Keith Woolford Posted January 16, 2018 Share Posted January 16, 2018 (edited) LaPrensa carried this front page report today about the ownership of the Trump Hotel wanting management changes due to alleged financial misconduct. https://www.prensa.com/economia/disputa-Panama-organizacion-Trump-Hotels_0_4942005770.html The source was this AP report. Jan. 16, 2018 12:40 AM ETPanama Hotel votes to drop Trump _ but his company won't goBy JEFF HORWITZ, Associated Press WASHINGTON (AP) — An attempt to oust President Donald Trump's hotel business from managing a luxury hotel in Panama has turned bitter, with accusations of financial misconduct. Trump Hotels is contesting its firing, and its staff ran off a team of Marriott executives invited last month to visit the property during a search for a new hotel operator, according to two people familiar with the matter. After the owners' association accused Trump Hotels of mismanagement and financial misconduct in a $15 million arbitration claim, the company owned by the president fired back with a $200 million counterclaim and refused to turn over the property's financial records. When a team from Marriott International Inc. came to the property at the invitation of the hotel's majority owner, Trump staff asked them to leave, according to the two people, who spoke on condition of anonymity because they were not authorized to discuss publicly what happened behind the scenes. The head of Trump Hotels, Eric Danziger, also called Marriott chief executive Arne Sorenson to complain about the visit, the two people said. Marriott generally steers clear of properties facing ownership and management disputes. But the call from a senior Trump executive to the CEO of Marriott, which manages more than 6,000 hotels, raised the awkward matter of how American companies interact with a business owned by the president. Marriott, like most major international companies, has significant business and public policy interests before the Trump administration. Federal employees who travel and hold government conferences pay to use its properties, and Marriott has been lobbying the administration and Congress over U.S. tourism, trade and legal restrictions against property ownership in Cuba, disclosures to consumers about resort fees, and other issues. Trump Organization general counsel Alan Garten said the call was not intended to pressure Marriott. "We have a great relationship with Marriott," Garten said. "They were appreciative that we let them know that we have a valid contract." A spokeswoman for Marriott declined to comment. The matter highlights potential ethics concerns raised by Trump's decision not to divest himself from his businesses, said Larry Noble, head of the Campaign Legal Center, a Washington-based public interest group that studies issues of democracy. "I don't know if they've got a valid contract or not," Noble said. "But if you're a big company, you'd really have to think twice before getting into a fight with one of the president's companies." Since Trump took office, Trump hotels in New York and Toronto have quietly reached deals to separate themselves from Trump's brand. But the Panama dispute is shaping up as a brawl. In a letter to fellow owners, the investor leading the hotel owners' board of directors accused Trump Hotels of "gross mismanagement, breaches of contract, conversion and breaches of fiduciary duties." Conversion is a legal term for the misuse of someone else's property for one's own gain. "Our investment has no future so long as the hotel is managed by an incompetent operator whose brand has been tarnished beyond repair," Orestes Fintiklis, the managing partner of Miami-based Ithaca Capital Partners, wrote in the letter. Trump Hotels, he wrote, "is refusing to maintain its last shreds of dignity and peacefully vacate our property." Fintiklis did not respond to emails from the AP seeking comment. Trump Hotels accused Ithaca of deceiving its fellow hotel owners and illegally terminating the Trump contract. "Unfortunately, it is YOU, the unit owners, who will ultimately be the ones to bear responsibility for the bad acts of Mr. Fintiklis and his cohorts," said Trump Hotels executive vice president Jeff Wagoner in an earlier letter to the owners last week. Rising 70 stories in the shape of a wind-filled sail, the Trump hotel promised investors a chance to become the part owner of one of Central America's finest hotels. It has struggled to sell units after its completion in 2011. Occupancy rates are low enough that some owners receive no income from their properties and must reach into their own pockets to pay maintenance costs. The effort to remove Trump hotels from managing the hybrid condo-hotel units on the property began last year, after Ithaca Capital Group purchased 202 unsold hotel units from the building's struggling developer. After buying the units in August, Ithaca and the other owners voted in November to fire Trump's directors, clearing the way for terminating Trump's contract and the $15 million arbitration claim against Trump Hotels. Not all the hotel unit owners were represented at the meeting, but those contacted by The Associated Press support the effort to fire Trump. "They wanted to remove him quietly," said Al Monstavicius, a retired