Moshe Lax, a former business partner of Ivanka Trump, said in a statement that his business troubles stemmed from issues with his father’s estate.
The statement comes after a feature in Politico Magazine laying out a litany of legal entanglements and real estate battles involving Lax, whose partnership with Ivanka Trump appears to have wound down.
In his statement, Lax said that upon his father’s death in 2008, his father’s estate was “$160 million underwater” and owed taxes to the IRS.
“The day I got up from shiva, I faced 21 defaults and lawsuits due to his death. Money was invested with real estate developers in 2007 and projects collapsed,” Lax said. “I inherited a boatload of problems. “I feel I delegated too much, too freely, to advisers and lawyers, and I was in over my head.”
Lax said that he thinks highly of the Trump family, and is proud of the work he did with Ivanka Trump.
“What is being reported is primarily the result of the estate problems that I inherited,” Lax said.