Daily Archives: July 2, 2016

Marvel turns Donald Trump into a comic-book villain — literally

Comicbook.com posted a scene from the story showing the villain’s Trump-like profile and getting hit while saying, “Must make America –,” which can be seen below.

trump modok2

Love the humongous head and tiny hands. lol!

Rawstory:

Donald Trump — or at least his likeness — makes an appearance in a Marvel Comics publication this week, Entertainment Weekly reported.

The Republican presidentical candidate is turned from a mogul into the villain M.O.D.A.A.K. — short for Mental Organism Designed As America’s King — in the pages of Spider-Gwen Annual #1, where he is seen ordering a minion around and calling him “foreign filth” before announcing, “If America will not act, M.O.D.A.A.K. must!” to herald his plan to rule the US.

 

Report: 2012 SEC Filing Said Trump Was Worth Half Of What He Claims Now

From 2012 SEC Filing:

TRUMP TOWER COMMERCIAL CONDOMINIUM

 

The Sponsor.  The sponsor is Donald J. Trump.  Mr. Trump has significant commercial real estate holdings worldwide including interests in office, retail, residential, golf-clubs and hospitality properties in markets including New York, San Francisco, Florida, Washington D.C. and Scotland. As of June 30, 2011, Mr. Trump reports a net worth in excess of $4.2 billion and liquidity in excess of $250 million.

 

Escrows.  The loan documents provide for upfront escrows at closing in the amount of $1,317,680 for real estate taxes, $173,340 for insurance premiums and $823,895 for the first month’s debt service and real estate tax and insurance reserve deposits.

 

The loan documents require monthly escrows for real estate taxes and insurance.  In lieu of monthly escrows for TI/LCs and Replacement Reserves, the sponsor has provided a personal guaranty which is capped at $8.0 million (except with respect to lease termination payments, which are not subject to the cap).

 

Lockbox and Cash Management.  The Trump Tower Commercial Condominium Mortgage Loan requires a lender-controlled lockbox account, which is already in place, and the tenants are directed to pay their rents directly to such lockbox account.  The loan documents also require that all cash revenues and all other monies received by the borrower or the property manager relating to the Trump Tower Commercial Condominium Property be deposited into the lockbox account. Provided no Sweep Event Period (as defined below) has occurred and is continuing, after the deposit of monthly escrows for real estate taxes and insurance and funds necessary for the payment of monthly debt service, all excess cash flow is returned to the borrower.

 

Upon the occurrence and during the continuance of a Sweep Event Period, excess cash flow is trapped by the lender and shall be disbursed to the borrower to pay approved operating expenses, extraordinary expenses approved by the lender and capital expenditures and TI/LCs requested by the borrower subject to satisfaction of disbursement conditions set forth in the loan documents. Additionally, if an event of default exists, the lender will have the exclusive control of, and the right to withdraw and apply, the funds in the accounts to payment of any and all debts, liabilities and obligations of the borrower in such order, proportion and priority as the lender may determine in its sole discretion.

 

A “Sweep Event Period” will commence upon: (i) the occurrence of an event of default under the Trump Tower Commercial Condominium Mortgage Loan, (ii) the DSCR being less than 1.75x, (iii) the occurrence of an event of default under the property management agreement, (iv) the date Gucci America or any other tenant occupying more than 68,116 square feet at the Trump Tower Commercial Condominium Property or constituting more than 25% of the total annual rents (each, a “Significant Tenant”) ceases to conduct its normal business operations at substantially all of its leased premises for a period of time in excess of 30 days, or (v) the date any Significant Tenant (or its parent, if applicable) becomes insolvent or a debtor in any bankruptcy proceeding.

 

