Con artist stops owner from entering their own property

[someoneyouknow]

In August of 2017, Miami-based Ithaca Capital Partners bought 202 of 369 units in a fire sale from a hotel's struggling developer in Panama City. The con artist sought and received some assurances that Ithaca would not seek to act against its interests as hotel manager.

However, relations fell through the floor amid abysmal hotel occupancy numbers and allegations by Ithaca and other hotel unit owners of financial mismanagement or misconduct. In October, Ithaca Capital led a push to terminate Trump Hotel's management contract and seek compensatory damages. Trump's company — which he still owns but does not directly control — refused to hand over control of the property, arguing that the vote to fire Trump Hotels was invalid.

This weekend, the con artist's staff were seen hurriedly taking documents to a room where the sounds of shredding could clearly be heard. In its filing, Ithaca has also accused the con artist management team of illegally destroying documents.

Things got even worse this weekend when the hotel owners' team and its allies were barred by Trump Hotel staff from entering the room containing the building's closed-circuit TV system as well as key computer servers for the hotel and apartments that share the property. In response, they shut off power to the room — temporarily bringing down phone lines and internet connections within the building.

In summary, the con artist is preventing the rightful and legal owners of a hotel from entering their own property, and is destroying evidence of financial mismanagement.

Why anyone would want to do business with this shyster is beyond reason.

https://www.cbsnews.com/news/trump-business-fights-panama-hotel-eviction-ap/

 

[gotsnowgotslush]

https://www.usnews.com/news/busines...-fight-eviction-from-panama-hotel-they-manage

Trump's managers retreated behind the glass walls of an office where they were seen carrying files to an area where the sounds of a shredding machine could be heard, according to two witnesses aligned with the owners.

In October, Ithaca Capital led a push to terminate Trump Hotel's management contract and seek compensatory damages. Trump's company — which he still owns but does not directly control — refused to hand over control of the property, arguing that the vote to fire Trump Hotels was invalid.

A Panamanian court declined to support that claim in December, and the parties have since been fighting in court. The AP reported that the Trump management team ran off a group of Marriott executives who had been invited to tour the property amid a search for a replacement hotel operator.

On Thursday, Fintiklis arrived at the property with management staff and lawyers intending to take over the hotel immediately. The Trump management team again refused to yield control of the property, and according to the legal complaint filed by Ithaca's lawyers, refused to allow Fintiklis to check into any of his company's 202 hotel rooms.

http://www.richmond.com/news/nation...cle_6bf57350-f974-58d0-be3e-c763b6ca4fbe.html

 

[Hypoxia]

In summary, the con artist is preventing the rightful and legal owners of a hotel from entering their own property, and is destroying evidence of financial mismanagement.

Why anyone would want to do business with this shyster is beyond reason.

The usual excuse is, "It seemed like a good idea at the time." Maybe Tromp's screwage rate is low so suckers feel fairly safe taking the chance, like buying from an eBay seller with 97% approval. Oops.

 

[gotsnowgotslush]

Trump is unable to defend against the claims of mismanagement, and, thus, Trump’s only apparent defense is to deflect focus from the actual issues – Trump’s mismanagement of the Trump Panama Hotel and the termination of its management agreement – and to create a circus by threatening plaintiffs

and others) with baseless fraud and conspiracy claims that entirely lack merit and have already been rejected by the Panamanian courts,” the complaint states. “In other words, Trump is being Trump.”



Trump’s allegations against the third-parties in the arbitration are a conspicuous effort to bully the hotel’s owners into dropping their well-supported claims of mismanagement against Trump and to divert attention from Trump’s failures as a hotel operator,” the complaint states. “To that end, Trump filed a 73-page complaint in the arbitration alleging an outlandish conspiracy theory that threatens these third-parties with damages of up to $150 million for conduct that amounts to a supermajority of the beneficiaries attending a meeting and voting (unanimously) to remove Trump as operator of the Trump Panama Hotel.” (Parentheses in original.)


https://www.courthousenews.com/investors-in-trump-panama-hotel-detail-gross-mismanagement/

 

[gotsnowgotslush]

Oh Nothing, Just Panamanian Riot Cops Storming Trump Tower, We’re Sure It’s Fine

-Wonkette


Did Trump's Goons get their pay, from the Legal Owners of the property ?

Police in helmets and bulletproof vests on Wednesday entered and then left the Trump luxury hotel in Panama that has been at the center of a management dispute.

Judith Aparicio, the employment director for the Labor Ministry, said ministry officials went to the hotel to ensure workers were being paid.

“Our visit is intended to provide assurance to workers,” Aparicio said. The officials and the half-dozen police escorting them later.




https://www.washingtonpost.com/busi...eecfa8741b6_story.html?utm_term=.8b0ce58d27ac

February 28, 2018

This means that Donald Trump, who reported $810,000 in management income over 15 1/2 months from the property, is conducting American foreign policy with Panama, while the Panamanian government adjudicates his business contracts.



And while we’re on the topic, let’s rewind the tape here. As Reuters reported, the financing of the Panama tower was suspect from the start, with properties being pre-sold (sometimes multiple sales of the same unit) to huge numbers of Russian buyers taking advantage of Panama’s lax reporting requirements to get money out of Russia. Trump, who was boxed out of traditional financing because of his many bankruptcies, was then able to take the pile of Russian cash to a bank and get a construction loan.

If you believe the testimony of Glenn Simpson from Fusion GPS — AND WE DO, especially after we listened to this podcast from WNYC — this was Donald Trump’s business model by the early 2000s. Build a luxury property in an unlikely spot, like Baku, or Batumi, or Panama, and sell the units to low-level gangsters looking for a place to park their cash beyond the reach of the Russian state. Slap the Trump name on the front, lock them into a long-term management contract, and you’ve got an annuity that pays out for decades. Maybe Trump wasn’t really trying to build the Trump Tower Moscow on all his visits to Russia. Maybe he was looking for guys who couldn’t afford to buy in London but still wanted to put their rubles on a plane with someone who would turn them into nice, clean dollars without asking a lot of questions.


https://www.apnews.com/ce4dbdd4446c4862bb9c483425554c67

The Trump goon that assaulted the legal owner's security team, was lead away in handcuffs.


https://wonkette.com/630561/oh-noth...-cops-storming-trump-tower-were-sure-its-fine

 

[someoneyouknow]

UPDATE

Panamanian court rules in favor of majority owner of hotel. Con artist staff ejected from hotel and his name pried off from the entrance. Tourists celebrate with pictures:

http://www.bbc.com/news/world-latin-america-43297902

 

[someoneyouknow]

UPDATE

At the same time the con artist goons were destroying evidence of their incompetent management, the con artist corporation asked the president of Panama to intervene to prevent the con artist from losing control of the failing property.

The letter said the eviction violates an investment treaty signed by the two countries and suggests that the Panamanian government, not the hotel’s new management team, could be blamed for any wrongdoing.

The Panamanian foreign secretary, Isabel de Saint Malo, who also received a copy of the letter, said Monday: “I don’t believe the executive branch has a position to take while the issue is in the judicial process.”

One political ethicist said the blatant mingling of business and government interests "sets a low bar of standards for future presidents.”

https://apnews.com/bcba3f280f5f4ce78cc10a865ca617cb

http://thehill.com/blogs/blog-briefing-room/382308-trump-family-hotel-business-asked-panama-president-for-help