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Thursday, March 30, 2017

Canadian court approves bid for Trump tower

Toronto -- It was the folksinger Gordon Lightfoot who sang, "Oh the skyline of Toronto is something you'll get onto" in the song, 'Alberta Bound'. 

Now the skyline of Toronto may see a Trump tower to add to the architecture after a Canadian judge approved the sale of the Donald Trump-branded Toronto hotel and condo tower to its primary debt holder. No other bids were offered for the troubled structure.

Judge Glenn Hainey of the Ontario Superior Court of Justice approved the $223 million ($298 Canadian, unless things get better up north) "stalking horse" bid from San Diego investment firm JCF Capital ULC.

Alex Schnaider, a Russian-born billionaire who built the tower, and the Trump Organization had a business relationship. The building went into receivership last year and Schnaider Talon International company defaulted on a loan from an Austrian bank. The loan was sold to JCF Capital.

President Trump did not own the building that opened in 2012, but his company licenses its name and operates the 65-story tower in Toronto's financial district.