Trump Tower Tampa developers file for Chapter 11 bankruptcy

Harried by creditors and lashed by lawsuits, the developers of Trump Tower Tampa have sought the haven of Chapter 11 bankruptcy. Though SimDag-Robel LLC has yet to give up on building the 52-story condo tower, the bankruptcy all but ensures the luxury skyscraper is a long shot. Bankruptcy papers filed Tuesday mention debts of up to $50-million spread among more than 200 creditors. Among the biggest: Colonial Bank, which holds a $3.2-million mortgage on the building lot at 111 S Ashley Drive, and New York tycoon Donald Trump, owed more than $1-million in overdue licensing fees from SimDag. SimDag bankruptcy attorney Jeffrey Warren said clients Jody Simon and Frank Dagostino will try to maximize the value of the lot for creditors. They include dozens of condo buyers who placed 20 percent deposits on units costing from $700,000 to $6-million.

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