Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Investors in Trump Tower Request Investigation by Ontario Securities Commission

TORONTO, Nov. 25, 2012 /PRNewswire/ - Some of the investors in the Trump International Hotel & Tower Toronto ("Trump Hotel"), in a last-bid effort to obtain immediate assistance before their looming November 29th closing dates, have sought the assistance of the Ontario Securities Commission ("OSC"), which oversees the offering of investments in Ontario. The investors are asking the OSC to launch a formal investigation into the investment scheme offered as part of the Trump Hotel.

Immediate action by the OSC has become urgent in light of the fact most of the investors have a November 29, 2012 closing date, and every Canadian bank has refused to offer financing to investors. Though promised by the developers of the hotel, Talon International Inc., that the hotel units could be easily financed as residential condominium units, and the agreements structured as such, investors have come to learn that Canadian banks are treating the hotel project as a commercial enterprise, and have all refused financing as a condominium purchase.

To make matters worse, the investors have also discovered that their investments are running at losses of upwards of $175 a day per unit, due to the current shortfall between the maintenance fees and the hotel unit revenues.

With a looming closing date of November 29, 2012, and banks refusing financing, investors are faced with either having to either come up with substantial amounts of cash to close or resort to secondary financial institutions which will only provide partial financing for this project as a commercial investment at prohibitively high interest rates.

Some of these investors have already commenced a multi-million dollar lawsuit against Talon and their directors, as well as a number of Trump organizations and their directors, including Donald Trump Sr.

Without conventional mortgage financing, these investors will be unable to close on the hotel units on their November 29th closing date. Talon has already initiated legal proceedings against a number of investors who have tried to rescind their agreements and/or have notified Talon of their inability to close on November 29th. Meanwhile, the plaintiffs' claims allege that investors were persuaded into investing in the Trump Hotel on the basis of alleged negligent or reckless misrepresentations by all the parties involved, and that the promises and projections offered were not only allegedly inaccurate, but in contravention of securities regulations.

Back in 2004, when the hotel project was first being planned, Talon sought permission from the OSC to be exempt from the strict (and costly) regulatory requirements for commercial investments, and provided a number of promises and conditions to the OSC in order to obtain those exemptions.

In granting an exemption, the OSC made it a strict condition that Talon and Trump Hotel not market the hotel units as a cash-flow investment. Immediately thereafter, the plaintiffs allege that the developers ignored those promises and actively marketed and sold hotel units on the representation of a sizeable return on investment, proposing anywhere from 5% to more than 20% returns as soon as the hotel opened.

The plaintiffs in this case, represented by the law Toronto-based law firm of Heydary Hamilton PC, have formerly requested that the OSC conduct a full and immediate investigation to determine whether or not the investment scheme is in violation of the Securities Act, or the 2004 OSC ruling. If so, the OSC has the capacity to immediately order that all further transactions relating to the hotel units, and any closings, be halted.

Meanwhile, Ontario courts have declined to hear the matter on an urgent basis, notwithstanding the upcoming November 29th deadline, and have pushed any preliminary hearing of this dispute into late 2013.

Although many of the investors have lost all hope of a timely response in light of looming closing date, Javad Heydary, the lead counsel for the plaintiffs' is optimistic as to the OSC':

      "I have full confidence in the Ontario Securities Commission in that they will take all the necessary steps which, in our opinion, requires a close examination of this project. Whether the Commission decides to act or not is not for us to comment on, but we (as lawyers acting for the investors) do know that they will give this matter the serious attention that the circumstances mandate, and for that the Commission has our clients' appreciation and gratitude - even if the Commission's final decision is not one that involves the immediate intervening steps as requested by our clients."

This press release is issued on behalf clients represented by Heydary Hamilton PC including those named in Ontario proceeding Kim et al. v. Trump et al., CV-12-468175.

More information on the plaintiffs' claim can be found at www.tlawsuit.ca.

Statement of Claim: http://www.heydary.com/tlawsuit/documents/courtpleadings/Issued%20Statement%20of%20Claim%20%282012%2011%2021%29.pdf

All allegations therein are unproven until determined by a court of law.

2004 OSC Ruling: http://www.osc.gov.on.ca/en/SecuritiesLaw_ord_20040611_232_taloninternational.htm

A sample Trump Tower presentation, including investment projections:
http://www.heydary.com/tlawsuit/documents/disclosure/ROI.pdf

SOURCE Heydary Hamilton Professional Corporation

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Cloud Developer Stories
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophi...
SYS-CON Events announced today that Gigaom Research has been named "Media Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Ashar Baig, Research Director, Cloud, at Gigaom Re...
"We are automated capacity control software, which basically looks at all the supply and demand and running a virtual cloud environment and does a deep analysis of that and says where should things go," explained Andrew Hillier, Co-founder & CTO of CiRBA, in this SYS-CON.tv inter...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Busin...
Disaster Recovery (DR) technology for Enterprises and Managed Service Providers (MSPs). According to Takeshi Numoto, Corporate Vice President, Cloud and Enterprise Marketing, Microsoft, “This acquisition will accelerate our strategy to provide hybrid cloud business continuity so...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE