SUPREME

COURT OF THE STATE OF NEW YORK

COUNTY OF QUEENS
DONALD
TRUMP 401 MEZZ VENTURE LLC
NORTH WABASH VENTURE LLC and TRUMP
HOTELS

INTERNATIONAL

401

VERIFIED

COMPLAINT

MANAGEMENT LLC
Index

Plaintiffs

No

26841/08

Date Purchased

-against-

BANK TRUST COMPANY AMERICAS
DEUTSCHE BANK SECURITIES INC FORTRESS
CREDIT CORP UNION LABOR LIFE ISTAR
MERRILL LYNCH CAPITAL CORP
NORDDEUTSCHE LANDESBANK HAHN

Nov

2008

DEUTSCHE

Justice Assigned

LANDESBANK SACHSEN AKTIENGESEL
HIGHLAND FUNDS MORGAN STANLEY

MORTGAGE CAPITAL OAK HILL FUNDS
DEUTSCHE HYPOTHEKENBANK AIB DEBT
MANAGEMENT BANK OF EAST ASIA LTD
SENIOR INC 11 EATON
VANCE/GRAYSON
CO MIX VENTURE SUN
COMMERCIAL BANK GREENWICH CAPITAL
FiNANCIAL BANK OF COMMUNICATIONS
GERMAN AMERICAN CAPITAL CORPORATION
BLACKACRE INSTITUTIONAL CAPITAL
MANAGEMENT LLC NEWCASTLE INVESTMENT
FOOTHILL SATELLITE

