Donald Trump sued by bank

Macau News.Net
Saturday 29th November, 2008

Deutsche Bank Trust in New York has sued developer Donald Trump.

The group has said Trump failed to honour a loan guarantee for his Chicago skyscraper, the Trump International Hotel & Tower.

In turn, Trump has sued Deutsche Bank in New York, claiming it and a consortium of lenders wrongfully refused to extend the November 7th maturity date of the $640 million loan.

In the new suit, Deutsche Bank says it is owed a $40 million personal guarantee made by the billionaire developer.

But Trump's attorney has said his client will fight Deutsche Bank in court.

Trump claims the loan deadline should have been extended because of forces beyond his control, meaning the global financial crisis.

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