Nevada doctor who owns a penthouse hotel unit in the building, of Ithaca's efforts. "That didn't work." Monstavicius said Trump's statements regarding Mexicans and his determination to strip hundreds of thousands of Central Americans of their protection from deportation have made Trump's brand toxic in Panama. Occupancy in recent days — considered peak high season — has ranged from 26 to 28 percent, according to Trump Hotels figures. Overbuilding and general weakness in the Panama hotel market have contributed to problems. Trump's team said it was proud of the hotel's financial performance. It told owners Trump's hotel has outperformed its peers for 81 of the last 84 months, but Finktiklis dismissed the claim as "simply delusional." The hostilities extended to Ithaca's invitation of Marriott executives to the property. "We were obviously concerned about their presence there," Garten said, adding that he believed Marriott did not know of the circumstances. The heart of Trump Hotels' claim against the hotel owners is a February 2017 agreement. When it bought 202 units, Ithaca agreed not to act "in any manner adverse to the interests of Trump Hotels." In his letter, Fintiklis acknowledged the language in the agreement but said mismanagement and misconduct by Trump Hotels rendered it invalid. If the owners in Panama succeed, it won't be the first time that Trump has been ousted there. In 2015, amid the early months of Trump's presidential campaign, the owners of apartments in the same building voted to fire Trump's management company over budget issues and allegations of misspent funds. Since then, the property's overall finances have improved. Its annual deficits, which exceeded $1 million, have since turned into a surplus, according to financial documents provided to the AP by an owner. Associated Press Edited January 16, 2018 by Keith Woolford Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted January 17, 2018 Moderators Share Posted January 17, 2018 Quote TRUMP HOTEL PANAMA: A Deal Gone Sour Posted on January 16, 2018 in Panama Failed anagement Post Views: 507 THE ATTEMPT to remove Donald Trump’s hotel company from the management of the hotel in Punta Pacifica has turned into a bitter dispute with accusations of bad financial practices, and pressure exerted on the Marriott Hotel chain by the Trump organization. Trump and ex-president Martinelli at the official opening The hotel and apartment complex has been mired in problems since it was constructed in 2011, with a bankruptcy, purchasers of units involved in multiple lawsuits, and vendors accused of fraudulent practices. From the start, it has had problems selling sections. Occupancy rates are so low that some owners do not receive income from their properties and they must pay the maintenance costs out of their pockets. Last week Trump Hotels staff ordered a team of Marriott managers out of the building, where they were staying as guests while the search is underway for a new manager, according to people familiar with the matter, report numerous US media. The hotel’s owners accused Trump Hotels of unfair management and financial malpractice in a $15 million arbitration claim. The company owned by the president of the United States responded with a $200 million counterclaim and refused to deliver the property accounts. According to two sources, the head of Trump Hotels, Eric Danziger, called the CEO of Marriott, Arne Sorenson, to complain about the visit. In general, Marriott avoids property with disputes between owners and managers. But the call from a senior manager of Trump to the CEO of Marriott, who manages over 6,000 hotels raised the awkward question of how American companies interact with a business owned by the president. Like many international companies, Marriott has raised business issues and interests on regulations with the Trump government. Federal employees who travel and offer conferences for the government paid to use their properties and Marriott has put pressure on the government and Congress on tourism issues, trade and legal restrictions on properties in Cuba, among other matters. The legal advisor to the Trump Organization, Alan Garten, said Sorenson did not pressure Marriott. “They appreciated that we explained to them that we have a valid contract.” The issue highlights the potential ethical issues raised by Trump’s decision not to divest from their business, said Larry Noble, head of the Campaign Legal Center, a Washington-based public interest group that studies issues about democracy. “I do not know if they have a valid contract or not,” Noble said. “But if you’re a big company, you’d really have to think twice before getting into a fight with one of the president’s companies, “he added. Discrete agreements Since Trump took office, Trump hotels in New York and Toronto have reached discreet agreements to distance themselves from the Trump brand. But the dispute in Panama starts to look like a full-fledged fight says an Associated Press (AP) report. In a letter to other owners, the investor who heads the board of directors of the owners f the Panama building accused Trump Hotels of “brazen unfair administration, breaking of contract, illegal appropriation and breach of fiduciary duties “. “Our investment has no future as long