CORP PCRL 1NVESTMENTS
LP and

DRAWBRIDGE

L.P

DUNE CAPITAL

SPECIAL OPPORTUNITIES

FUND L.P
Defendants

Plaintiffs

and

Trump

Donald

International

Trump
Hotels

and Meister

Seelig

Bank

Company Americas

Trust

Labor Life

ISTAR

Fein

LLP

401

North Wabash

Management

as

Merrill Lynch

and

for

LLC

their

by

verified

Deutsche

Bank

Capital

Corp

Venture

their

attorneys

complaint

Securities

LLC

Inc

401

Jaspan

against

Venture

LLC

Schlesinger

LLP

Mezz

defendants

Fortress Credit

Norddeutsche Landesbank

Hahn

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Corp

Union

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AIB Debt

Hypothekenbank

Inc

11

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Capital Financial

Blackacre

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LP and Drawbridge

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of East Asia

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Sun

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Newcastle

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Bank

Capital Corporation

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Investment

Fund

Opportunities

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Oak

Capital

German American

of Communications

Management

Capital

Mortgage

Stanley

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Vance/Grayson

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Investments

Funds Morgan

Highland

Aktiengesel

L.P

as

allege

follows

PRELIMINARY STATEMENT
This

action

Bank

Deutsche
construction

to

and Tower

Hotel

be

in

lead

lender

seek

to

cost

brand

and expense

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they

own

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times

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Banks

gain

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bad faith breach

did

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of one of

completion

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trusted

its

through

as

Company Americas

Trust

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of

fiduciary

position as the

undisclosed

damage

consequent

International

Banks

wrongful

duty

fraudulent

Projects

stake

to

most acclaimed

Trump

the

preferred equity position

enormous

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in

subordinate

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the

and

agent

at

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reputation

critically

acclaimed

tower

consisting

hotel/condominium

restaurant

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the

Bank

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successful

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as

despite

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condominium

defendant

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maximize

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actions

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53

spa

areas

units

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hotel

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various

92

is

Project

486

residential

parking

component

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first-class

full

condominium

units

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service

units

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mixed use

286

health

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the

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in

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financial

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date of the construction

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13

to

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induced

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banks

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together

with

Bank

in the

of

loan

Deutsche

Bank Participants

German American

with

Merrill

Aktiengesel

said defendants

Deutsche

the

belief

Senior

Greenwich

Agreement

as

Sachsen

banking

31st and 32nd

ISTAR

Labor Life

Satellite

is

Broadway

Funds Deutsche

Hill

which Deutsche

collectively

information

liability

Oak

Commercial

lenders

Plaza 55

Landesbank

Ltd Foothill

Construction

to

Upon
limited

the

One Exchange

Hahn

Capital

of East Asia

of Communications

and belief Union

Landesbank

Mortgage

Stanley

at

information

Upon

Norddeutsche

Morgan

and belief Bank

information

Upon

of business

Capital

in

New

Corporation

York

City

is

Upon

 information

and

50

51

of business

New

in

New

Upon

Institutional

Capital

Capital

in

New

in

New

LLC

Management

Capital

York City

Corp

is

with

corporation

PCRL

L.P

Investments

limited

is

partnership

Capital

LP

Delaware

is

limited

partnership

York City

Management

LP and Drawbridge

including

and belief

Drawbridge

place of business

Special

New

Opportunities

Credit

Capital Corporation

Corp PCRL

Fund L.P

Corp

Fund

L.P

is

York City

Newcastle Investment

Fortress

Opportunities

German American

and belief

LLC

in

Special

being

are

L.P

Investments

participants

in

referred

collectively

Blackacre

the Fortress

to

as

the

Participants

FACTS
56

in

57

class

Institutional

of business

place

and belief Dune

information

said defendants

Avenue

subsidiary of

York City

limited partnership with

55

Fortress

in

information

Upon

with

and belief

information

Upon

place of business

Delaware

Loan

owned

wholly

York City

information

place of business

54

Dune

is

Corporation

and belief Newcastle Investment

information

Upon

53

with

limited liability company

Upon

52

with

Capital

and belief Blackacre

information

Upon

Delaware

place

German American

Bank

Deutsche

is

belief

ifill

401

COMMON TO ALL

North Wabash

the City of Chicago

401

service

North

the owner

Illinois

Wabash

mixed

is

use

the

sought

CAUSES OF ACTION

of

parcel

of land

located

at

401

North

Wabash

Property
to

develop

hotel/condominium

12

the

Property

tower

for

use

consisting

as

of

92 storey

472

first

residential

 condominium

associated

units

health

58

with

an

Trump Management which

provides

that

In

agreement

Bank

Deutsche

Deutsche

Trust

take

On

63

loan

for

into

401

certain

to

the

thereafter

the

Securities

entered

the

the

builder and developer

trademarks

Trump

Loan

Condominium

Hotel

Trump Management

and

Management

renowned

world

areas of the Project

and

the

hotel

management

value to the Project

financing to develop

the

Agreement

Project

dated

Bank

Company Americas Deutsche

an

as

February

Mezz $130000000.00

costs

in

the

2005

to

incurred

made

as

entered

into

2005

with

Securities

Inc

North Wabash

of

February

and Deutsche

the

solely

to

respect

13

as

the

the

401

the

Bank

Bank

consortium

North

was

to

of lenders

Wabash

Construction

serve as the

loan

the

Loan

which

of

Agreement

Loan

Bank

member

Fortress

Deutsche

for

to

Under

managing

be used

with

agent

of the Deutsche

the

Fortress

loan

Loan

Bank

lead arranger

agreement with

closing

administrative

the

as

Deutsche

acted

Loan Agreement

Construction

interests

participation

$640000000.00

Deutsch

of

use

and brand

name

Trump

added tremendous

Construction

Pursuant

Lender and

would

the

have

order to obtain

entitled

the

of the hotel

operations

with

affiliation

and

units

space

Securities

62

Initial

the

manage

Trump Management

61

for

Agreement

into

The

expertise of

world renowned

Trump

entered

shall

parking

Project

North

401

various

spa units

Wabash

operations

60

53

areas

retail

License

into

with the

Plaintiffs

Agreement

units

North Wabash and

401

have entered

59

and

restaurant

connection

in

in hotel

club

condominium

hotel

Plaintiffs

of real estate

branding

286

of 401

Agreement

capital

Deutsche

North Wabash

whereby

infusion

into

Bank Loan

401

Fortress

401

Mezz

agreed

to

North Wabash

and

as

an equity

 contribution

North

to

loan and to pay for certain

acquisitionldemolition

64

Pursuant

to

the

Fortress

Loan was subordinate

Fortress

65
Wabash

It

and

401

be

used

to

additional

was

which now

for

pursuant

to

other expenses

be

used

with

to

preexisting

satisfS

respect to the

contribution

have been

equity

amounted

to

was

duly

the

Project

the

was

and

met other than

added

spa suites materially enhancing

Unbeknownst

Corporation

an undisclosed

the Fortress

67

to

the

affiliate

loan

routine

the

in

the

beyond

received

by 401

the

Project

by

Bank

Bank

took

Loan were

the

the

only

Project and that

under

the

terms

no

of

the

of the equity requirements

which

Trump

including

of the

through

North

requirements Thereafter

balancing

Project for the benefit

of Deutsche

Agreement

Fortress

all

improvements

Deutsche

Plaintiffs

funds

from Trump

Agreement

$13088581.00

approximately

Loan and

especially

to

the

that

and development of

construction

the Fortress

nevertheless

66

Bank

required

Loan

Loan

Bank

Deutsche

Construction

the

and agreed

understood

to

and

Agreement

Deutsche

the

of the

purposes

Loan Agreement

additional

closed

to

specifically

Mezz

capital

Construction

special

was

Loan

Fortress

funds

which equity contribution

Wabash

additional

without

equity

limitation

lenders

German American

significant

Capital

interest

participation

in

Loan

On

and with

or

the

about

initial

advance

the Deutsche

2005

February

under

the

Construction

Bank

Loan

and the Fortress Loan

Loan Agreement

been made

having

on August 31 2005

68

contracts

As

contemplated

with architects

under

construction

the

Construction

Loan Agreement

contractors

managers

14

and various

Plaintiffs

entered

other entities

into

including

 ultimate purchasers

the

with

Plaintiffs

of

of the completion

in anticipation

71

enjoyed

Plaintiffs

condominium

success

portion of the

hotel

Project which

and generated favorable

to

proceeded

have obtained

Plaintiffs

entered

currently

great

the

proceeding

is

now open and

and awards

reviews

and

construct

the

develop

to

proceeded

into

contracts

are

market

and

of sale

with

of Occupancy

Certificates

Temporary

and commercial portions

residential

73

Project

Project

thereafter

Plaintiffs

The

the

residential

of the Project

portion

72

and develop

construct

to

diligently

have completed

Plaintiffs

operational and has

units

proceeded

portion of the

the hotel

70

have

who have made down payments

Project

69

first

of units

sell

the

purchasers

in

an

and parking

hotel

residential

306 of the

hotel

75% complete

approximately

currently

for

approximate

total

and

units

amount

of

$557149836
74

As of

and parking

closed

October

in

units

have closed

September

2008

including

$37358139.00

and $35222355

$204068669

approximately

and parking

of residential

of residential

and

of residential hotel

parking

units

units

having

having

closing

in

2008
75

remain

date of this Complaint

the

As of

the

date

of

this

Complaint

unclosed with closings becoming

76

reasonable

The

efforts

or above the

Construction

to

cause

Minimum

Loan

the units

Release

to

Price for

of

possible upon completion

Agreement

be

$353081168

required that

sold at the earliest

particular

15

unit

residential

and hotel

units

of the relevant units

Plaintiffs

practical

which was

use

all

time and for

set

price

commercially

sale

price

at

 77

contract

The

Minimum

Release

or

percentage

of

prices

78

Pursuant

of the units are to be

79

the

real

downward

estate

of

Bank

kinds

and

and

the

80

The

Chicago and

82

Pursuant

the

November

none of

right

2008

83

extension

Loan was

setting

the

in

corresponding

Price

now

is

by

current financial

ceased

spiral

above

sales

the Project

real

estate

for real

prices

condominium

actions

the

of Deutsche

which has

crisis

Plaintiffs

the

market

since the Great

substantially

despite

with

to

the hotel

in

collapse

the

Loan

respect

parallel

unit

sent

the

Depression

market

the

continued

good

price

in

faith

and

the units

sell

Construction

Loan

the

Agreement

Maturity

Initial

of the

Date

2008

of the

2.5

of

Fortress Loan

letter

the Maturity

defendants

to

May

by

with

actual

through

Bank

and sharply decreasing

creating the

literally

an extension

The

Plaintiffs

the

to

to

sums obtained

efforts

downturn

downward economic

have

units

to

sales

by

in

Release

efforts

Pursuant

Bank

exercised

of the

reasonable

81

lenders

the worst

into

of the sales

of

percentage

of the Deutsche

balance

severe

slowing

the

on

market conditions were compounded

adverse

Minimum

sales

commercially

Deutsche

world

2005

success

initial

exacerbated

other institutional

of February

the principal

States

was

This

based

Loan Agreement

Chicago suffered

in

These highly

country

the

the United

spiral in

all

market

reduce

to

applied

market

as

prices

the Construction

to

Notwithstanding

estate

list

derived

was

Price

objected

dated

the

Construction

Maturity

Loan

Date

of

the

2008 duly exercised

Date of both

the

Deutsche

thereto

16

Bank

to

the

their

Loan and the

properly

Bank Loan

Deutsche

was thereby automatically extended

October

Plaintiffs

Agreement

until

same date

right

Fortress

to

second

Loan and

 84

second

Plaintiffs

extension

loan but due

to

greater

stock

In

and

market

loans for the

of Deutsche

retracted

their

agreement

gain in order to obtain

the sharp

worldwide

the

now

the

decline

financial

This

and other major

financial

have impaired

the value

acts

number

have

to

respect

defendants

wanted

Bank

the

to

Project

extend

to

loan

the

and some

extension

aforesaid

the

in

tried

the

and

Participants

in

participants

the second

to

object

with

of Deutsche

been

the

to

the

first

exact

extension

in real

crisis

unavailable

of the

to

the unprecedented

estate

have caused

was

in

institutions

credit

part

markets

attributable

to

to

volatility

of the Project and caused

the sales

actions

wrongful

world and United

in the

the

and new

cease-up

the

of

States

financial

projections to not

met
86

Bank

The

to

parties

with

aforesaid

Federal

financial

respect

financial

system

has

Loan on November

Construction

crisis

characterized

been pushed

same

that

the

to

recognizing

Loan Agreement

Force

fact

2008 has become

However

provided

Majeure Event
actually

Date

results

as

as

brink

contemplated

the sales

through

replacement

financing

Bank

of collapse

itself

the

However

credit

because

tsunami

characterized

satisfaction

Deutsche

other capital

of the units

once-in-a-century

Deutsche

that

of the

it

the

Deutsche

by

of

the

global

Bank

impossible to perform

that

events

as

follows

shall
in

Agreement

solely

the Project or through

Chairman and the

Reserve

87

to

Loan

the Construction

Loan would be paid on the Maturity

transactions

the

not

Project are

markets which

be

should

them

failure

opportunities

majority

who

of

addition to

Bank

vast

large

financial

85

the

of the

lenders

the

instance

that

dysfunctionality

some

of

insolvency

the

told

defendants

upon

other financing

by foregoing

were

Plaintiffs

Eventually

even

notice

relied

reasonably

mean any
delay

beyond

the

parties

of the following

control

provided

may occur

the

of the development or construction

17

the

 of the

Project

enemy

casualty

the

of

unavailability

reasonable

labor

governmental

Borrower

the

on

or any
to

in

occurrence
Architect

an

of

orderly

which

any

or

If

shall

Majeure
knowledge

of

commercially
of

Force
to

following

and

Agent

promptly

and
or

cause

Manager
or design

and

the construction

Force
notice

or

any

Event

such

Force

of

obtaining

shall

take

all

the

or eliminate
Borrower
the

following

of

Majeure

Borrower

and

of

or any lack

Contractor

Borrower

Event

Majeure

Contractors
supplies

circumvent

to ameliorate

steps

Trade
caused

Contractor

with

with

include

any

any

Trade

any

or

not

Construction

bankruptcy

claims

Agent

same

reasonable

provide notice

or

by insolvency

properly
the

such

control

Manager

order

Trade

Engineer

or

Construction

Party

Borrower

Trade

fashion

timely

particular

performance

to

estate

Borrower

shall

of

failure

other interference

provide

Event

by

reasonably

or any

Party

number

or

of

Party

late

of

event

Engineer

Architect

Borrower

Construction

Borrower

eure

of any Borrower

adequate

an

stoppage

Borrower

effects

Event

Design

Improvements caused

fUnds

Force Maj
part

real

not

is

other

any
control

Design Architect

professional

the

the

the

ix

suspension

affects

suspension

xi

viii

within

not

the

trouble

and

governmental

Contractor

the reasonable

laborers

could

extent
Trade

any

or other

emergency

the

design professional

hire

and/or

supervisors
materials

delays

but

Contractor

