The Trump Ocean Club, this shining example of Panama's business climate, touted by officials and promoters alike as an example of how well things are going on the isthmus under our "government of entrepreneurs" that even Trump invests here (he doesn't), well, this ugly pirated copy of the Burj al Arab hotel in Dubai is in serious legal trouble.
Or so we read in La Prensa: Various buyers are suing the Trump Club for breach of contract and loss of value of their purchases because of delays in construction and finishing. Others lost their down payment because they bought through Homes, a swindle tied to David Murcia which somehow got to resell the Trump Club condos. We're talking millions and millions of dollars.
And that comes on top of the Trump Club defaulting on its debt. The developer, Newland International Properties Corp., issued $220 million in bonds to finance construction, and now they can't even make the debt payments. They're trying to negotiate a deal out of this mess with the bondholders, but with legal demands also piling up against the project that probably won't go very far.
So, we might be looking at a messy bankruptcy here. Sucks for those who are involved in it, but at least we won't have to hear all this bullshit hype any more.