Trump Ocean Club Panama

 

 

 

 
 
     
 

 

DONALD TRUMP ORGANIZATION REPORTS

LARGE LOSSES of $3,200,000

AT TRUMP OCEAN CLUB OWNERS ASSOCATION DURING 2012, 2013 and 2014.

 

The Trump Organization (Panama Condominium Management LLC) as manager and P.H. Administrator of the Trump Ocean Club P.H. TOC Administration reported large losses totaling approximately $3,200,000 during their management of the TOC Owners Association for the three years 2012, 2013 and 2014. The losses approximate $400,000 during 2012, $1,654,000 during 2013 and estimated losses of $1,059,000 during 2014.  These losses  during the Trump Organization’s  management of the P.H. TOC  are substantial and have resulted in depleting all of the TOC Owners reserve funds leaving the P.H. TOC Owners Association on the brink of insolvency and in need of a multimillion dollar special assessment to replenish the lost fund under the Trump Organization management. 


The operating losses during the Trump Organization management were not reported timely to the P.H. TOC Board of Directors nor were they reported timely to the P.H. TOC (1,099) unit owners as mandated by the P.H. TOC Reglamento and P.H. TOC Panama Law.  The information regarding the P.H. TOC operating losses were withheld by the P.H. TOC Administrator and not reported (as required) to the P.H. TOC Board of Directors or the TOC Owners until long after the losses were incurred under the Trump Organization’s management of P.H. TOC.


The Trump Organization (Panama Condominium Management, LLC) has a 20 year management agreement to manage the complete TOC building through the P.H. TOC Administration with a $5,000,000 amortizing penalty for early termination.   The owners of TOC are being denied financial disclosure by the P.H. TOC Administrator who is controlling the TOC building, serving as the President of the owners association (P.H. TOC Administration) and managing the TOC Hotel and signing the P.H. TOC checks all at the same time with no direct TOC Ownership control or participation wearing several hats at the same time (all with no ownership or material investment in the TOC Building).   


The Trump Organization embedded a special “Power of Attorney” into many of the deeds that were recorded at the time of closing of a TOC unit purchase in the name of Panama Ocean Club Management LLC which is a Delaware registered corporation controlled by the Trump Organization.  The Trump Organization is using these embedded “Power of Attorneys” to vote at (and control) any owners meeting that the unit owner are not physically present or represented by another representative with a subsequently dated “Power of Attorney”.  Further, by agreement the Trump Organization has another “Power of Attorney” to vote the 202 unsold TOC Hotel units that are still in the Newland unsold inventory.

 
Separately, there are five separate Components in the TOC Building; 1) Residential Component;  2) Hotel Component;  3) Casino Component;  4) Office Component;  5) Commercial Component; and all five of these Components represent 100% of the unit ownership of the TOC Building yet the Components are controlled NOT by the owners but rather by the Trump Organization who names two of the three members of the Board of Directors/Officers of each Component while the TOC Owners of each Component can only name one officer/director leaving the Trump Organization with voting (blocking) control  of each and every Component.  Recently, in meetings called by the Presidents of the Residential, Commercial and Office Components the Trump representatives refused to attend the meetings and act on a properly called meeting and agenda to address the three TOC Component owners concerns.


Therefore, the Trump Organization and/or acting through it’s affiliates (Panama Condominium Management LLC, Panama Ocean Management LLC and other unnamed entities)  have substantial control over the TOC Building, the P.H. TOC, the 1,099 TOC owners, the P.H. TOC Board of Directors and the five separate TOC Component boards of the TOC Building all with no ownership or investment. In fact the Trump Organization has been paid multimillions of dollars (estimated to exceed $40,000,000) as commissions, licensing fees, marketing profits and bonuses paid by the promoter and the owners of the TOC Building.  Can the owners of TOC afford these continuing losses with no end in sight ???

 
     

 

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