching real estate market continued to heat up last month, with sales hitting a record high even as prices continued to soar, the Toronto Real Estate Board said Thursday.

“It just really seems to be a continuation of the entire year that we’ve seen,” said Shawn Zigelstein, a sales representative with Royal LePage Your Community Realty.

“We’re not seeing a sign of any slowdown at this point.”

There were 9,768 properties sold in October, up 11.5 per cent from the same month last year, according to the latest figures from the real estate board.

That came as the average selling price for all types of homes rose to $762,975, a 21.1 per cent increase from a year ago.

http://www.torontosun.com/2016/11/03/october-is-another-hot-month-for-toronto-home-sales-prices-soar

October was another hot month for the Toronto area's residential real estate market, with the number of sales hitting a record high and prices soaring by double-digits.

The Toronto Real Estate Board (TREB) says there were 9,768 sales in the Greater Toronto Area — up 11.5 per cent from the same month last year.

Its benchmark price index was also up by 19.7 per cent from a year ago and the average selling price for all types of homes rising by 21.1 per cent to $762,975.

TREB president Larry Cerqua says growth was strong throughout October — a month in which federal Finance Minister Bill Morneau announced stricter rules for mortgage lenders and foreign buyers.

He says the board will be monitoring sales and listings carefully in light of Morneau's policy changes and the board is surveying consumers to measure buying intentions for 2017.

http://www.cbc.ca/news/canada/toronto/toronto-house-sales-prices-1.3834367







But this just HAS to be somebody else's fault. Can NOT be a Trump's fault. They're the best and real estate. And after all, the whole famn damily was there four years ago for the ribbon cutting.

[Glimmer of Hope]

17. His business success is so bogus.

[smirkymonkey]

18. Another Bankruptcy?!

"I am such an amazingly, phenomenally successful businessman!"

[JoePhilly]

19. That will be America if he becomes President.

[FSogol]

21. LOL, Another Trump success!