Posted on 09/21/2015 6:50:22 AM PDT by SeekAndFind
Donald Trump has never declared bankruptcy, but his businesses have -- four times.
The real estate mogul, television star and Republican presidential frontrunner filed for corporate bankruptcy in 1991, 1992, 2004 and 2009. Three of the cases were related to his casino and hotel properties in Atlantic City, N.J.
And even though more than six years have passed since Trump had his last run-in with Chapter 11, it remains a touchy subject. Trump was quick to clarify at the Republican presidential debate hosted by Fox News in August that he had never filed for personal bankruptcy. Instead, he cast his moves as part of his solid business
"Out of hundreds of deals -- hundreds -- on four occasions, I've taken advantage of the laws of this country, like other people," he said. "The difference is, when somebody else uses those laws, nobody writes about it. When I use it, it's like, 'Oh, Trump, Trump, Trump.' The fact is, I built a net worth of more than $10 billion. I have a great, great company. I employ thousands of people. And I'm very proud of the job I did."
A Trump spokesman said many of the filings occurred when Trump was no longer involved in the businesses, blaming them on the declining casino market in Atlantic City. "It's not fair to judge anyone of his success, and the empire that he's built, on a particular investment without also looking at all of the great success he's had," he said.
Overall, the Donald is no stranger to business maneuvers that, depending on whom you ask, can appear either particularly savvy or ripe for criticism. His history with bankruptcy is no exception-- take a look at the four cases below:
1) 1991, Trump Taj Mahal
(Excerpt) Read more at thestreet.com ...
Obama, McConnell and Boner have bankrupted the country. Way to go!
Our country is in an undeclared bankruptcy.
Thomas Jefferson declared bankruptcy foir times and in his old age was so deep in unpaid debt that his creditors daily visited Monticello, so that if he died they would have first dibs on the best books and goods from his estate.
The 4 Trump Company Bankruptcies:
1) TRUMP TAJ MAHAL 1991
2) PLAZA HOTEL 1992
3) TRUMP HOTELS AND CASINO RESORTS 2004
4) TRUMP ENTERTAINMENT RESPORTS 2009
READ THE BACK STORY IN THE ARTICLE ....
I am sure the bankruptcies were cause by the actions of the GOPe there can be no other explanation.
I don’t care. He is the best thing we ahve going and we are going to win!
All the rest he has done has been successful.
And still, no one can find any records from Obama’s early life or college years.
Amazing. We know more about Trump than we do our president of 8 years. Who by the way not only never ran a business but never even worked in one.
These were all Chapter 11 bankruptcies, so no one was left holding the bag with no assets to pay the debt.
The debt was restructured, and terms were agreed to by all the debt holders.
I did not see where anyone lost all of their stake.
Considering the financial position that America presently finds itself in, I can’t think of a person more qualified to turn things around than Donald Trump frankly. The man has ample experience in restructuring underperforming assets and that is not bad experience, not when you’re talking about $18.3 trillion in national debt (and growing).
There is nothing to this. It is normal practice for companies to divide into separate corporations to limit losses. Also it makes it easier to sell a business unit.
During the debate, Jeb said Trump approached him to get casinos in Florida and Jeb turned him down. Trump denied that happened. From what I have read, it did happen. Why would Trump lie? That troubles me. Of course Florida does have casinos now run by the Seminole tribe. I don’t know if they have any casinos not run by the Seminoles.
Hmmm. If this actually happened, it would seem fairly easy to prove. No?
Yeah...the Greek shipowners have all their vessels as separate companies....so if one goes down it doesn't sink the whole company.
That's why trucking companies are so keen to sell truck rigs to drivers...in the event of a big accident the driver carries the bill.
Estes co got hit with a multi million penalty when one of their drivers fell asleep and crashed into a row of stalled cars.
I think it’s come out that O-Zero worked in some capacity at an ice cream parlor for an unspecified period of time.
Regardless, he and most DIM pols couldn’t run a lemonade stand for profit.
I’ve taken advantage of the laws of this country, like other people,”
“like other people”
oh well
Trump vs. Bush on Florida casinos: Who’s telling the truth?
According to Politifact, the event actually raised more like $500,000 for Bush’s campaign. Politifact said they didn’t find evidence that Trump “directly petitioned” the state for gambling, but there’s clear evidence he was seeking a deal to run the casinos on Seminole property — while helping Bush and the party. Politifact rated Bush’s statement “mostly true.”
http://www.foxnews.com/politics/2015/09/17/trump-vs-bush-on-florida-casinos-whos-telling-truth/
Sounds like a “maybe - maybe not”.
Trump answered the question about a casino in Florida in an interview yesterday. He said it was a deal that was discussed with the following governor of Florida, not Jeb Bush. Jeb made it sound like Trump approached him, it was actually the next guy (can’t remember the name, Crist or Scott).
Chapter 11 re-organization is not chapter 7 liquidation.
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