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Trump condo buyers sue over deposit funds

Trump Tower Tampa is mired in bankruptcy court, but that's not stopping 109 condo buyers from suing over $11.9-million they claim was partly misspent trying to raise the skyscraper at Ashley Drive and Brorein Street. The complaint is based on the 20 percent deposits demanded of buyers by developer SimDag LLC. Developers have returned about half the money but said they spent the other half on construction as the law allows. In a class-action lawsuit filed Friday, lead plaintiffs Wes and Diane McLeod said developers spent some of the money improperly on salaries, commissions, advertising and other expenses. The suit names SimDag principals Frank Dagostino, Robert Lyons and Patrick Sheppard, as well as escrow agent MacFarlane Ferguson & McMullen. Trump Tower never got a loan to start vertical construction, and filed for Chapter 11 bankruptcy in June.

Trump condo buyers sue over deposit funds 12/08/08 [Last modified: Wednesday, December 10, 2008 3:24pm]
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