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View Full Version : Donald Trump bankruptcy (again)


ZenOps
09-08-2014, 07:26 PM
http://business.financialpost.com/2014/09/08/trump-entertainment-said-to-plan-to-file-for-bankruptcy-again-putting-fifth-new-jersey-casino-in-danger/

Trump Enteratainment, which is basically the Casinos.

I can imagine the investors will get squashed.

Again.
Sugarphreak
09-08-2014, 07:37 PM
...
Toma
09-08-2014, 07:55 PM
What a winner.
sabad66
09-08-2014, 08:19 PM
he's not bankrupt. a company called 'Trump Entertainment', which Donald owns 10% of, is going bankrupt. He licenses his brand to the company, and it says he filed a lawsuit last month to try and get his name off:


Trump filed a lawsuit last month asking that his name be taken off the properties. He licensed his brand to the company on a royalty-free basis as part of an earlier restructuring, according to public filings. The agreement prohibits him from using the Trump name for a gambling business in six East Coast states including New York.

“It’s not that we’re demanding rights,” Trump said in a telephone interview. “We just want the name taken off the building. We have the hottest hotel portfolio in the world right now. They are not operating the hotel in accordance with our very high standard.”

Equity investors in Trump Entertainment include Avenue Capital Management, the New York-based hedge fund founded by Marc Lasry. Trump owns about 10% of the stock.
Xtrema
09-08-2014, 08:27 PM
AC is a dump. It has no convention business and beach isn't attracting enough people as beach resorts are far better down south

Not just Trump, everyone is leavingtown. Revel costed $2.4B and calls it after 2 years.
http://www.usatoday.com/story/money/business/2014/09/01/atlantic-citys-revel-starts-closing-after-2-years/14932507/
ZenOps
09-08-2014, 08:29 PM
Is it better or worse that he never personally declares.

For the investors, its burden of loss - you happen to be on a ship in a fleet of Trump ships that sunk. If Trump took some personal responsibility, then the investors might have a small pittance of dollars to get back.

Its in many ways - kind of irresponsible for him not to go down with the ship. Rich people tend to be like that, they drag people in with unfounded promises of riches, and then bail on everyone else but themselves when they can't deliver.