as the hotel is managed by an incompetent operator whose mark has been stained without remedy, ” Orestes Fintiklis, managing partner of the Miami-based firm Ithaca Capital said in the letter that Trump Hotels refuses to keep its last vestiges of dignity and abandon our property peacefully. Trump Hotels, meanwhile, accused Ithaca of cheating the other owners and liquidating the contract illegally. “Unfortunately, it’s you, the owners, who will ultimately bear responsibility for the bad acts of the Lord Fintiklis and his henchmen, “wrote the executive vice president of Trump Hotels, Jeff Wagoner. http://www.newsroompanama.com/news/panama/trump-hotel-panama-art-deal Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted February 25, 2018 Author Share Posted February 25, 2018 The situation for the management team at Trump Ocean Club in Panama City continues to deteriorate. https://www.prensa.com/economia/Tratan-desalojar-equipo-Trump-Panama_0_4971252846.html PANAMA CITY (AP) — One of President Donald Trump’s family businesses is battling an effort to physically evict its team of executives from a luxury hotel in Panama where they manage operations, and police have been called to keep the peace, The Associated Press has learned. Witnesses told the AP they saw Trump’s executives carrying files to a room for shredding. Representatives of the hotel owners’ association formally sought to fire Trump’s management team Thursday by hand-delivering termination notices to them at the Trump International Hotel and Tower, according to a Panamanian legal complaint filed by Orestes Fintiklis, who controls 202 of the property’s 369 hotel units. 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. The legal complaint also accused Trump’s team of improperly destroying documents. The witnesses spoke on condition of anonymity over concerns they would be drawn into an expensive and protracted legal fight. Elsewhere in the building, 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. According to the legal complaint, Trump’s chief of security and six security guards “pushed and shouted at” Fintiklis when he came to deliver the termination notices. The complaint said the hotel employees then called the police. A new confrontation appeared likely to arise during the weekend, as Trump’s security staff set up early Saturday in the hotel lobby, witnesses said. But by Saturday afternoon the lobby was again quiet. Representatives of the Trump Organization declined to comment, but have previously called attempts to fire their management company illegal and said no change in the building’s control would be appropriate without a decision from arbitrators or a judge. Fintiklis did not respond to messages left by text or email. On Friday night, lawyers, notaries and rival security personnel gathered at the hotel in Panama City while talks were underway to prevent the conflict from deteriorating further. The showdown is the newest low in a months-long fight over control of the property. Last August, Fintiklis’ Miami-based Ithaca Capital Partners bought the 202 units in a fire sale from the property’s struggling developer. As part of the deal, Trump Hotels sought and received some assurances that Ithaca would not seek to act against its interests as hotel manager. Relations quickly soured 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. 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. Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted February 26, 2018 Author Share Posted February 26, 2018 The Public Prosecutor initiates investigations about complaint concerning the Trump Hotel in Panama The Public Prosecutor, through the Primary Care section of the Metropolitan prosecutor, a charge of the Superior Prosecutor July Villarreal, reports that it has initiated investigations in order to establish whether there has been punishable conduct, in a complaint for infringement within the property of the Trump Ocean Club International Hotel and Tower, submitted by the licensed Sarai Blaisdell, on February 23, 2018 at 9:21 p.m. approximately. Based on the foregoing, proceedings are underway to incorporate the appropriate documentation of the institutions concerned, since the information submitted in the complaint is insufficient for this purpose. In addition it will be necessary to obtain international judicial assistance, in case documentation required to settle the complaint, resides abroad. http://ministeriopublico.gob.pa/ministerio-publico-inicia-investigaciones-acerca-denuncia-referente-al-hotel-trump-panama/ Quote Link to comment Share on other sites More sharing options...
Siempre Soluciones Posted February 26, 2018 Share Posted February 26, 2018 I guess President Trump is lucky that he only licensed his name for the project, nothing else. Maybe they can get Mueller to investigate. Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted February 26, 2018 Author Share Posted February 26, 2018 (edited) Quote he only licensed his name for the project, nothing else. The Trump organization's hotel management company, Trump Hotels, has been accused of mismanagement and financial wrongdoings at the property. Facts are facts. Edited February 26, 2018 by Keith Woolford Quote Link to comment Share on other sites More sharing options...
