Banks that loaned President Donald Trump hundreds of millions of dollars to finance the construction of a luxury skyscraper in Chicago forgave a substantial portion of the debt rather than fight him in court, The New York Times reports. Trump received $640 million in loans from Deutsche Bank in 2005 and $130 million from Fortress Investment Group, a hedge fund and private equity management company. The loans were due in May 2008. By the skyscraper’s completion, however, the 2008 financial crisis had upended the world economy, and Trump had failed to sell the majority of the $4 million condos and retail space in the tower, the Times reports. Instead of paying the $334 million he owed to Deutsche or the $130 million he owed Fortress or allowing his creditors to seize the building, he delayed and then sued them both for $3 billion in damages. In a July 2010 settlement, the two lenders forgave hundreds of millions in debt, and the two Trump companies involved in the construction reported $101 million and $105 million in canceled debt that year. Though the Internal Revenue Service counts forgiven loans as income, the Times reports he paid almost no income tax because he wrote off huge losses incurred at his other businesses.