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Bankrupt Trump Tower's builders prepare for showdown

Though tens of millions of dollars in debt, developers of bankrupt Trump Tower Tampa want to delay filing a reorganization plan until they can duke it out with their project's namesake, New York real estate mogul Donald Trump.

Mediation between SimDag LLC and Trump representatives is scheduled for Sept. 29 in Tampa.

Trump sued his partners in May 2007, seeking more than $1-million in delinquent licensing fees for the 52-story luxury condo tower that was never built. Though SimDag filed Chapter 11 bankruptcy reorganization in June, a judge let Trump's lawsuit proceed.

SimDag won't submit a reorganization plan until Nov. 10, long enough to know whether mediation adds to or subtracts from the company's debts.

Bankrupt Trump Tower's builders prepare for showdown 09/08/08 [Last modified: Tuesday, September 9, 2008 4:06pm]
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