Bonnie Posted February 27, 2018 Share Posted February 27, 2018 (edited) https://www.washingtonpost.com/world/the_americas/bizarre-legal-brawl-intensifies-at-trump-hotel-in-panama/2018/02/26/ccede22c-1b0e-11e8-98f5-ceecfa8741b6_story.html The Washington Post: Bizarre legal brawl intensifies at Trump hotel in Panama Edited February 27, 2018 by Bonnie Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted March 1, 2018 Moderators Share Posted March 1, 2018 Quote Trump Tower managers get pink slips from Ministry Posted on February 28, 2018 in Panama Marching orders delivered Post Views: 215 THE TRUMP organization got another setback in its battle with the new owner of the Trump International Hotel and Tower in Panama when at least nine managers got their marching orders from the Ministry Ocean, of Labor Development (Mitradel). The administrative action came on Wednesday, February 28, in the midst of a legal struggle between the former administration of the hotel and the Trump Organization, which despite not being the owner of the structure, is striving to maintain part of the administration. The situation has generated a legal struggle between the administration and the new owner leading to a series of legal appeals currently before Panama courts. http://www.newsroompanama.com/news/panama/trump-tower-managers-get-pink-slips-ministry Quote Link to comment Share on other sites More sharing options...
Siempre Soluciones Posted March 1, 2018 Share Posted March 1, 2018 On 2/26/2018 at 6:13 PM, Keith Woolford said: The Trump organization's hotel management company, Trump Hotels, has been accused of mismanagement and financial wrongdoings at the property. Facts are facts. Keith, I think it may be a moot point since President Trump was required to step down from any positions of control of his companies. Per the Reuters article below, he still maintains ownership of his companies but handed over control to his two sons. Can he be trusted is the big question. https://www.reuters.com/article/us-usa-trump-finance/trump-says-wont-divest-from-his-business-while-president-idUSKBN14V21I Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted March 1, 2018 Author Share Posted March 1, 2018 (edited) On 2/26/2018 at 6:13 PM, Keith Woolford said: The Trump organization's hotel management company, Trump Hotels, has been accused of mismanagement and financial wrongdoings at the property. Facts are facts. These reports have nothing to do with the POTUS. They concern a management dispute at the Trump Ocean Club Hotel in Panama City. Edited March 1, 2018 by Keith Woolford 2 Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted March 5, 2018 Author Share Posted March 5, 2018 You're fired ! A court decision has turfed Trump Hotels management from the Ocean Club Tower and Hotel in Punta Pacifica. Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted March 6, 2018 Moderators Share Posted March 6, 2018 Quote Trump no longer Towers in Panama Posted on March 5, 2018 in Panama An employee removes the Trump name Post Views: 578 A 12-day dispute between the Trump organization and the new owners of the troubled luxury hotel that carried the American president’s name ended on Monday, March 5 when a court official, accompanied by police and a court order took over ownership of the property on behalf of Orestes Fintiklis Security guards of the Trump Organization left the building, modeled on a similar structure in Dubai, and labeled the ‘bent thumb” by some Paitilla residents. “This was purely a commercial dispute that got out of control,” said Fintiklis Fintiklis is a private capital investor located in Miami that sought to get rid of services of the Trump administration and its brand “Today this dispute has been resolved by the authorities and judges of the country. ” he said. Although he and other owners tried to break ties with the Trump company last year, the company refused to allow them to take possession. Subject to litigation and arbitration complaints, the dispute escalated last month, when Fintiklis, arrived with dismissal notices for Trump’s management team but was rejected by Trump security officials. A legal complaint filed by Fintiklis, said that he and others in his group witnessed Trump team members destroying hotel equipment, something that Trump company officials have denied, reports La Prensa. For over a week, the Trump team resisted the efforts of Fintiklis to gain control of key infrastructure, including administrative offices and the hotel security system. The fight ended calmly when a Panamanian official arrived accompanied by the police to enforce the assumption of control of the hotel by Fintiklis. A representative of the Trump Organization Trump did not respond to a message seeking comment says La Prensa. http://www.newsroompanama.com/news/panama/trump-no-longer-towers-panama Quote Link to comment Share on other sites More sharing options...
