Business Services Industry
Donald Trump Loses Battle to Keep Ritzy New York Building.
Knight Ridder/Tribune Business News, June, 2003
By Eric Herman, Daily News, New York Knight Ridder/Tribune Business News
Jun. 14--Donald Trump's name is coming off the General Motors building.
The real estate mogul and Conseco ended a 16-month battle for control of the 50-story tower yesterday, settling their lawsuit and agreeing to put it up for sale.
The price tag could top $1 billion, real estate execs said.
Trump had vowed to hang onto the property, claiming Conseco had an obligation to sell its stake to him. But recent rulings went against Trump, who's now agreed to a sale in exchange for a percentage of the proceeds.
"The General Motors Building is a great asset and has been a wonderful investment for the Trump Organization," Trump said in a statement....
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