Posted on 11/22/2007 1:39:14 PM PST by Coleus
Real estate mogul Donald Trump said Wednesday he has signed a deal to take over the Meadowlands EnCap golf and housing project, bailing out the struggling development. Trump promised a “spectacular” project that would be “the finest of its kind anywhere in the world.”
“I’m a miracle worker,” Trump said. Trump's talks with a bank syndicate connected to the project were first reported in Wednesday’s editions of The Record. The deal, described as a “binding term sheet,” is subject to approval by the New Jersey Meadowlands Commission. It calls for a luxury golf course and a combination of housing, office, hotel and retail components. The project would be renamed once EnCap Golf Holdings, a subsidiary of Cherokee Investment Partners, leaves the scene.
A spokesman for Cherokee, which took over the project in 2000, when it bought a controlling share of EnCap, confirmed the deal. “Cherokee Investment Partners has signed an agreement for the Trump Organization to take complete operational management of the Meadowlands Redevelopment Project,” spokesman David O’Neill said. EnCap was first approved to build golf and housing in 1999, but the project has stalled repeatedly.
In June, the commission found EnCap in default on the project. It later issued a 60-day notice, setting a Nov. 20 deadline for EnCap to fix numerous environmental violations and put up at least $15 million in fines and security to ensure closure of the Rutherford and Lyndhurst landfills — or be booted off the site. Meadowlands Commission spokesman Christopher Gale said Wednesday the agency was unaware of any Trump deal.
“The [commission] is in possession of no details regarding this issue at this point, nor has the agency been contacted by associates of Mr. Trump,” Gale said. Rutherford Mayor-elect John Hipp won a landslide victory Tuesday over incumbent Bernadette McPherson that was attributed in part to McPherson’s support for EnCap. Hipp said he was pleased to see Trump come aboard — under the right conditions. “The people of Rutherford don’t want high-density, high-rise housing, period,” Hipp said.
With a name like “EnCap” The Donald should branch it out into the lucrative emissions trading market.
Humongous future in emissions trading.
Citibank is backing Trump. Daddy’s 1 billion in equity wins again. What a friggin con man!
Anyone who goes belly up in the casino business ought to stick to stuff like running a local McDonalds franchise. Trump stuck hundreds of local contractors to the tune of 70 or so million while building the Taj Mahal causing many of them to go out of business. Donald says: “hey thats business”. I say the man has no ethics or morals.
“Anyone who goes belly up in the casino business ought to stick to stuff like running a local McDonalds franchise. Trump stuck hundreds of local contractors to the tune of 70 or so million while building the Taj Mahal causing many of them to go out of business. Donald says: “hey thats business”. I say the man has no ethics or morals.”
Trump is a Chapter 11 expert. He burned more people than angels have wings. The one brilliant stroke he made was getting Citibank in the hole for 880,000,000. They HAD to bail him out. I am anexpert in finance, and I know what the hell I am talking about.
“. Trump stuck hundreds of local contractors to the tune of 70 or so million while building the Taj Mahal”
That was Citibank who ate that!
And if you or I stiffed Citibank they would Never loan to us again but if the big boys stiff them they are ready and willing to loan to them again. I don’t understand the logic.
American Express held the paper on Trump's $35 million boat which was parked outside the Marina Hotel Casino. I mean, how many people can say they had their boat repossessed by a credit card company.
Yeah, Donald is a real standup guy. After that fiasco, the bankruptcy court made the boy hire his company's FIRST controller. Up until then, Donald was the only beancounter the company had. And he didn't know squat about accounting or finance. Still doesn't apparently.
“And if you or I stiffed Citibank they would Never loan to us again but if the big boys stiff them they are ready and willing to loan to them again. I don’t understand the logic.”
FReepmail
“Maybe, in the end Citibank ate it. At the time there were many newspaper articles about plumbers, HVAC contractors, and stone masons who went out of business while waiting to get paid”
Your damn right!
“American Express held the paper on Trump’s $35 million boat which was parked outside the Marina Hotel Casino. I mean, how many people can say they had their boat repossessed by a credit card company.
Yeah, Donald is a real standup guy. After that fiasco, the bankruptcy court made the boy hire his company’s FIRST controller. Up until then, Donald was the only beancounter the company had. And he didn’t know squat about accounting or finance. Still doesn’t apparently.”
Trump is an Honors graduate of the Wharton School of Business. If you think he doesn’t know the rules of finance, you are a fool!
I hate to repeat myself, but anyone who goes chapter 11 in the casino business in NJ, IS A MORON, by definition. NJ's casino businesses are a paint by number license to steal, because NJ depends heavily on the casino business for operating revenue. NJ is not looking to have anybody go tits up if they can help prevent it. It's sort of like taking a spill on a bycycle with 4 sets of training wheels. It's very very hard to do.
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