Siempre Soluciones Posted March 6, 2018 Share Posted March 6, 2018 What amazes me is the fact that Trump's entire enterprise was scrutinized well before the 2016 election, one must wonder if these troubles existed then. In retrospect, this is a godsend for their balance sheet since the hotel industry in Panama City is in the toilet. It'll be interesting to see if troubles exist at any of his other interests. 1 1 Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted March 6, 2018 Author Share Posted March 6, 2018 (edited) 5 hours ago, Siempre Soluciones said: this is a godsend for their balance sheet Whose balance sheet? Are you referring to the majority ownership of the project? They are looking to improve their earnings (or cut their losses) by changing management. Edited March 6, 2018 by Keith Woolford Quote Link to comment Share on other sites More sharing options...
Siempre Soluciones Posted March 6, 2018 Share Posted March 6, 2018 1 hour ago, Keith Woolford said: Whose balance sheet? Are you referring to the majority ownership of the project? They are looking to improve their earnings (or cut their losses) by changing management. Keith, I may be using the wrong terminology, I've never been on the controlling side of a board room, only the begging side. I'm referring to Trump enterprises (whether Trump himself is officially part of it or not) being disassociated with this particular investment since it's probably now considered a toxic investment to Trump enterprises due to recent events. Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted March 6, 2018 Author Share Posted March 6, 2018 Yes, the new owners of the project believe the Trump name is toxic in Panama and Latin America and was damaging their investment. Since the Trump group was only involved in management their removal will only result in a loss of revenue on their income statement. Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted March 16, 2018 Author Share Posted March 16, 2018 (edited) More trouble. Complaint claims Trump lawyers threatened Panama magistrate By JEFF HORWITZ, JUAN ZAMORANO and MARK STEVENSON PANAMA CITY (AP) — Lawyers for President Donald Trump’s family hotel business threatened a Panamanian judicial official handling a dispute related to Trump Hotels’ management of a 70-story luxury hotel, according to a complaint filed with the anti-corruption division of Panama’s chief prosecutor. The complaint reviewed by The Associated Press said lawyers from the firm representing Trump’s hotel management business accosted a justice of the peace, Marisol Carrera, in her office after she ruled against Trump’s business on a minor issue in the fight over control of the Trump-branded luxury hotel. The abuse continued, she wrote, even after she called police to defuse the situation. Trump’s lawyers dispute the claims, and the magistrate declined to discuss the matter with the AP. The episode marks another odd turn in the feud over the Trump International Hotel on Panama City’s waterfront. Trump’s team was eventually evicted from the hotel, which was stripped of his name and reopened under new management. But the battle continues in court. Trump stepped away from running his business interests after becoming president in January 2017 but he still owns them. On a day-to-day basis, they are managed by his children and longtime executives. The behavior described in Carrera’s complaint occurred during the time Miami-based private equity investor Orestes Fintiklis was vying for control of the hotel, located within a high-rise that also contains a casino and a condo association. The magistrate was not involved in the main hotel dispute, but ruled against Trump’s interests in a fight over control of the office containing the hotel’s closed-circuit security system. Trump’s lawyers from the Panama City law firm of Britton & Iglesias berated her and her staff in her office, she said. “I felt intimidated and threatened,” wrote Carrera, who handles basic legal matters and disputes as part of her job as justice of the peace for Panama City’s government. Trump’s attorneys in Panama denied any misconduct. “The lawyers were never disrespectful, nor rude, nor did we make any sort of threats nor intimidation like the kind we are falsely accused of,” the firm said in a statement. The statement said the firm’s attorneys had not been given timely access to documents related to the dispute by Carrera’s office and simply demanded them in the presence of a notary hired to document the interaction. https://apnews.com/9443755a28b3438a875fe5c142534092/Complaint-claims-Trump-lawyers-threatened-Panama-magistrate Edited March 16, 2018 by Keith Woolford Quote Link to comment Share on other sites More sharing options...
