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275 Sleeps To Christmas
Posted - 16 February 2017 14:34
Old rule, you owe the bank £1,000 and it owns you. You owe it $640m and you own it.
blindtom
Posted - 16 February 2017 14:44
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I'd heard this one before and so far as I recall they weren't pursuing Trump for the whole debt, only his personal guaranteed sum which was the $40m. I'm trying to imagine what some Germans would have thought when they received the ludicrous counter claim of $3bn. This is kind of indicative of how he has operated in the past and it has always amazed me that banks were willing to loan him anything when behaviour like this was hardly secret.
Parsnip
Posted - 16 February 2017 14:46
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art of the deal

throw something massive at them and then take it back and it looks like you are negotiating

you owe me $3bn - i owe you $40m, ok so maybe we call it quits

Barnsbury
Posted - 16 February 2017 14:50
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That sort of negotiating tactic can work really well if you're dealing with a moron. In any other situation it makes you look like a time-waster.

I mean really. He told his lawyers to find him a really big counterclaim and that was the best they could come up with? Did they think if they underlined the really important bits in green ink that would improve their chances of success?
Parsnip
Posted - 16 February 2017 14:53
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who knows what the position is under US law? i dont
In the UK, I am pretty sure the MAC arguments didnt run / win
Barnsbury
Posted - 16 February 2017 14:55
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There's that case about oil tankers during the Suez crises. The tanker had to go all the way round Africa because the canal was shut. It was late but said "force majeure - completely unforeseeable that a war would start". Court said "no". Improbable yes, unforeseeable (or whatever) no.
Keith Nearing
Posted - 16 February 2017 14:59
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Aren't all property financing arrangements secured on the land/building itself?

Surely Deutsche just take the keys and flog it?

If they actually lent the orange shitgibbon unsecured money, with his reputation and history of tactical defaulting, then they're utter muppets.
blindtom
Posted - 16 February 2017 15:05
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He has a track record of leaving investors, partners and lenders in the lurch. More than that what bothers me is that he appears to take glee in doing so.
Keith Nearing
Posted - 16 February 2017 15:08
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Agree.Combined with his zeal for repealing Dodd-Frank...
Parsnip
Posted - 16 February 2017 15:10
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presumably if you argue force majeure makes the loan somehow void then you have to give the money back. you can't say, our deal was void but i get to keep the money
Osama
Posted - 16 February 2017 15:10
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most "tycoons" behave like this