Glenn Hainey has given his approval for a receiver to be chosen for the sale of the Trump tower in order to pay off the loans the developer failed to repay. The receiver in this case is the FTI Consulting Canada Inc.
The first developer was Talon International Inc., it was responsible for licensing the Trump brand after which it brought a Trump-owned company as the manager for the project. The former still kept its ownership over the project. The Toronto-Trump tower project was rigged with delays; over-spending and other issues since it began in 2007.
The debt that was incurred was bought by JCF Capital ULC. Within a court filing, the aforementioned company said that Talon and the other involved debtors defaulted in payment. It is for this reason the tower is being sold so that the company may recover their money. But if this is not possible, the company will have to exchange its debt for the deed of the tower.
When the project was opened by Donald Trump in 2012, it promised luxury units within the condominium area of the tower along with hotel suites that would be ripe for investments that individuals could buy and even rent out if they wished to do so.
Other investors are also suing the developers for being misled and costing them millions of dollars that was initially promised to them and resulted in failed promises.
This just goes to show the Trump name is just a rented brand name: Mr. Trump claims to be an amazing businessman with all his million, towers, properties, etc but in reality, it is quite a facade.