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Judge Extends Trump Dispute

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By SHANNON BEHNKEN, The Tampa Tribune

Published: November 9, 2007

TAMPA - The developer of Trump Tower Tampa has the rest of the year to either settle its lawsuit by Donald Trump or prepare to answer his allegations.

U.S. District Judge James Whittemore on Thursday morning granted a motion for an extension filed jointly by Trump and the Tampa developer, SimDag LLC. But Whittemore said he did so "reluctantly" and will not grant additional time if the parties fail to come to an agreement by Jan. 2.

"My concern is that this case isn't going anywhere," Whittemore said. "My intention is not to allow this case, even with good intentions, to collect too much dust."

Attorneys for both sides said they were close to signing a settlement agreement. That agreement, though, includes stipulations that still need to be worked out, said Foley & Lardner lawyer Chris Griffin, who is representing Trump.

The extension gives SimDag more time to persuade buyers to sign new, two-year contracts. SimDag representatives met with buyers last month, and a New York hedge fund has agreed to finance the tower, but only if SimDag has $100 million in new contracts. Buyers would have to sign contracts because the current contract mandates the building be completed in 2008.

Another stipulation of the financing is the dissolution of Trump's lawsuit.

Trump Tower Tampa, planned for the downtown riverfront along Ashley Drive, was announced with much fanfare in early 2005 but has stalled because developers were unable to obtain financing. The project is mired in lawsuits and construction liens against the property.

Trump filed his lawsuit in May, claiming he is owed money for the licensing agreement he has with the developer. In the lawsuit, Trump said he wants to terminate the agreement that allows SimDag to name the tower after him.

SimDag has told buyers that Trump has agreed to drop his lawsuit if the developer gets financing soon.

Reporter Shannon Behnken can be reached at (813) 259-7804 or sbehnken

@tampatrib.com.

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