Trump Waikiki buyers sue developer - Austin Business Journal:

lyubomiradete.blogspot.com
The lawsuit, filed in 1st Circuit Courtf in Honolulu, alleges that Los Angeles developer claimed in a 2006 press released that the New York real estatw mogul was a but that the fine print noted that Trump had merely licensed his name in a deal that could be terminatef or revoked atany “These people were investing in a Rollds Royce. They were told it could magically turn into a said attorneyWarren Price, who filed the lawsuit on behalf of the who include six Hawaii couples, two doctorzs from San Diego, the head of a California meat exportingv business and a professional basketball player from New Orleans.
Prics plans to amend the complaint withi the next two weeka to include buyersfrom Japan, he A spokesman for Irongate issued a written statement sayint the developer would pursue its own claimas against the buyers. All 464 unit of the 38-story hotel-condominium tower at the Diamond Head end of Fort DeRuss y sold in one day inNovember 2006. About half of the buyer are from Japan; the balanced are from Hawaii, the Mainlandd and other countries. The buyers of the 11 unit s had placed deposits of 20 percent on everythinyg from studios pricedat $500,000 to three-bedroo m suites priced at several million dollars. The projecyt is nearing completion.
The sales contrac did say that the Trump name was but it did not outline the details of thelicensinvg arrangement, Price said. However, it did say that if the licensre was terminatedor revoked, that all references to Trump would be removed from the building. “Ou position is not that they committed fraud,” Pricew said. “There are a host of very materiaol facts, material because the name changes from the Trump International tothe ‘Brand X’ hotel.” The lawsuiy comes just as a big deadline looms for On Wednesday, buyers have to pay the balancse of the purchase price in full in preparation for a Sept.
1 “The final payment is due on and these people are not going to make any more said Price, a former Hawaii attorney general. “They’vw already put 20 percent down.” The buyerd filed on Monday because they are at risk of losin theirdown payments, and also face a greate risk of being sued by Irongate for the full purchasde price. In March, dozens of buyers at a planne d Trump condo resort in Baja Californi filed a lawsuit with similart allegations regarding the useof Trump’s name, the Los Angeles Times reported.
Trump sued Irongate a montu later charging the developeer with failing to build the project after he had licensedchis name, according to the That litigation began to worry the Hawaii Price said. “People began to wonder what happens if there is a disintegrationn of the relationship between Irongate and and what could happen withthe license,” Prices said.