Posted on 02/12/2016 9:07:05 AM PST by AndyJackson
Wow. Sorry that folks are confusing you with facts. I feel your frustration and need to lash out. It is very disorienting.
By the way, that 2008 recession hit all casinos hard not just Trump.
The Venetian had to get a cash infusion from Adelson and Randy Black in Mesquite, NV lost 95% of his stake in Mesquite operations.
It was so bad that Wynn Resorts sent us an offer to all Amex Platinum cardholder to stay for free with FREE FOOD
in the spring of 2009. We did it.
What was Obama doing at the time? Criticising Las Vegas. Obama sure knows how to throw gasoline on a fire.
Those casino workers got crushed.
http://hotair.com/archives/2010/02/03/las-vegas-mayor-obama-is-a-real-slow-learner/
Trump is right now, the head of over 500 corporations and llc’s. If he were a baseball player he would be Ty Cobb, the highest batting average in Major League Baseball (MLB) history.
Four times out of hundreds of deals. Pretty puny statistics, IMO.
He learned other ways to protect himself from the risk. The project here in Tampa is one example.
“Trump is right now, the head of over 500 corporations and llc’s. “
I think you meant to say figurehead. He’s an awesome marketer but he’s certainly not leading those companies.
Ty Cobb hit each of those baseballs. Trump isn’t even there for the game.
Re: “You understand nothing about it, clearly. Filing for Chapter 11 in bankruptcy court is how you do all of this.”
That’s incorrect, Andy.
If Trump’s equity in those four companies was worth MORE than his total debt, there would be absolutely no reason to spend millions of dollars, and several years, litigating a Chapter 11.
Trump could have sold his equity to private investors any time he wanted to, and paid his debts - IF his equity was worth more than his debts.
Or, Trump could have privately exchanged debt for equity with his bankers - IF his equity was worth more than his debts.
There is only reason go to court for a Chapter 11 - because somebody is going to get a financial haircut!
Under chapter 11, the “best interests” test requires only that the company pay what it would have under chapter 7 bankruptcies. In Chapter 7, the company is liquidated and whatever’s left gets distributed to those owed. Filing chapter 11 enables the company to keep going, which sometimes means there’s more left to fight over. Under chapter 11, equity holders and those with unsecured loans lose everything, as they would with chapter 7. Those with secured loans get what’s left.
Chapter 11 is still a bankruptcy, and people who made loans or invested still lose money.
You’d rather trust a lifetime politician who talks one way and votes another! Too bad.
Whats the difference?
Donald has been supporting Dems for years.
It would be like saying that Tom Brady shouldn't be in the Hall of Fame because although he won four Super Bowls, he did lose two of them.
Yes out of the 500 companies Trump owns I would say 4 chapt 11’s are a good record. This stuff is routine in the rarified air of billionaire businessmen.
"you win some.. you lose some.. and some get rained out"
How about the Republicans he has supported? And how about the charities and organizations like the vets he has helped? The only thing Cruz has supported is his own pocket. he doesn’t even support his church by practicing what he preaches.
Yeah, sure.. as if our current administration, along with the House and Senate, are being PRUDENT with tax payer money.
Re: “Chapter 11 is NOT chapter 7. Look it up.”
I don’t need to look it up.
I know exactly what both of them are.
Your explanation of Chapter 11 is incorrect.
At least half of the business that enter Chapter 11 eventually close. Almost all the businesses that “survive” a Chapter 11 are severely reduced in size and scope.
The only reason a business owner files for Chapter 11 is because he hopes he can keep SOME of his money.
The only reason a creditor files a Chapter 11 is because he hopes he can recoup SOME of his money.
Making statements like that show your ignorance of business and how EVERYONE in business plays the game when push comes to shove.
It was intentionally designed to be that way.
Then you know it was restructure and not liquidated or walked away from.
Did you vote for Romney?
Two wrongs don’t make a right... I didn’t vote for them either.
Clearly you do need to look it up - and try to understand Chapter 11 and its purpose.
Example, my business has $1M note due in 6 months but does not have $1M, but I do have $250K in excess income. So, I file for Chapter 11 and the trustee can propose to the court that the $1M be paid off over 5 years or 10 years at a court set interest rate. The note gets paid, the business operates and everyone is whole at the end of it.
Or it may be that I have $500K in equity in the company. That could be reduced to $250 k with the creditor getting the balance, and the business pays off $750 k ... or whatever.
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