There are hundreds of business deals and transactions made every day around the country, including many in Fort Lauderdale. Many times these deals are consummated without a hitch. However, not all business deals are what they seem. It’s important for a person to know exactly what they are getting into when they enter into any business transactions.
Several investors are crying foul after a proposed property development deal in Fort Lauderdale went sour. The investors claim that they thought they were signing a deal that included billionaire developer and TV celebrity Donald Trump as the lead. However, according to the details of the agreement Mr. Trump was not the actual developer, rather he was only the face of the project via a licensing deal. In other words, he loaned his name to the project for marketing purposes.
The investors are now suing Mr. Trump and others involved in hopes of recouping their money, a reported sum of about $8 million. They claim that they were not told that another man involved in the deal had ties to the Mafia. Mr. Trump is not going down without a fight; he claims that a contract had been signed and that he was unable to break it. In regards to the man with Mafia ties, Mr. Trump replied: “Sometimes we’ll sign a deal and the partner isn’t as good as we’d like.”
If a person is in need of legal counsel with any type of business transaction, including business planning, filing or initial development, speaking with an experienced business and commercial law attorney could be a good place to start.
Source: BBC News, “Donald Trump sued over failed Florida deal,” John Sweeney, July 7, 2013