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Trump Tower Developers Seek More Time To Respond To Lawsuit
By SHANNON BEHNKEN
Tampa Tribune
Published: Oct 31, 2007

TAMPA - The developers of Trump Tower Tampa are seeking the rest of the year to get the stalled condo back on track. They are asking a federal judge to grant another extension to respond to a lawsuit filed by Donald Trump.

Tampa-based SimDag LLC and Trump filed a joint motion Monday, seeking up to 65 more days for the developer to respond to the real estate mogul's lawsuit. The agreement would allow the developer to market the building as a Trump property.

The Tribune incorrectly reported Tuesday that the extension had been approved. U.S. District Judge James Whittemore has not signed an order approving the request.

Today, the judge set a hearing on the motion for 4 p.m. Nov. 6.

The request for the extension comes a week after SimDag representatives told a group of 80 buyers it hopes to secure financing from an unidentified New York hedge fund by early January. To get the financing for the $300 million tower, it needs to get buyers to re-sign two-year contracts, SimDag representatives told buyers.

The new extension, if granted, would give the developer until early January to sign contracts. This would be the second extension in the case. The first was set to expire in two weeks.

The extension request is the latest twist for a developer that refuses to give up on its dream to build the 52-story waterfront tower in downtown Tampa, despite financing problems, construction liens and lawsuits from buyers wanting their money back.

Last week, SimDag representatives met with buyers and urged them to give them more time. They said the New York hedge fund has agreed to finance the tower, but only if SimDag can come up with $100 million in new contracts. Buyers would have to sign new two-year contracts because the current contract mandates the building be completed in 2008.

Another stipulation of the financing is the dissolution of Trump's lawsuit. Buyer Don Wallace said SimDag told people gathered at the buyers' meeting that Trump has agreed to drop it if the hedge fund commits its financing.

SimDag Chief Executive Officer Frank Dagostino could not immediately be reached for comment.



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