A Sweep Event Period will expire: (i) if due to an event of default, when there is a cure of such event of default prior to acceleration of the loan by the lender; (ii) if due to the DSCR being less than 1.75x, when the DSCR is at least 1.75x for two consecutive quarters; (iii) if due to an event of default under the property management agreement, when there is a cure of such event of default or replacement of the manager pursuant to the terms of the loan agreement; (iv) if due to a Significant Tenant ceasing to conduct its normal business operations at substantially all of its leased premises in excess of 30 days, when such Significant Tenant resumes conducting its normal business operations in so much of its leased premises as is sufficient to cause the DSCR for the Trump Tower Commercial Condominium Mortgage Loan to be at least 1.75x for two consecutive calendar quarters or such tenant is replaced by a tenant acceptable to the lender under a lease acceptable to the lender for a term of not less than five years at prevailing market rates for at least as much of the applicable space as is sufficient to cause the DSCR for the Trump Tower Commercial Condominium Mortgage Loan to be at least 1.75x for two consecutive quarters, and such replacement tenant has accepted all of its space, is paying full, unabated rent, is conducting its normal business operations at substantially all of its leased premises, and has delivered an estoppel certificate in substantially the form required pursuant to such tenant’s lease or otherwise reasonably acceptable to the lender; and (v) if due to the insolvency or bankruptcy of any Significant Tenant (or its parent, if applicable), (a) if such Sweep Event Period is as a result of a bankruptcy action and the filing of an involuntary petition against such Significant Tenant with respect to which such Significant Tenant neither solicited nor caused to be solicited petitioning creditors or consented to or otherwise acquiesced in or joined in such involuntary petition, upon the same being discharged, stayed or dismissed within ninety days of such filing, provided that, in the lender’s reasonable opinion, such filing (after dismissal or discharge) does not materially and adversely affect the borrower’s ability to perform its obligations under the loan documents, (b) if such Sweep Event Period is as a result of the insolvency of such Significant Tenant, upon such Significant Tenant becoming solvent (pursuant to or acknowledged by a court of competent jurisdiction) for a period in excess of sixty days, or (c) when such Significant Tenant is replaced by a tenant acceptable to the lender under a lease acceptable to the lender for a term of not less than five years at prevailing market rates for at least as much of the applicable space as is sufficient to cause the DSCR for the Loan to be at least 1.75x for two consecutive quarters, and such replacement tenant has accepted all of its space, is paying full, unabated rent, is conducting its normal business operations at substantially all of its leased premises, and has delivered an estoppel certificate in substantially the form required pursuant to such tenant’s lease or otherwise reasonably acceptable to the lender.

 

Property Management.  The Trump Tower Commercial Condominium Property is managed by The Trump Corporation, an affiliate of the borrower.

TPM:

A 2012 filing with the Securities and Exchange Commission said Donald Trump was worth $4.2 billion — less than half than what he’s claimed while on the campaign trail, the Guardian reported Saturday. The statement, filed by Wells Fargo Security on Trump’s behalf, said he had more than $250 million in liquid assets, a substantial amount to be sure, but far less than the $400 million Trump has said he has since running for president, according to the Guardian. Trump’s filing with the Federal Election Commission this year said he was worth $10 billion, though outside analysts have estimated a lower net worth.

The Guardian report comes as Trump’s campaign has struggled to raise outside money to fund his presidential run as he turns to a general election race against Hillary Clinton. Trump bragged that his campaign was self-funded during the primary (though he did receive some donations.) Since emerging as the GOP’s presumptive nom, his campaign signaled its a general election pivot would include a more conventional fundraising approach, but so far it has struggled. Its most recent campaign finance report showed it having only $1.3 million on hand at the end of May, compared with the $42 million the Clinton campaign reported to have on hand at the time.

BofA, Citi, Others Hit With Singapore Rate-Rigging Suit

Law360, New York (July 1, 2016, 11:00 PM ET) — Citibank NA, Bank of America and dozens of other financial institutions were hit with a putative class action in New York federal court Friday by investors alleging a “massive conspiracy” to rig the prices of financial derivatives linked to Singapore’s benchmark interest rates.

The suit filed Friday by FrontPoint Asian Event Driven Fund and Sonterra Capital Master Fund stems from an investigation by the Monetary Authority of Singapore that found that 133 traders at 20 banks around the globe had attempted to manipulate submissions used to…

Source: Law360

NY State Education Department reviewing Clinton Global Initiative University’s decision to use the term “university” in its name without explicit permission

Daily Beast:

The review comes in response to inquiries made by The Daily Beast.

For the first time in American history, the (likely) Republican and Democratic nominees for president are also both, bizarrely, associated with eponymous entities that use or used the term university in their titles but were never, in fact, universities.

Donald Trump once operated Trump University, later renamed the Trump Entrepreneurship Initiative (but more on that later) while Hillary and Bill Clinton’s Clinton Global Initiative (itself a faction of the Clinton Foundation) continues to host a lesser-known program they call the Clinton Global Initiative University, or CGI U.

Unlike Trump University, there is no CGI U curriculum, no fees, and no promise that attendees will attain a life of tremendous wealth and gaudy boardrooms where they can fire people for fun.

But very much like Trump University, CGI U was never a school in any traditional sense.

There is no syllabus, no classes, no papers, no grades and, in the end, no degree or cap and gown. But both organizations, at one time, called themselves “universities.”

According to New York state education law, “No individual, association, co-partnership or corporation not holding university, college or other degree conferring powers by special charter from the legislature of this state or form of regents” is permitted to call itself a “university” or “college” without consent.

A spokesperson for the New York State Education Department did not immediately respond when asked about the timeframe of the review.

Clinton Global Initiative University was founded by the former president in 2007 not as a separate company, but as an annual seminar hosted by CGI.

CGI U’s stated goal, according to information provided to The Daily Beast by the Clinton Foundation, is, vaguely, “to engage the next generation of leaders on college campuses around the world. ”