Posted on 02/16/2016 11:04:05 AM PST by reaganaut1
A pattern emerges.
Donald Trump is a habitual liar, and the thing about habitual liars is that they lie habitually.
In a testy exchange with former Florida governor Jeb Bush, Trump insisted that he’d never gone bankrupt, and that claims to the contrary are a lie. That’s the Trump magic right there: Lying about your business history is one thing, lying that your critics are lying about it is another.
Trump has a peculiar way of speaking about bankruptcy: He has a deep aversion to the word itself. He speaks of “putting a company into a chapter†without ever answering the implicit question: “Chapter of what? Moby-Dick?†The answer, of course, is the U.S. Bankruptcy Code, to which Trump has taken recourse at least four times over the course of his business career. The chapter in question is the famous Chapter 11, which applies to business bankruptcies. Trump proudly insists that he never has had recourse to Chapter 13, the personal bankruptcy code. This is his apparent justification for saying that he’s never been bankrupt. But of course one of the purposes of Chapter 11 bankruptcy is to keep men such as Donald Trump out of Chapter 13 bankruptcy.
Trump’s first bankruptcy was in 1991 after he borrowed a stupidly irresponsible amount of money to finance that monument to excruciatingly bad taste known as the Trump Taj Mahal in Atlantic City. Trump is such a good manager that the casino’s slot machines began failing during its first week of business. Never one to let reality stand in the way of his confidence, Trump had financed the $1 billion project largely with junk bonds, which meant very high interest payments. Trump did not make enough money to meet his interest payment and so was forced into bankruptcy.
(Excerpt) Read more at nationalreview.com ...
There is nothing more treacherous than building 3-4-500 million dollar commercial real estate. Off hand, I can’t think of any business more difficult.
Worse, $830 million of the debt carried his personal guarantee. Creditors, if they wanted, could force him into personal bankruptcy.
~snip~
But Mr. Trump was fast leaving his troubles behind. In 1995 he cut a deal with banks that wiped out the last of his personal debt.
He paid less than half of the roughly $110 million he owed, according to a person familiar with the matter.
All the details are out there, look ‘em up. Your question makes no sense and the explanation you gave under it looks like it answers your question.
Here is as HUGE list of companies who have filed Chapt. 11 reorganization.
https://en.wikipedia.org/wiki/Category:Companies_that_have_filed_for_Chapter_11_bankruptcy
“the explanation you gave”
That is a quote from YOUR post.
The attempted explanation that “others do it too” doesn’t cut it.
I”m not going to spend all day trying to figure out what you want! I’m not here for your amusement.
MY explanations evidently answers your question. Done.
LIke I said before.
All the details are out there, look ‘em up. Your question makes no sense and the explanation you gave under it looks like it answers your question.
Here is as HUGE list of companies who have filed Chapt. 11 reorganization.
https://en.wikipedia.org/wiki/Category:Companies_that_have_filed_for_Chapter_11_bankruptcy
What words were lies?
IS NOT my "explanation."
It is a cut and paste from YOUR OWN post.
Here is YOUR post:
...................................................
This is a bunch of crappola! The lies and misinformation are 24/7 about Trump. Whether you support him or not, be informed instead of emotionally invested in an election over some 1st term lawyer who you think might save your soul. This is about the USA, not your church.
FACTS DO MATTER
Best short summary by lawyers on this.
DONALD TRUMP HAS NEVER FILED PERSONAL BANKRUPTCY. NONE of the hundreds of companies he acquired ever filed liquidation bankruptcy. FOUR of them filed for REORGANIZATION where the creditors AGREE to a repayment plan.
Let an expert explain it to you.
Law Dictionary: How is Donald Trump Able to File for Bankruptcy So Many Times?
http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/
Written by James Hirby Fact checked by The Law Dictionary staff
People might ask “How is Donald Trump able to file for bankruptcy so many times?†The answer is “He didn’t.†Trump himself has never filed for bankruptcy. His corporations have filed for Chapter 11 bankruptcy four times. By filing for Chapter 11 bankruptcy, the corporation is allowed to continue running while restructuring and reducing its debt. By allowing the business to continue, employees still have their jobs and the business is still making money. Corporate debts still need to be repaid but they may be reduced. The corporation must develop a repayment plan and corporate budget. Both must be approved by the creditors and by the bankruptcy court.
66 posted on 2/16/2016, 3:16:17 PM by AuntB (Illegal immigration is simply more "share the wealth" socialism and a CRIME not a race!)
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That is a nonsense answer.
Trump deliberately drained assets from REITs, causing them to become non-viable.
They were never intended to succeed.
.
Running for office has everything to do with morality.
Shysters do not belong in public office.
Those that craft bankruptcies have no place in the public trust.
Just because his name was not on the entity that he drove to bankruptcy, does not mean that it didn’t go bankrupt, and that he was not personally responsible for that result.
.
See 122
Again what words were lies? You are making serious allegations.
I’m not seeing anything there which supports your assertion.
++
FYI, here is your assertion “He hasn’t needed to because he has rolled personal debt into the corporate bankruptcies.”
++
Surely you didn’t just make that up out of thin air, did you?
Not these guys again. We get it guys, you don’t approve of Trump.
Love your lack of source....
“Has he ever filed personal bankruptcy?”
Why would he when he had his corporation footing the bills!
“That and you CRuzboys are showing your desperation, and we love it....”
And you Trupetts say we Cruzies are smug, you will be changing you mind about us if Trump actually wins the nominee! And begging for our votes come general election time!
“Trump is the embodiment of the establishment.
He feels entitled to an office for which he completely lacks qualifications.
A man that deliberately bankrupts REITs in order to shift the funds to his personal use wants to be president.
That’s OK, right?”
If Trump is the nominee and wins the general election, we can just call him GIC, Gambler in Chief!
“Don’t give up your day job, humor is not your strong suit.”
And yours is!
” am not going to argue this any more. Trump is going to absolutely crush the field in South Carolina, move on a crush them in Nevada and the SEC. After that he is going to run the table and arrive at the convention with more than 50% of the delegates. He will then go on to crush the Democrat in the general election.
Consistent conservatives and establishment Republicans can moan, grown, and complain all they want and it isn’t going to change the outcome.”
Not if he loses 25 percent of us consistent conservatives votes!
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