Siempre Soluciones Posted March 16, 2018 Share Posted March 16, 2018 4 hours ago, Keith Woolford said: More trouble. Complaint claims Trump lawyers threatened Panama magistrate By JEFF HORWITZ, JUAN ZAMORANO and MARK STEVENSON PANAMA CITY (AP) — Lawyers for President Donald Trump’s family hotel business threatened a Panamanian judicial official handling a dispute related to Trump Hotels’ management of a 70-story luxury hotel, according to a complaint filed with the anti-corruption division of Panama’s chief prosecutor. The complaint reviewed by The Associated Press said lawyers from the firm representing Trump’s hotel management business accosted a justice of the peace, Marisol Carrera, in her office after she ruled against Trump’s business on a minor issue in the fight over control of the Trump-branded luxury hotel. The abuse continued, she wrote, even after she called police to defuse the situation. Trump’s lawyers dispute the claims, and the magistrate declined to discuss the matter with the AP. The episode marks another odd turn in the feud over the Trump International Hotel on Panama City’s waterfront. Trump’s team was eventually evicted from the hotel, which was stripped of his name and reopened under new management. But the battle continues in court. Trump stepped away from running his business interests after becoming president in January 2017 but he still owns them. On a day-to-day basis, they are managed by his children and longtime executives. The behavior described in Carrera’s complaint occurred during the time Miami-based private equity investor Orestes Fintiklis was vying for control of the hotel, located within a high-rise that also contains a casino and a condo association. The magistrate was not involved in the main hotel dispute, but ruled against Trump’s interests in a fight over control of the office containing the hotel’s closed-circuit security system. Trump’s lawyers from the Panama City law firm of Britton & Iglesias berated her and her staff in her office, she said. “I felt intimidated and threatened,” wrote Carrera, who handles basic legal matters and disputes as part of her job as justice of the peace for Panama City’s government. Trump’s attorneys in Panama denied any misconduct. “The lawyers were never disrespectful, nor rude, nor did we make any sort of threats nor intimidation like the kind we are falsely accused of,” the firm said in a statement. The statement said the firm’s attorneys had not been given timely access to documents related to the dispute by Carrera’s office and simply demanded them in the presence of a notary hired to document the interaction. https://apnews.com/9443755a28b3438a875fe5c142534092/Complaint-claims-Trump-lawyers-threatened-Panama-magistrate Looks like it's been a stormy few weeks for President Trump. Quote Link to comment Share on other sites More sharing options...
Keith Woolford Posted March 29, 2018 Author Share Posted March 29, 2018 Trump hotel business fails to undo Panama coup By Jeff Horwitz | AP March 28 at 4:04 PM WASHINGTON — President Donald Trump’s family hotel business has lost a bid to regain control of the luxury hotel in Panama that ousted his brand, according to a new emergency arbitration ruling. The arbitrator ruled Tuesday that Trump’s company should not have been evicted while a broader arbitration dispute was ongoing between the hotel owners and Trump. But with Trump outmaneuvered in Panama and the hotel in the owners’ hands, the arbitrator declined to reinstate the Trump team. He also barred all parties from starting new legal fights over the matter. “The facts on the ground now militate against forcibly undoing the steps that have been taken,” arbitrator Joel Richler wrote. He said his decision might be different if Trump had sought an emergency arbitration decision before the hotel owners successfully petitioned the Panamanian courts for help. Alan Garten, the Trump Organization’s general counsel, declined to comment on the ruling. But in past statements to The Associated Press, he has said that the Trump Organization expects the arbitration process will ultimately find that Trump Hotels’ firing and subsequent removal from the property without an arbitrator’s approval violated Trump’s contract. Tuesday’s decision dashes the Trump Organization’s hopes of promptly reversing its high-profile eviction from the property, a 70-story luxury high rise on Panama City’s waterfront now named The Bahia Grand Panama. The owners of the property — which was run by Trump under a management agreement — sought to fire his company last October, citing damage to Trump’s brand and mismanagement by hotel officials. But the Trump Organization disputed its termination as illegitimate and refused to hand over the property. The fight — initially waged in confidential arbitration — burst into the public eye in February when Orestes Fintiklis, the hotel’s majority owner, sought to fire Trump’s hotel management and take control of the property on behalf of the owners’ association. Trump’s family company responded by beefing up its security team and blockading doors — sometimes by building walls in the administrative office’s hallways. Rival teams of hotel security guards skirmished on the property, and police were repeatedly called in to keep the peace. The standoff ended March 5, when Panamanian judicial officials sided with Fintiklis and a