Trump files lawsuit over failed Seminole deal

Thursday, January 13, 2005  

Mogul Donald Trump has filed a lawsuit against the developers who helped the Seminole Tribe of Florida open two huge casinos.

Trump says he is entitled to all the profits the developers will receive from the casinos. The Baltimore Sun put that figure at $1.3 billion over the next decade.

Trump says he tried to negotiate with the tribe but failed to do so. He says a former employee then sealed the deal with a Baltimore-based firm that later arranged a $410 million in bonds for two Hard Rock casino resorts.

Last month, the IRS issued a preliminary adverse determination against tax exempt status for the bonds. The IRS is questioning whether tribes can issue tax-free bonds for gaming facilities.

Get the Story:
Trump sues Cordish Co. over Fla. casino project (The Baltimore Sun 1/13)