Trump Tower Developer Files For Chapter 11

On Tuesday, SimDag filed for Chapter 11 bankruptcy protection in Tampa. 3 years ago York tycoon kicked off sales for his namesake, a 52-story luxury condominium tower at 111 S Ashley Drive in Tampa.SimDag would build the 190 units by licensing Trump’s name. But as SimDag failed to get a $200-million loan, the condo market took a nosedive. Buyers of units began dropping out. Last year Trump sued SimDag for unpaid licensing fees.
The bankruptcy filing lists $10- to $50-million in liabilities, many to condo buyers who gave SimDag deposits ranging up to $1.6-million. SimDag estimated its number of creditors exceeded 200. A more detailed list of creditors, including Trump, banks, and contractors, will be realeased shortly.