justice of the peace backed by police officers ordered the Trump management team to vacate the property. A workman immediately scrubbed Trump’s name from the hotel, using a crowbar to pry “TRUMP” off the hotel’s signage amid a scrum of news cameras. Richler’s ruling stated that, under the contract between the hotel owners and the Trump Organization, the dispute over Trump’s firing should have remained in arbitration and never have been brought to Panama’s courts. Trump’s lawyers made an argument, the arbitrator ruled, that the hotel owners breached Trump’s hotel management contract by seeking outside help from local courts. But because the arbitator’s finding applies only to his own decision and he chose not to turn over control of the hotel back to Trump, it is unclear whether his decision has any significance. The arbitrator ordered both sides to split the $40,000 cost of the emergency arbitration evenly and ordered both the hotel owners and Trump to refrain from bringing new challenges against each other until the arbitration is sorted out. “The parties to the arbitration agreement are enjoined from making any emergency applications concerning the management of the hotel in any forum other than the ICC or the courts of New York,” he wrote — jurisdictions in which the matter has already been contested, including the International Chamber of Commerce. The parties are still fighting over who broke the hotel management contract and who should pay whom. A $3 million arbitration claim filed by Trump’s business against the hotel and a cumulative $25 million in claims against Trump in arbitration and Panamanian court remain outstanding. https://www.washingtonpost.com/politics/trump-hotel-business-fails-to-undo-panama-coup/2018/03/28/3be6a514-32bc-11e8-b6bd-0084a1666987_story.html?utm_term=.77a138c6d8ba Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted June 30, 2018 Moderators Share Posted June 30, 2018 Quote Hotel Changes Brand in Panama Ithaca Capital announced that the Bahia Grand Panama Hotel, which used to hold the Trump Hotels brand, will become a JW Marriott hotel in September 2018. Wednesday, June 27, 2018 Up until the first quarter of this year the hotel had been operated by Trump Panama Hotel Management, but after several conflicts with the owner of the property, Orestes Fintiklis, partner of Ithaca Capital, the Trump company lost the operation.In a statement, Orestes Fintiklis, partner and manager of Ithaca Capital, said they are " ... delighted that our hotel will operate as JW Marriott and we believe that this partnership, together with a talented team and spectacular services, will be a success."Laurent de Kousmaeker, Development Director of Marriott International, explained to Prensa.com that the company " ..." is proud to partner with Ithaca Capital for the relaunch of this iconic hotel in the city of Panama, a city entering into growth that is becoming more and more important for Latin America. This hotel will represent the twelfth hotel of the JW Marriott brand operating in our region." https://www.centralamericadata.com/en/article/main/Hotel_Changes_Brand_in_Panama Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_02 Posted June 5, 2019 Moderators Share Posted June 5, 2019 Quote Panama's failed Trump project sparks tax evasion battle. The Trump name makes way for Marriott Posted 04/06/2019 The Litany of the failed operations carrying the Trump name continues to grow with the former Trump Hotel and Ocean Club in Panama the latest to hit the courts.. It was opened wiith great fanfare with the attendance of Donald Trump and his sons The private equity manager Orestes Fintiklis and the company he directs, Ithaca Capital Partners, yesterday extended a lawsuit in the federal court of Manhattan, United States, stating that two Trump companies did not pay taxes related to the management of the defunct Trump Ocean hotel Club, in Panama. The information was published Monday, June 3 by ProPublica, a nonprofit press room based in New York. Donald Trump has always said that Fintiklis' accusations are false. According to the report, it was assumed that the entities under the Trump stamp had to retain money advanced and pay it to the Government, regardless of whether the property was profitable or not. Instead, the publication alleges, the Trump companies kept the money, "thus intentionally evading taxes." In March 2018 Orestes Fintiklis took control of the then Trump Hotel, located in Punta Pacifica. The project was not owned by, Donald Trump, but it bore his name as a result of an agreement reached with the promoters, who were to pay the magnate $1.2 1.2 million, in addition to a commission of 4% on the sales of the units. hotel, residences, offices, and shops. After the failure to commercialize the property, the promoter, Newland International Properties reached an agreement with Ithaca Capital to sell 202 of the 369 hotel rooms. In October 2017, Fintiklis, the main owner of the hotel, sent Trump Hotels a notice of breach of their duties and filed an international arbitration to terminate the administration contract. The hotel complex is currently managed by the Marriott Hotel chain. https://www.newsroompanama.com/news/panamas-failed-trump-project-sparks-tax-evasion-battle-2 Quote Link to comment Share on other sites More sharing options...
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