failure

labor

Project

Architect

Contractor

to

or

which

not within

inefficiencies

vii

City of Chicago generally and

or

circumstance

Manager

other

God

of

foreign

or insurrection

hurricanes

floods

national

materials

operations
in the

development

any Trade

or

or

commotion

fire

acts

Borrower

of

control

lockouts

strikes

iv
of

case

war by

or undeclared

civil

riots

vi

earthquakes
in

preemption

by

ii

acts

or condemnation

iii casualty

to

of declared

acts

or terrorist

end

shall
of

such

Force Majeure Event emphasis added

On November

88

of the

Force

Loan and the

Majeure Event

Fortress

89

credit

proper

Loan

2008

thereby

until

Notwithstanding

markets

invocation

Deutsche

Bank

of the Force

after

Plaintiffs

provided

the

extending

the

the well

financial

known

Maturity

crisis

financial

and Fortress have

Majeure Clause

18

notice

not

to

Date

Deutsche

of both

Bank

the

and

Fortress

Deutsche

Bank

has abated

crisis

affecting

acknowledged

both

the

real estate

and accepted

and

Plaintiffs

 90

many

As

institutions

order to

brand

or the

afford

economic

sales

Bank

92

Loan

Lenders

insufficient

consent

Construction

of

of

all

created

dysfunctional

exist

at

all

of

in

of

Inappropriate

of the

Inappropriate

for

could

be

made

reasonable

have impaired

their

in

ability

Loan

to

estate

to

come

along

in

lending

Trump

the

plaintiffs

or

experience

national

unprecedented

compounded

the

rights

beyond

facilitate

the

the

problems

loan documents

those

quick

so as to

by then

dictated

of

syndication

the

Lenders

the

Inappropriate

Lenders

Lenders

Bank

Deutsche

and

the

to

agreed

before

adjustments

or before

simply

issuing lender consents

Banks

whose

terms

the

of the

required

actions

bad

decision

the

to

potential

require

Lenders

Deutsche

to

to

todays

and necessary borrower

of lenders

consortium

real

structuring

to

of Inappropriate

expertise

no

enormously

control

effort

an

seemed

that

Bank

Deutsche

Lenders

intentionally

and

reason of the foregoing

By

have

Bank

the

Loan Agreement

loan documents

93

lack

the

capitalization

unanimous

group

large

by

the

any regard

particularly

Deutsche

consent

conditions

to

Despite

and without

lenders

the

of

anybody

virtually

and marketing

above

stated

market

credit

sold portions

climate the Inappropriate

Inappropriate

prevailing

the

as

of

Many

Project

and

Bank

Deutsche

for

by the Inappropriate Lenders

the

Deutsche

fees

of real estate

Also

presented

in

junk bond firms

name

91

they

banks

massive

and worldwide

under

above

get

understanding

Bank

Deutsche

stated

faith

and wrongfttl

making

to

processes

administer the loan and thereby

conduct

placed

has

the extent

the Project

peril

94

Because

dysfunctionality

themselves

of

the

Force

and seizure of the

become

completely

Event

Majeure

credit

dysfunctional

markets

and

19

are

many
unable

arising

of

to

the

act

from

the

Inappropriate

Deutsche

unprecedented

Lenders

Bank

has

have

thereby

 put

and

Plaintiffs

even

impossible to obtain

harmful

lending

to

obligations

dysfunctional

good

of

in

and

action

other

the

by Deutsche

lenders

the

and

Project

Bank

Bank

actions

those lenders

has

will

who

of

breach

is

makes

it

and consents

adjustments

Deutsche

Banks

and Deutsche

lenders

which

situation

and

terrible

Banks

Deutsche

created

and

disjointed

tremendous damage

cause

are trying

virtually

to

act

to

and

reasonably

in

faith

about

the

fact

that

Minimum

Bank

Deutsche

market

to

despite

the

Minimum

impaired

Release

Date

Date

the ability

to

it

by

their

financial

market

at

is

to

need

from

not

entitled

wish

to

is

Minimum

efforts

to

Release

Release

above current

Price be

is

reduced

or

market

resale

Price

the hotel

sell

significantly

to

reduce

Plaintiffs

Such

in

Minimum

have

defendants

inaction was

reduction

the

active

at

for

current

Plaintiffs

20

to

or

do so

use

the

extension

of

would have served merely

concessions

Minimum

Price

could

it

for the

concessions

Release

the repayment of the loans

from

so that

intentional

financial

Release

and refused

failed

ignores

Prices

Such

increase their profits at Plaintiffs

concessions

in

Parenthetically

Minimum

Price

Defendants

realize

Price

conversations

months

sales

Release

The

the

prices

the

by

extort

defendants

of lenders

solely

additional

which

to

to

Release

requested that

for

reasonable

commercially

Minimum

obvious

Minimum

Price issue

profits

was motivated

extract

the

use

Plaintiffs

the

looming Maturity

the

sales

to

Bank

engaged Deutsche

unencumbered

units

below

sales

the

as

have repeatedly

Notwithstanding

the Maturity

increase

Price

and competing with

96

to

impossibility

consent

sold hotel

prices

consent

an

Release

Plaintiffs

price

previously

is

it

have

Plaintiffs

Additionally

at the

market

that

This

Trump brand

95

units

Borrower

lenders

experienced

most routine amendments

the

practice

group

the

Plaintiffs

other more

the

the

conduct

expense

fact

that

to

would not have

by defendants

This

attempt

Plaintiffs

to

have

 contributed

substantial

the

development of

additional

spa suites

capital

to

the

Project in the

of which could

all

be

lost

if

form of

defendants

funds

the

invested

able to extort

are

in

the

additional

profits

97

Bank

Plaintiffs

Loan

or the

98

the

only reasonable

Bank

Deutsche

99

budget

As

the

Plaintiffs

reputation

unsold

Plaintiffs

Project

request

Trump

took

of

to

their

set

obligations

units

reputation

