The directors of a massive Trump-branded luxury condominium development in Panama fired Donald Trump's company in the summer over allegations of mismanagement, overspending and undisclosed bonuses Built in the shape of an arcing, wind-filled sail, the development is recognized as among the finest building in Panama. Visitors can sip drinks next to a 65th-floor, edgeless pool that seems to float above the ocean. "
It turns out Trump wasn't a developer on the project. Along with his branding and hotel management deals, Trump held a third contract to manage the overall building. A patchwork of contractual language gave Trump's company the right to vote at owners' meetings on behalf of hundreds of hotel and condo units. Some owners feared that Trump's management might be disproportionately spending the building's budget in ways that benefited the hotel instead of the building's other components. But despite repeated requests, Trump's managers never provided a detailed breakdown of the costs generated by each of part of the building, and never established the separate bank accounts stipulated in their management contract. "Civility was lost," said Duncan McGowan, a real estate agent and property manager on the building's board. After the meeting, McGowan and other dissidents lobbied fellow owners to revoke proxy voting rights granted to Trump. The dissidents defeated a Trump-backed special assessment at a building-wide meeting in May.
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