This just sucks!
Posted on 02/17/2009 4:07:08 AM PST by Zakeet
Trump Entertainment Resorts Inc., real estate tycoon Donald Trump's casino group, filed for Chapter 11 bankruptcy Tuesday morning, court documents show.
The petition listed less than $50 million in assets and nearly $500 million in debt, according to a petition filed today in U.S. Bankruptcy Court in Camden, New Jersey.
The company's board was scheduled to meet late Monday night to decide whether to authorize the filing. It is believed the casino operator would have otherwise been forced into bankruptcy involuntarily by creditors.
The filing marked the third appearance in bankruptcy court for Trump Entertainment, which most recently emerged from bankruptcy proceedings in 2005.
The board meeting follows months of negotiations between the real-estate mogul and his casino group's bondholders, who had given the company several waivers to delay an interest payment due late last year. Late last week, the bondholders told the company they would seek an involuntary bankruptcy proceeding to force the company into Chapter 11.
Trump, founder of the company, resigned as chairman of the board late Friday night, saying he disagreed with the actions of bondholders, many of which backed the casino when it exited bankruptcy last time. His daughter, Ivanka Trump, also resigned from the board.
Trump holds 28 percent of the company's stock, according to a recent filing. Shares of Trump Entertainment Resorts trade at around 23 cents, down from more than $4 a year ago.
(Excerpt) Read more at foxnews.com ...
This just sucks!
He has been living a the edge for years. I won’t be sad to see him fall. Too bad we are all going with him. He does have greater distance to fall.
Why anyone would do business with this guy is beyond my comprehension.
Some banker got a big fat fee and performance bonus.
LLS
I think it is for decades. This is his 3rd or 4th bk.
That he would be anyone’s business idol is ridiculous. Art of the Bannkruptcy is more like it.
Who keeps losing money when he files? The investers must have it to write off.
At least he didn’t beg for a Gov’t handout.
......At least he didn’t beg for a Gov’t handout.....
He didn’t need to beg. The capital loss on a corporate return is freely given.
It must be a different bunch of saps every time. Who would fall for this over and over again?
You’re fired!
No, but he’s probably in line for a job in the Obama administration, in finance, Treasury, or the like. He’s just shown his qualifications (again).
For 2 decades, whatever annual profit there is, Trump pays himself a management fee and confiscates it. He makes even more money stiffing people in bankruptcy then he does when he’s busy bleeding the company dry year after year. One of the dirtiest, sleaziest businessmen the US has ever known.
Trump walked away because there is isn’t anything in it for him to stay.
How far the mighty have fallen. One wonder’s if he thinks it was all worth it?
HE'S SO BROKE HE HAS TO DO HIS OWN HAIR NOW.
He could always start a new “Apprentince” show...Welfare Apprentice? Just a thought in case he lurks here.
His empire consists of large and small corporations, businesses and holdings that are doing well. Others of his ventures will tank in this economy.
He just declares bankruptcy on the one or ones that are kaput and the investors and stockholders are left holding the back while he moves on.
The man is no dummy and I'm sure his personal fortune is well-protected both here and abroad.
Leni
bttt
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