As reported here a few weeks ago, there is turmoil between Trump and his lenders who financed the International Hotel & Tower in Chicago.
He is now suing his lenders to extend a $640 million loan. Whatever happens, it looks like there will be a significant shortfall even when all the condo units have sold, which probably won't happen until 2010. Sales have been well below original estimates and the projected revenue leaves Trump $100 million short of what he will owe lenders.
Maybe the Government can step in and bail him out? Or maybe the banks will renegotiate his loan terms? In semi-related news, don't you just love lenders who renegotiate terms for borrowers who miss payments but not for good customers. Something should be agreed to across the board, not just for people who are unable to pay their mortgages.