remaining

the

the

first

Project

forth

sales

contracts

Deutsche

in the

luxury hotel

operations

and the

step

Bank

their

and purchase

price

good

reflect

to

for

ability

brand

of the

name

all

purchase

market

name

protect the

$96558000

fair

for

is

on time under

the

Trump

of endeavoring

to

with

purchases

valuable

crisis

Loan Agreement

loan and thereby

and commercial areas of the Project

appraisal

financial

Plaintiffs

worldwide

closed

the

Construction

harm

with the

familiarity

and developed

constructed

associated

is

faith

good

unique

source given

will

the Deutsche

previously

is

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101

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continue

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21

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complained

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FIRST

CAUSE OF ACTION

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each

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defendants

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 106

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112

Plaintiffs

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set

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111

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SECOND CAUSE OF ACTION

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110

at

request for this relief has been made

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FOURTH CAUSE OF ACTION

of Covenant

of

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24

Faith

and Fair Dealing

order

are below the

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price

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128

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127

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market conditions

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to

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129

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provide

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of control

plaintiffs

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to

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25

Participants

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loyalty utmost

131

duties

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complete

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their failure to

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fair

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of the

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133

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134

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lead lender

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with

conflict

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was

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Bank

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direct

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136

of the

Bank

itself in direct

of Plaintiffs

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invocation

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to

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sales

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participation

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frustration

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cause

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of fiduciary

Plaintiffs

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and

Plaintiffs

duty

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to

be

no

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less

and

the

financial

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losses

Bank

including

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by the Deutsche

than Three Billion

26

Bank

suffered substantial

the valuable

have been damaged

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Bank

Participants

in

$3000000000.00

an amount

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 AS

AND FOR

SIXTH CAUSE OF ACTION

Aiding and Abetting Breach
Against the

forth

at

137

Plaintiffs

length

herein

138

At

occupied

of trust and confidence

of

the

with

preceding

were

defendants

respect

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Participants

and every

each

reallege

times each

relevant

all

position

and

repeat

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Bank

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to

as

allegation

aware

if

Deutsche

that

and owed them the

plaintiffs

set

filly

Bank

of

duties

fiduciary

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139

and

abetted

Plaintiffs

unknown

entity

Plaintiffs

length

herein

142

The

at

acting

Plaintiffs

to

on

143

pursuant

the

behalf

and

Bank

by the Deutsche

than Three Billion

less

Participants

enjoined

The

Deutsche

Force

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their

Bank

Participants

Event provision

May

an

Bank

amount

Dollars

$3000000000.00

agents

any action

Loan Agreement

under

allegation

as

if fully

and any other person

to

on

compel

the

set

or

or compelling

November

2008

2009 maturity date of the Fortress Loan

must be directed

27

in

and

aided

by Deutsche

Participants

preceding

attorneys

from taking

on the Construction

which automatically extends the

Bank

with

Bank Participants

and every

each

concert

CAUSE OF ACTION

The Deutsche

reallege

in

duty committed

fiduciary

SEVENTH

must be

pay off the balance

Date

Maturity

no

Relief Against

repeat

Deutsche

their

be

AN FOR

Injunctive

141

