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Trump Tower developer to face creditors
By James Thorner
St. Petersburg Times
Published: Jul 16, 2008

They're out close to $40-million, and on Friday creditors for Trump Tower Tampa will get to confront the company that owes them all that money. Developer SimDag LLC declared bankruptcy on June 17 after failing to get financing for the 52-story downtown tower on the Hillsborough River. The $300-million project was to be built under license from New York's Donald Trump. The creditors meeting is scheduled for 1:30 p.m. at the federal courthouse in downtown Tampa. Among the largest outstanding debts are $2-million to Trump, $3.5-million to Colonial Bank, and $966,000 to contractor Case Atlantic. SimDag is in the process of refunding millions of dollars in deposits to 109 buyers. SimDag spent half the deposit money but is trying to release the other half held in escrow.



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