Donald Trump -The Failure -1
I don’t like the B word,” Donald Trump said in 2010 while testifying in a New Jersey bankruptcy courtroom about his gambling company, Trump Entertainment Resorts Inc., which had filed for bankruptcy for the third time. Given the number of times Trump has flirted with bankruptcy, you’d think he’d be used to that word by now.
In 1990, the banking institutions that backed his real estate investments had to bail him out with a $65 million “rescue package” that contained new loans and credit. But it wasn’t enough, and nine months later the famous developer was nearly $4 billion in debt. He didn’t declare personal bankruptcy, although his famous Taj Mahal casino in Atlantic City, N.J., did have to file for it (bondholders ended up taking a 50% stake in the investment). Trump’s economic troubles continued through the early ’90s, while he was personally leveraged to nearly $1 billion. In 2004, Trump Hotels & Casino Resorts also filed for bankruptcy. The company was only a small portion of Trump’s real estate empire, but he did still have to personally cough up $72 million to keep it afloat. In 2009, the same company (by then renamed Trump Entertainment Resorts Inc.) filed for bankruptcy again. Yet during all of this, no one ever told Trump, “You’re fired!” Probably because no one could.
Posted on November 19, 2012, in buisiness, USA and tagged Barack Obama, Donald Trump, New Jersey, Real estate, Taj Mahal, Trump, Trump Entertainment Resorts, Twitter, USA. Bookmark the permalink. Leave a comment.