Banking Law
Trump’s Lawyer Calls Bank Suit Over Chicago Hotel Loan ‘Legal Stupidity’
Posted Dec 1, 2008, 07:53 am CST
By Debra Cassens Weiss
The lead lender on a hotel and condominium tower in Chicago has sued Donald Trump, seeking to enforce a $40 million personal guarantee.
The suit by Deutsche Bank Trust Co. was filed in a state court in Manhattan, report Crain’s Chicago Business and the Chicago Tribune. The bank is also asking for dismissal of a suit filed by Trump earlier this month that seeks extension of a $640 million construction loan for the project, the Trump International Hotel & Tower.
Trump filed the $3 billion suit after missing a $334 million loan repayment. The complaint contends the financial crisis triggered a force majeure clause in the loan agreement permitting extensions.
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