X.Onasis
Diamond Member
- Oct 11, 2013
- 3,349
- 15,779
Trump acquired a chunk of 1290 Avenue of the Americas almost by accident when Hong Kong investors who’d bailed him out of a residential project near Lincoln Center swapped it for the midtown office building instead — leaving Trump with a 30 percent stake in the office building that is locked up until 2044 — which means he can’t sell it until then (when he’ll be 97 years old). The Hong Kong investors then sold their controlling interest to Vornado. Trump has no control over the building’s management or branding, but his share on paper is one of his company’s biggest assets.
James accuses Trump of conveniently omitting the restrictions of the share — like not being able to sell it for decades — in his financial statements, which falsely portrayed the amount as “cash” that he controlled. James said Trump cherry-picked numbers to create “false and misleading valuations” that made the property appear to be worth $1.5 billion more than it was in reality.
James accuses Trump of conveniently omitting the restrictions of the share — like not being able to sell it for decades — in his financial statements, which falsely portrayed the amount as “cash” that he controlled. James said Trump cherry-picked numbers to create “false and misleading valuations” that made the property appear to be worth $1.5 billion more than it was in reality.