Donald Trump's Bankruptcies

Discussion in 'News / Current Events' started by Crabtownboy, Aug 4, 2016.

  1. Crabtownboy

    Crabtownboy
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    #1) Trump Taj Mahal (1991): The Trump Taj Mahal casino in Atlantic City opened in 1990, with Trump financing the completion of its construction with $675 million in junk bonds at 14% interest. By the following year the casino itself was in debt to the tune of $3 billion, while Trump himself owed some $900 million in personal liabilities.

    In order to keep the Taj Mahal afloat, Trump struck a deal with his lenders in which he gave up half his ownership share and equity in the casino, sold his Trump Shuttle airline and his Trump Princess 220-foot yacht, and agreed to a bank-set limit on his personal spending in exchange for a lower interest rate and additional time to make his loan payments.

    #2 and #3) Trump's Castle and Trump Plaza Casinos (1992): Less than a year after the Taj Mahal bankruptcy Trump filed for Chapter 11 protection again for two more Atlantic City hotel-casinos, the Trump Plaza and Trump's Castle, over their inability to make principal and interest payments on bonds. The Plaza ($550 million in debt) and the Castle ($338 million in debt) were competing against each other, as well as against the Taj Mahal, and Trump gave up a 50% share in exchange for more favorable terms on the debts.

    #4) Trump Plaza Hotel (1992): Donald Trump filed for bankruptcy protection a third time in 1992 over the Trump Plaza Hotel on New York's famous Fifth Avenue, overlooking Central Park in midtown Manhattan. Once again, Trump gave up a 49% stake in the property to secure more favorable terms from lenders on the luxury hotel's debt of more than $550 million.

    #5) Trump Hotels and Casinos Resorts (2004): In 1995, Donald Trump established Trump Hotels and Casino Resorts as a publicly traded company, an entity that eventually consolidated his three Atlantic City casinos (Trump Taj Mahal, Trump Castle, and Trump Plaza), along with other properties, under one company. In 2004, Trump sought Chapter 11 bankruptcy protection for the company, with filings listing about $1.8 billion in debt. Yet again, Trump's ownership in the business was reduced, from 47% to 27%, in order to obtain more favorable terms from lenders.

    #6) Trump Entertainment Resorts (2009): After its 2004 bankruptcy, Trump Hotels and Casino Resorts was renamed Trump Entertainment Resorts (TER), and that latter entity went Chapter 11 in 2009 with a debt of $1.2 billion. Trump fought with his board of directors over how to restructure the company and ended up reducing his ownership share of the business once again (to 10%) and resigning as chairman of the board.
    TER sold off the former Trump's Castle (by then renamed the Trump Marina) to Landry's in 2011, who rebranded it as the Golden Nugget Atlantic City. In 2014, Trump filed a lawsuit to bar the continued use of his name on TER's remaining Atlantic City casinos, the Trump Plaza and the Trump Taj Mahal, holding that "the license entities have allowed the casino properties to fall into an utter state of disrepair and have otherwise failed to operate and manage the casino properties in accordance with the high standards of quality and luxury required under the license agreement." Shortly afterwards, TER declared bankruptcy yet again and closed the Trump Plaza casino for good. The Trump Taj Mahal remained with TER, which became a subsidiary of Icahn Enterprises upon emerging from bankruptcy protection in 2016.

    Other Trump Business Failures
    As well, Donald Trump has undertaken a number of business projects that ultimately failed (or failed to live up to his lofty projections) without resulting in bankrupcties, including:

    Trump Steaks
    GoTrump (online travel site)
    Trump Airlines
    Trump Vodka
    Trump Mortgage
    Trump: The Game
    Trump Magazine
    Trump University
    Trump Ice (bottled water)
    The New Jersey Generals (pro football team)
    Tour de Trump (bicycle race)
    Trump Network (nutritional supplements)
    Trumped! (syndicated radio spot)

    http://www.snopes.com/2016/08/01/donald-trumps-bankruptcies/
     
  2. Alcott

    Alcott
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    Are you going to list his successes? Who do banktupcy filings put him on par with?-- GM? debtors like my sister who bought too expensive a house? Gary Coleman, the actor who ended up broke working as a security guard? And are you going to post BHillary's bad of questions me deals?
     
  3. Crabtownboy

    Crabtownboy
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    Trump has dabbled in everything from real estate to steak, casinos and beauty queens, and he serves as an executive for more than 500 companies. Yet on top of his real business success, he has built an architecture of self-aggrandizement. “I play to people’s fantasies,” Trump wrote in his 1987 book “The Art of the Deal.” “I call it truthful hyperbole. It’s an innocent form of exaggeration — and a very effective form of promotion.”

    1) He has a talent for real estate, but that hasn’t always translated well to other industries.

    2) Trump is not a self-made man.

    3) Everything Trump touches turns to "Trump."

    4) Trump’s record includes some unsavory episodes.

    5) Trump's genius is building a brand, even a mythology.

    https://www.washingtonpost.com/news...the-reality-of-donald-trumps-business-empire/



     
  4. Sapper Woody

    Sapper Woody
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    So, what you're saying is, Trump has a 97% success rate. Thank you for helping his case.

    Sent from my QTAQZ3 using Tapatalk
     
    • Agree Agree x 1
  5. Crabtownboy

    Crabtownboy
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    Not at all. He was on the board of directors on a vast majority of the companies he loves to brag about. Many probably survived in spite of his ineptness. After all on those boards he was only one vote

    You may ask, if Trump is not that great of a businessman why did they want him on their board of directors. Simple, name recognition and publicity. Most board rubber stamp the CEO and COO and CFO recommendations.
     
    #5 Crabtownboy, Aug 5, 2016
    Last edited: Aug 5, 2016

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