to

of

breaches

have been damaged

acted

knowingly

Participants

various

but believed

AS

forth

Bank

in the

participated

140

presently

Deutsche

the

to

extend

Construction

Loan

the

Maturity

Agreement

Date

which

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which

is

not capped

144

in the

irreparably

Bank

for

business

for

injured

in

to

of

result

market

estate

hotel

Deutsche

As

Date

so long as the Force

for

Majeure Event continues

to

exist

days

Loan proceeds

145

real

120

at

The

Bank

Deutsche

the

the Maturity

delays

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completing

being

the

complete

the

must be

Participants

manner

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conduct

on time and under

with

the

only

which

for

advance

to

balance

the

of the

Project

Bank

projects

associated

directed

and

budget

highest

damages

were each

aware of

will

operations

cannot

in

reputation

plaintiffs

hotel

quality

money

reputation

plaintiffs

provide

be

adequate

compensation

146

The

of units

purchase

147

Deutsche

between

By

of

Construction

Loan Agreement

where buyers

will

148

Bank

The

Participants

149

directing

acting

on

By

loss

Construction

Loan

for

of the

not to

Agreement

delays

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the

of Plaintiffs

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automatically

the

Bank

sale

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with

plaintiffs

its

the

contracts

Date

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have put

Participants

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will

extend

to

refusing

Deutsche

of

existing

for

the

buyers

intentionally

the contract

reason

behalf

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and

the

Plaintiffs

under

in

the

position

and buyer

customers

is

attributable

to

the Deutsche

conduct

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their

Participants

plaintiffs

reason

breach

Bank

as

Plaintiffs

foregoing

Participants

their

take any action

agents

compel

plaintiffs

to

on the November

Maturity

the Force

Date

and

entitled

attorneys

2008 Maturity

Majeure Event provision under

the

are

the

to

permanent

injunction

and any other person

to

pay off

Date

to

Maturity

exist which

the

or entity

balance

extend

the

on

is

Date

of the

not capped

at

the

Maturity

Loan Agreement

Construction

corresponding

Majeure Event continues

28

the

to

which

Fortress

120

days

 to

advance

the

to

plaintiffs

balance

exercise

of the

their contractual

150

Plaintiffs

151

No

Loan

Deutsche

have no adequate

at

remedy

request for this relief has

previous

AS

of buy-out

right

AND FOR

forth

at

Plaintiffs

length

herein

153

The

with

interfere

vendors

described

prospective

economic

presently

AS

at

in

155

Plaintiffs

length

herein

156

Prior

Bank

Deutsche

represented

Construction

157

Participants

financing

to

to

herein

by

permit

Loan Agreement

the Construction

law
been made

to

or any other Court

this

Economic

Relations

and every preceding

the

Bank

Deutsche

between

relations

have been damaged

but believed

Fraud

forth

to

was

Participants

Plaintiffs

and

if

as

allegation

set

intended

to

customers

buyers

its

fully

companies

Plaintiffs

unknown

and

Project

Bank Participants

each

reallege

conduct

and lending

154

and

repeat

under

with Prospective

Against the Deutsche

152

the

complete

EIGHTH CAUSE OF ACTION

Interference

Tortious

to

proceeds

with

the

to

to

AND FOR

and

repeat

and

the

they

and every

each

negotiations

to

an

amount

Dollars

$3000000000.00

of

faithfully

Bank

Participants

preceding

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of defendants

and consent

intended

in

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CAUSE OF ACTION

Against the Deutsche

reallege

during

that

than Three Billion

less

NIP4TH

Inducement

the knowledge

Plaintiffs

no

be

Bank

by the Deutsche

allegation

Loan

Construction

through

perform

their

their

if

as

frilly

set

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words and actions

obligations

under

the

Loan Agreement

Deutsche

falsely

fund

Bank

represented

with

to

the Project through

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knowledge

Plaintiffs

its

own

that

funds

29

they

and

consent

would provide

and funds

to

of

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be loaned

the

Deutsche

necessary

Bank

sufficient

by sophisticated and

 stable

financially

and

institutions

lending

investors

familiar

with

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financing projects

to

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Project

158

Deutsche

had no

Participants

159

intent

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had

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to

with

the knowledge

under

perform

Bank

with

created

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and consent

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other the Deutsche

of the

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intention

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of the

Loan Agreement

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and undisclosed

preconceived

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Plaintiffs

Bank

to

lender

honor

group

their

Bank

to

obligations

fees

solely

to

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Agreement

gain

for

itself

160

would

Plaintiffs

known Deutsche Banks

plaintiffs

161

presently

unknown

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length

