A search around the internet demonstrates that commonly held shiboleth to be combination of a lie, a damn lie and the misuse of statistics. There are numerous law review articles on this, such as THE SUCCESS OF CHAPTER 11: A CHALLENGE TO THE CRITICS" or this paper by the office of the US Trustees OUTCOMES OF CHAPTER 11 CASES: U.S. TRUSTEE DATABASE SHEDS NEW LIGHT ON OLD QUESTIONS
Here is the problem with your damn lies. According to the U.S. Trustees, about 30% of reorganizations are affirmed (a successful plan filed and accepted); some 20% or so are converted to chapter 7; and 41% are dismissed after an out of court settlement is reached AFTER FILING.
Dimsissal after an out of court settlement would be a success. In fact a few of Trump's bankruptcies were resolved in exactly this manner.
You haven't slapped me around, and not it isn't "unpleasant." I just would hope that you would have learned your lesson to go do your own goddamned research.
Only for someone who believes - like you - that a “dismissal” means that all creditors have been, or will be, made whole.
Once again, in my initial post, I stated this:
(1) Trump needs to release all documents related to his four Chapter 11 companies.
(2) And Trump needs to use his $4 billion net worth to make all his former creditors whole.
If he does not make all his creditors whole, I stated he is morally unfit to be president.
Andy, Trump has written books and bragged about ripping off the banks!
What do you think the MSM and the Democrats, and quite possibly Cruz and the Republicans, are going to do with those quotes in the coming elections?
Re: “Here is the problem with your damn lies. According to the U.S. Trustees, about 30% of reorganizations are affirmed (a successful plan filed and accepted)...”
How does that contradict what I said?
I said less than 15% of Chapter 11 companies “emerge” from Chapter 11.
From memory...
About 15,000 new Chapter 11 cases are filed each year.
About 100 to 200 Chapter 11 companies complete the entire Chapter 11 process each year.
All the other companies either move into Chapter 7, or the creditors accept an out-of-court haircut.
Let's give Donald Trump the last word in this discussion.
From Trump's book Think BIG and Kick Ass in Business and Life:
“I figured it was the bank's problem, not mine. What the hell did I care? I actually told one bank, “I told you you shouldn't have loaned me that money. I told you the goddamn deal was no good.”
Bye, Andy.
Nice chatting with you.