Posted on 11/22/2004 7:43:04 AM PST by edcoil
Trump's Casinos File for Bankruptcy Email this Story
Nov 22, 7:53 AM (ET)
Hey Donald,
Nice job... Would you allow one of your rookies to do this to one of your companies?
PHILADELPHIA (Reuters) - Donald Trump's casino operations filed for bankruptcy Sunday in a long-expected move that would allow the real estate maverick to restructure the company's debt and overhaul its aging casinos.
Trump, the developer who flaunts his brusque business style on "The Apprentice" reality television show, last month clinched a restructuring pact with bondholders that would cut his stake in the company but preserved his role as chairman and chief executive.
Under the voluntary bankruptcy filing, Trump Atlantic City Associates, which is 99 percent owned by Trump Hotels & Casino Resorts Inc., listed $1.3 billion in debt and $1.5 million in assets. It marks the second bankruptcy for Trump's casino empire.
One of these days he might actually become solvent.
I cannot help but believe that Trump is performing a sophisticated financial maneuver that will make him even richer at the expense of someone else.
Donald Trump himself is a walking example of how not to do business. He is a joke - no one has ever lost more money in Atlantic City than Trump.
And after seeing the Borgata, who would want to stay in one of his dumps, anyway?
I'm familiar with the details of the transaction as laid out in the public SEC filings.
This really gals me.
This jerk thinks bankruptcy is a great way of life, and
he is the toast of the town.
Poor guys like me are treated like scum if we miss a few monthly payments on a mastercard.
"I've said it before and I'll say it again. Donald Trump's father was the real business genius who built a real estate empire from scratch."
As a matter of interest, has Trump increased our decreased the families wealth since he inherited?
And the Trump shell game plays on.
C'mon alex- With that hairpiece, hasnt he suffered enough?
How true! Trump, Mr. Art of the Deal, was suckered big time by Merv Griffin, who sold him those Atlantic city properties for multiples of what they were actually worth.
Donald Trump is just a marketer. That is all he has ever been and that is all he ever will be. His product is himself. He is not a businessman and I tend to laugh when he is called one. His skill is in creating glamor and intrigue around his own name. I suppose that is his greatest asset.
I suppose it takes quite a bit of talent to create an image like his... I'm not sure most can (or would be willing to). But he definitely is not a great businessman.
Donald Trump is a pompous toad.
No sympathy here. Trump is getting exactly what he needs and wants: a permanent respite from creditors, restructuring and the use of OPM (other peoples' monies) while he rebuilds.
He's a charlatan and a lowlife scumbag. He's got to be a liberal-demokkkRAT, since he never takes responsibility for anything. It's always someone else's fault.
I'll put it this way - real estate prices in Manhattan have skyrocketed.
So if Trump has a building which his dad owned back in 1964 where each unit was valued at $25,000 and each unit is now valued at $1,000,000, one can say that Trump has increased his father's wealth by 400%.
However, his father originally acquired the building with a view to its appreciation in value: does Donmald Trump deserve credit for simply holding onto a portfolio his dad created?
I don't think so.
Trump's business acumen should be judged by his foray into the casino world - that's the part of the family business that Donald started all by himself, that he didn't inherit from his father.
By all financial measures, that project has been an unmitigated disaster, with a string of bankruptcies, red ink, etc.
400x not 400%.
"C'mon alex- With that hairpiece, hasnt he suffered enough?"
Look....I am also slick as a brick :P
However, you need to get people in the door first before they can lose money to you.
In AC or Vegas, that can be very expensive, since all the casinos offer all the same games - the only difference is the trappings.
The pricier and classier the environment, the more people come in the door.
Mr. Trump seems incapable of providing such an environment on terms that make economic sense.
"C'mon alex- With that hairpiece, hasnt he suffered enough?"
I think it's his real hair myself.
I mean, with his resources, if he was going to get a wig...
..he'd get a better one than that wouldn't he?
Great point! The Trump business was completely debt free until "The Donald" took over and convinced his father to mortgage everything to raise money for expansion (I read the biography a few years back).
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