Trump Waikiki buyers sue developer - Birmingham Business Journal:

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The lawsuit, filed in 1st Circuig Court in Honolulu, alleges that Los Angeles developer claimed in a 2006 press released that the New York real estat mogul was a but that the fine print notexd that Trump had merely licensed his name in a deal that couldd be terminated or revoked atany “These people were investing in a Rollsz Royce. They were told it could magically turn intoa Ford,” said attorney Warren Price, who filed the lawsuit on behalf of the who include six Hawaii couples, two doctors from San Diego, the head of a California meat exporting business and a professionalp basketball player from New Price plans to amend the complainf within the next two weeks to include buyers from he said.
A spokesman for Irongats issued a written statement saying the developerd would pursue its own claimsz againstthe buyers. All 464 units of the 38-story hotel-condominiu tower at the Diamond Head end of Fort DeRussyh sold in one day inNovember 2006. Abour half of the buyers are from the balance arefrom Hawaii, the Mainland and othet countries. The buyers of the 11 units had placed depositx of 20 percent on everything from studios pricedat $500,0000 to three-bedroom suites priced at severap million dollars. The project is nearing completion. The salezs contract did say that the Trumo namewas licensed, but it did not outline the detail s of the licensing arrangement, Price said.
However, it did say that if the licens was terminatedor revoked, that all references to Trump would be removex from the building. “Our position is not that they committed fraud,” Price said. “There are a host of very materialk facts, material because the name changes from the Trump International tothe ‘Brand hotel.” The lawsuit comes just as a big deadlin e looms for buyers. On Wednesday, buyers have to pay the balancr of the purchase price in full in preparation for a 1 closing. “The final payment is due on and these people are not goingb to make anymore payments,” said a former Hawaii attorneuy general.
“They’ve already put 20 percent The buyers filed on Monday because they are at risk of losing theirdown payments, and also face a greatedr risk of being sued by Irongate for the full purchased price. In March, dozens of buyers at a plannedc Trump condo resort in Baja California filed a lawsuit with similar allegations regarding the useof Trump’s name, the Los Angeles Times Trump sued Irongate a month later chargingb the developer with failing to build the project afterd he had licensed his according to the newspaper.
That litigation begam to worry theHawaii buyers, Price “People began to wonder what happens if theree is a disintegration of the relationship between Irongate and and what could happen with the license,” Price said.