And you have to know ho to use the bankruptcy laws to your advantage
Trump was one of the first too big to fail guys
There are two things to do if your company goes south.
1. Let it die. Let all your employees go. Leave the site vacant. Allow the immediate surroundings to decay and become somewhat of a ghost town. You make nothing. Creditors get next to nothing. Suppliers lose a customer going forward. Employees no longer have work. The city, county, state, and federal government lose their tax base.
2. Declare bankruptcy as part of the reorganization process. Institute a new business plan. Streamline. Keep most of your employees. Keep your suppliers. The area around your physical plant remains vibrant. Your employees continue to stimulate the local economy with their earnings. The city, county, state, and federal government keep a functioning tax base.
I don’t know the particulars of these properties (businesses). Trump may have taken them over in terrible shape. That may not be true, but there is the possibility that some of these were not exactly his doing too. He may have had not choice due to someone elses mistakes, or perhaps they were all due to his team’s mistakes.
Bankrupcy is a legal business tool.