The Trump brand has seen extensive media coverage as of late. Though newsmakers abroad are focused on recent comments made by Donald Trump in his bid to be the Republican Party's presidential candidate, media outlets in Toronto have been covering the ongoing story of Talon International's Trump International Hotel and Tower, specifically the developer's recent legal battle with 24 people who invested in hotel suites the 58-storey tower at Bay and Adelaide.
A July 10th ruling in favour of Talon International was recently announced, marking the end of the lawsuit. The 50-page judgement from Superior Court of Ontario Justice Paul Perell dismissed a motion brought forward by two of the 24 plaintiffs, concluding that all financial projections provided to investors were not binding guarantees, and that the developer had sold the units in accordance with the direction of the Ontario Securities Commission (OSC).
Other claims against some of the big names associated with the project have also been dismissed, which is being seen as full vindication for project principals. "The Court further dismissed separate claims against Talon Chairman Alex Shnaider, former company President Val Levitan and Donald Trump, finding there was no basis for a suit against any of them," said Talon's lawyer Symon Zucker of Danson & Zucker.
Neil Labatte, President and CEO, Talon International Development, also had words on the matter; "We have been vindicated by Justice Perell's ruling and will continue to move forward to make this property one of the world's most acclaimed addresses".
With a major hurdle now in the rear-view mirror, Talon International hopes to move past these issues and looks forward to the future of the 5-star property. While both the hotel and the condominium suites are fully functional, some components of the construction remain to be completed, including the line of light that rises up the northwest corner of the building: fixes for some electronic components have yet to be installed.
Donald Trump does not have an ownership stake in the Trump International Toronto.
Additional information and renderings can be found in our dataBase file for the Trump Toronto, linked below. Want to get involved in the discussion? Check out the associated Forum threads, or leave a comment using the space provided at the bottom of this page.
|Related Companies:||Brookfield Multiplex, Eastern Construction, Enwave Energy Corporation, II BY IV DESIGN, JFC Capital ULC, LCL Builds Corporation, Zeidler Partnership Architects|