Btw, you can always spot fraudulent smile, like this one right here.
You’re Fired!
1991, Trump’s Taj Mahal in Atlantic City: This was the rare case where Trump himself was on the hook for as much as $900 million. To get out of trouble, the company filed for Chapter 11 bankruptcy, which allowed him to reorganize the debt while the casino remained open. The debacle cost the now-billionaire half his stake in the casino.
•1992, Trump Plaza Hotel in Atlantic City: This time Trump was not personally on the hook, but he had to give up his 49% stake in the hotel as part of its bankruptcy deal. He did stay CEO, but that was in name only as he relinquished his salary and day-to-day operational role.
•2004, Trump Hotels and Casinos Resorts: With his company nearly $2 billion in debt, Trump again used Chapter 11 to reorganize. This time he reduced his stake to around 25% and again gave up control.
•2009, Trump Entertainment Resorts: In his most-recent filing, the latest iteration of the Trump casino business filed for Chapter 11, leading to him resigning from the board and reducing his stake even further.
http://www.fool.com/investing/general/2015/10/10/donald-trumps-4-biggest-failures.aspx
Btw, you can always spot fraudulent smile, like this one right here.
Chap 11 is a reorganization.