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Trump Wins Penn Yards Court Case

NEW YORK CITY-Almost a year after Barbara Corcoran sued Trump for $1.3 million, the court granted reverse summary judgment in Trump's favor.

By Katie Hinderer | Updated on November 06, 2006

NEW YORK CITY-Last week, the New York Supreme Court ruled in favor of Donald Trump stating he did not owe Barbara Corcoran, Carrie Chiang and Susan Cara-Madden additional commission for procuring Penn Yard investors. The court case first began in early December 2005, when Corcoran brought suit against Trump for $1.3 million in commission she claimed to be owed.

Trump had already paid Corcoran roughly $2.7 million in commission in a deal that set the maximum Trump could pay at $4 million, according to court papers. Corcoran claimed the sale of Penn Yards in 2005 constituted an event of default of the contract and therefore Trump owes the remaining commission. But prior to the contract, Trump transferred his interest in Penn Yards to Hudson Waterfront Associates LP, taking a 30% limited partnership in the company. Hudson Waterfront then transferred Trump’s interests and later sold Penn Yards.

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