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163

Deutsche

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represented

to

the

at

Plaintiffs

164

recklessly

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Bank

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165

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false

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knew

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plaintiffs

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by

less

than Three

Billion

in

Participants

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amount

an

Dollars

TENTH CAUSE OF ACTION

reallege

and every

each

the knowledge

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it

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Those representations

and were

defraud

damaged

be

into

Misrepresentation Against the Deutsche

162

forth

to

entered

to

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Negligent

intent

have been

Plaintiffs

have

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set

up

the

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way

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if fully

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all of the Lenders

the very

least were

made

negligently

carelessly

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Plaintiffs

with

the knowledge

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and consent

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upon the negligent misrepresentations

30

Deutsche

made

to

Bank

them

 166

Plaintiffs

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167

have

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defendants

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to

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performance

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demand

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invoked

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in

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amount

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consent

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properly

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market

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units

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units

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price

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enjoining

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prices

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pendency

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to

against

be

no

the

less

than

Three

Billion

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presently

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judgment

believed

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31

against

to

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the Deutsche

no

less

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in

amount

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behalf

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continues

to

to

proceeds

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their

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complete

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judgment against

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be

to

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than

less

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Sixth Cause of Action

the

of

the

to

and any other person or

Force

the

Loan

Fortress

120

days

directing

the

on

their

provision

under

the

Date

and

the

order of permanent injunction

automatically

not capped at

Project and

agents

pursuant

which

an

Majeure

delays

for

to

acknowledge

so

Event

the

Maturity

the

as

long

advance the balance

Plaintiffs

right

to

acting

entity

Majeure Event

Force

of the Deutsche

into

enter

the

Loan

Affiliate

Transaction

On

Participants

in

an

$3000000000.00
On

in

an

amount

$3000000000.00
On

in

an

amount

$3000000000.00

the

Eighth

amount

Cause

presently

of

Action

unknown

but

judgment

believed

to

against

be

no

Deutsche

the

less

than

Three

Bank

Billion

Dollars

the

Ninth

presently

Cause of Action

unknown

but

judgment against the Deutsche

believed

to

be

no

less

Bank

than

Participants

Three

Billion

Dollars

the

Tenth

presently

Dollars

Cause of Action

unknown

but

against the Deutsche

ajudgment

believed

and

32

to

be

no

less

Bank

than

Participants

Three

Billion

 On

all

the

Causes

of

Action

and

disbursements

costs

attorneys

fees

of

action

Dated

Garden City

New

November

2008

York

Attorneys

for Plaintiffs

JASPAN SCHLESINGER LLP

By

R.ScLAr/Uh/2t
300 Garden City Plaza
Garden City

516

New

11530

746-8000

MEISTER SEELIG

By

York

FEIN LLP

_____________________
Stephen

Meister

Grand Central Tower
140

East 45th

Street

New York New

212

33

655-3500

19th

Floor

York 10017

this

 L\JDG\Chicago\Litigation\VerificatIOfl

DOC

VERIFICATION

NEW YORK

STATE OF

ss

COUNTY OF NEW YORK

DONALD

am

one of the

knowledge

except

as

those matters

to

being

the

matters

believe

them

the

know

and

to

sworn

duly

in

Plaintiffs

COMPLAINT

VERIFIED

as to

TRUMP

above-entitled

the

contents

therein stated

be

deposes

to

and says

have

action

thereof

be alleged

and

the

read

same

upon information

true

iTRU
Sw4rn

to

day

before

Qualified in

Commission

D622500/F53

me

this

November 2008

of

New

Expires

100

York

COIJfltYr

September

the

is

foregoing

true

to

my

and belief and