Tallest building in Australia

[theprestige]

And if they're smart, they will never go bankrupt again...provided they run away from this Trump deal.

To a certain kind of businessman, bankruptcy is a feature, not a bug.

Remember, bankruptcy is a wealth protection scheme. It's not, "I'm broke!" It's "the limited liability corporation I invested in is broke, and I'm declaring it bankrupt. This means I get to walk away with whatever money I extracted from the scheme before it went bust, and all the creditors get pennies on the dollar if they're lucky, and there's nothing you can do about it."

For better or worse (and let's be real, it's always for worse), Trump is really, really good at this kind of deal. It sounds like he's found an Australian business partner who's similarly adept, and probably knows about some loophole in the Gold Coast's property development laws that make this an attractive venture for a certain kind of anti-social businessman. Name-check Trump all you like, but in this case the prank call is coming from inside the house.

 

[Norman Alexander]

To a certain kind of businessman, bankruptcy is a feature, not a bug.

Remember, bankruptcy is a wealth protection scheme. It's not, "I'm broke!" It's "the limited liability corporation I invested in is broke, and I'm declaring it bankrupt. This means I get to walk away with whatever money I extracted from the scheme before it went bust, and all the creditors get pennies on the dollar if they're lucky, and there's nothing you can do about it."

For better or worse (and let's be real, it's always for worse), Trump is really, really good at this kind of deal. It sounds like he's found an Australian business partner who's similarly adept, and probably knows about some loophole in the Gold Coast's property development laws that make this an attractive venture for a certain kind of anti-social businessman. Name-check Trump all you like, but in this case the prank call is coming from inside the house.

Australia has different corporate bankruptcy law and requirements to the USA. Bankrupts don't get to walk away with all the money they extracted.

 

[lionking]

Australia has different corporate bankruptcy law and requirements to the USA. Bankrupts don't get to walk away with all the money they extracted.

Indeed, and they are usually prohibited from running businesses for lengthy periods.

 

[arthwollipot]

Indeed, and they are usually prohibited from running businesses for lengthy periods.

Oh please please please please prohibit Trump from running businesses in Australia.

 

[Norman Alexander]

Oh please please please please prohibit Trump from running businesses in Australia.

They will try to claim it is Eric, not his father, who is "the investor". But it's still Trump Corp.

 

[Steve]

They will try to claim it is Eric, not his father, who is "the investor". But it's still Trump Corp.

I would like to think that regulatory authorities in Australia are not as gullible as many Americans. Remains to be seen though.

 

[a_unique_person]

I wonder if they get another half built, empty shell sitting there for years. The Gold Coast has had a few of those.

 

[theprestige]

Indeed, and they are usually prohibited from running businesses for lengthy periods.

And yet here they are, apparently up to their same old tricks. It seems pretty obvious to me that their business model involves exploiting loopholes in Australian bankruptcy and property development laws.

 

[a_unique_person]

And yet here they are, apparently up to their same old tricks. It seems pretty obvious to me that their business model involves exploiting loopholes in Australian bankruptcy and property development laws.

Christopher Case ran to Majorka but Alan Bond put on a sustained pantomime of being to sick to be subject to the full law.

 

[arthwollipot]

Trump Tower to open in Gold Coast after Donald hears about Schoolies – The Chaser

"I will always jump at the chance to party with teens on an island" - President Trump

chaser.com.au

 

[Norman Alexander]

Short answer to the OP: Nope.

Will a Trump Tower finally rise in Australia – or is this more flash and bluster on the Gold Coast glitter strip?​

...
In recent years, Burton says the city has made concerted efforts to reimagine and recast itself: investing in scientific research, a burgeoning film industry and nature-based tourism.

“Taking a very celebratory, ‘oh this will be the making of the Gold Coast if we get a big tower that has got Trump’s name on the front of it,’ I think that is running a bit counter to the branding narrative that says, ‘we’re a more mature city now,’” Burton says.

Will a Trump Tower finally rise in Australia – or is this more flash and bluster on the Gold Coast glitter strip?

Previous plans for a Trump Tower in Queensland almost 20 years ago went the way of other imagined edifices in Rio, Batumi and Tijuana

www.theguardian.com

 

[Orphia Nay]

Short answer to the OP: Nope.

Will a Trump Tower finally rise in Australia – or is this more flash and bluster on the Gold Coast glitter strip?

Previous plans for a Trump Tower in Queensland almost 20 years ago went the way of other imagined edifices in Rio, Batumi and Tijuana

www.theguardian.com

"Gold Coast’s acting mayor, Mark Hammel, appeared to contradict the first of those claims when he responded to questions about the proposal with a statement saying that a “formal development application” would still be required for the council to consider the resort."

Haha, they still need approval!

 

[Orphia Nay]

"Gold Coast’s acting mayor, Mark Hammel, appeared to contradict the first of those claims when he responded to questions about the proposal with a statement saying that a “formal development application” would still be required for the council to consider the resort."

Haha, they still need approval!

Also, note that says "acting mayor".

Whereas from an earlier post in the Australian Politics thread:

"
Gold Coast Mayor Tom Tate has shared his insight into plans to erect a Trump-branded super tower in Surfers Paradise.

US President Donald Trump’s family struck a deal with Altus Property Group on Monday to build Australia’s tallest building, a 335m hotel and luxury beach club bearing the family name.

Mr Tate said the tower, which would be Australia’s first Trump-branded development, is “quite incredible”, and shared details of a dinner he shared with Donald Trump, describing the president as “quite likeable”.

“I had dinner with him and marvelled at how beautiful Melania is in real life. Eric Trump is the one who is running the development …. He’s a genuine guy. [I had dinner] with Eric and Lara, who is on Fox,” Mr Tate told Triple M Gold on Tuesday.

“He shook my hand and said, ‘Mr Mayor, you’re very welcome to our resident in Mar-a-Lago,’ and all of a sudden I felt like he knew who I was.”"


Seems there could be conflict within the council about this.

 

[Norman Alexander]

Also, note that says "acting mayor".

Whereas from an earlier post in the Australian Politics thread:

"
Gold Coast Mayor Tom Tate has shared his insight into plans to erect a Trump-branded super tower in Surfers Paradise.

US President Donald Trump’s family struck a deal with Altus Property Group on Monday to build Australia’s tallest building, a 335m hotel and luxury beach club bearing the family name.

Mr Tate said the tower, which would be Australia’s first Trump-branded development, is “quite incredible”, and shared details of a dinner he shared with Donald Trump, describing the president as “quite likeable”.

“I had dinner with him and marvelled at how beautiful Melania is in real life. Eric Trump is the one who is running the development …. He’s a genuine guy. [I had dinner] with Eric and Lara, who is on Fox,” Mr Tate told Triple M Gold on Tuesday.

“He shook my hand and said, ‘Mr Mayor, you’re very welcome to our resident in Mar-a-Lago,’ and all of a sudden I felt like he knew who I was.”"


Seems there could be conflict within the council about this.

After Joh's White Shoe Brigade episode decades ago, and dozens of "super building" proposals failing regularly and spectacularly, the GC is allergic to this sort of nonsense.

It's dead in the water.

 

[lionking]

After Joh's White Shoe Brigade episode decades ago, and dozens of "super building" proposals failing regularly and spectacularly, the GC is allergic to this sort of nonsense.

It's dead in the water.

There is also the awesome delusion of mayors and developers. I stayed in a new, huge development there about 20 years ago (my last leisure trip there - Sea World and….other Worlds were a massive attraction to children) and the mayor was opening it with the developer. They both were raving the massive amount of open space there was on the Gold Coast.

Outside the CBDs of our state capital cities there is not a more over developed part of Australia. Even if they counted beaches as “open space” it’s still utter ◊◊◊◊◊◊◊◊.

 

[arthwollipot]

Source: First Dog On The Moon

 

[Norman Alexander]

There is also the awesome delusion of mayors and developers. I stayed in a new, huge development there about 20 years ago (my last leisure trip there - Sea World and….other Worlds were a massive attraction to children) and the mayor was opening it with the developer. They both were raving the massive amount of open space there was on the Gold Coast.

Outside the CBDs of our state capital cities there is not a more over developed part of Australia. Even if they counted beaches as “open space” it’s still utter ◊◊◊◊◊◊◊◊.

It's awful. Went there once for a conference; never again. At least Las Vegas has some entertainment. GC is a sewer of sleaze ruining a good beach.

 

[Gulliver Foyle]

"Gold Coast’s acting mayor, Mark Hammel, appeared to contradict the first of those claims when he responded to questions about the proposal with a statement saying that a “formal development application” would still be required for the council to consider the resort."

Haha, they still need approval!

They still need to apply for approval.

 

[Orphia Nay]

They still need to apply for approval.

Isn't that what I said?

Eta; Nevermind. Link?

 

[Gulliver Foyle]

Isn't that what I said?

Eta; Nevermind. Link?

The Grauniad article Norman linked to has the acting mayor stating that they have yet to submit a formal planning application.