Tuesday, November 28, 2017

November 28, 2008 -- Trump Sued for Defaulting on Construction Loan

November 28, 2008 – Deutsche Bank Trust Co. Americas files suit against developer Donald Trump in the New York State Supreme Court in Manhattan, claiming that Trump owes the bank $40 million after defaulting on a $640 million construction loan for Chicago’s Trump International Hotel and Tower.  This will be the second suit filed within a month concerning the 92-story tower on the river.  In October Trump had filed his own suit against Deutsche Bank, “seeking to excuse a repayment of more than $330 million due on Nov. 7 and extend the construction loan for an unknown period of time because the global economic crisis was a ‘once-in-a-lifetime credit tsunami.’” [Chicago Tribune, December 1, 2008] The developer also asked for $3 billion in damages.  The bank’s suit “calls for Trump to make good on the personal payment guarantee he signed in February 2005 for the building if he didn’t make the loan payments on time.” Deutsche Bank alleges that Trump missed a $3330 million payment on November 7, a date that had already been extended previously.  By March of 2009 the bank and the developer decided to make nice with one another and suspend the lawsuits with just a couple of months left before the expected completion of the tower.  “I think it’s going to sell nicely,” says Trump.  “we’re doing better than anybody else in Chicago.” [Chicago Tribune, March 4, 2009]

November 28, 1914 -- The completion of Sheridan Road is celebrated as members of the Sheridan Road Improvement Association start from the Congress Hotel and drive the new road to Highland Park, where they join with the Highland Park Business Men’s Club.  The end of the road is at Forest Avenue in Highland Park, and from a raised platform at that point Highland Park Mayor F. P. Hawkins officially opens the road to the public.  W. G. Edens, the chairman of the Illinois Good Roads Committee, then accepts the new road.  The dignitaries then proceed to the Moraine Hotel where they enjoy a luncheon.  Plans are to extend the road to the Wisconsin border in the coming years.  The statue of General Phillip Sheridan, pictured above, stands at the intersection of Belmont and Sheridan, about a half-mile north of the point where Sheridan Road begins.

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