"Donald Trump brags about how well his businesses have fared in bankruptcy. And in fact, no major U.S. company has filed for Chapter 11 more than Trump's casino empire in the last 30 years.
.... Trump claims that successful businesses file for bankruptcy all the time. At the debate he said "virtually every person that you read about on the front page of the business sections, they've used the [bankruptcy] law."
But the facts don't back that comment up.
Despite high profile examples, including General Motors (GM), Lehman Brothers and most of the nation's major airlines, fewer than 20% of public companies with assets of $1 billion or more have filed for bankruptcy in the last 30 years, according to data from Bankruptcy.com and S&P Capital IQ.
Trump has never filed for personal bankruptcy. But he has filed four business bankruptcies, which Bankruptcy.com says makes Trump the top filer in recent decades. All of them were centered around casinos he used to own in Atlantic City. They were all Chapter 11 restructurings, which lets a company stay in business while shedding debt it owes to banks, employees and suppliers...."
Here's a look at Trump's bankruptcy track record....."
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Remember That One Time Donald Trump Owned an Airline?
Trump Airlines
..."In an effort to drum up business, Trump guaranteed that all Shuttle flights would arrive within 15 minutes of their scheduled arrival time or passengers would be compensated. This was a foolish proposition for sure, as the northeast corridor airports were - and still are - very congested with delays being commonplace. The guarantee didn't last long, and soon after the Trump Shuttle began to reduce its schedule in the face of mounting losses.
In September of 1990 Trump defaulted on his loan and control of the airline went back to the banks led by Citibank."
Why don’t you crawl back under that rock from whence you came. This country is on the verge of bankruptcy, and who better to deal with this economic crisis than someone who knows how to fix it? Your candidate can’t and won’t - he’s owned by special interests - whether you like it or not, whether you admit it or not. You think you are so wise - but are just a fool. And, what I like about you is that every candidate you support - loses. That gives me great comfort.