How many times has Trump, or one of his ventures, gone bankrupt? Someone remind me.
Chapter 11 reorganization? 4 times. That is out of 750 companies. Chapter 13 liquidation? never.
To put that into perspective for you, my wifes employer, an automotive supplier has been in and out of 11 reorg 6 times in the last 15 years. Each time it was about to be acquired, wipe out the debt the last idiot ownership racked up.
I would say Trump’s record is rather stellar. 4 mistakes in 750 companies? No wonder he amassed 10+ billion.
Dumb people think all chapters are equal. 11 is useful because it retains the company and many of the jobs, but some unsecured (unsecured=gamble taken) creditors get hurt, and you get the opportunity to renegotiate all contracts. Yes please... reread those last three words. Stuck with a contract where for every widget you make you lose $1 and you are making 40 million widgets a year in an ironclad contract. There is a way out. It is called a chapter 11 reorganization bankruptcy.
13 is really bad. No more jobs, no more company, and the creditors get virtually nothing.