Confirmed: Trump Resorts Goes Bust; 9 Other Trump Companies Follow
Tuesday, February 17, 2009 8:00
Reuters is reporting that Trump Entertainment Resorts Inc. has filed for Chapter 11 bankruptcy protection.
This would be the third trip to the bankruptcy courts for Trump Entertainment, though my hunch is that this will be the last. Nine other Trump affiliated companies have also sought bankruptcy protection. Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates are among them.
Charting Stocks has speculated that the Donald was in some trouble for some time. In November, Trump Entertainment Resorts missed a $53.1 million interest payment due to bondholders. Trump also has a $334.2 million lawsuit which was brought against him by Deutsche Bank AG for failing to make good on the loan given to him to finance Trump International Hotel & Tower.
Click here to read the November post.
The chart below is from the November post. When a stock chart looks like that, there is no coming back.
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F all liars says:
February 17th, 2009 at 2:54 pm
Hey News Corp is on its way to that (FAUX “news”)
Tom says:
February 18th, 2009 at 1:09 am
Trump couldn’t operate a brothel, adjacent to a military base, profitably.
Chuck says:
February 18th, 2009 at 3:37 am
Still talking in millions of dollars almost makes this small news. But just think of all the layoffs and the pain for the employees who did nothing but work there. An up market can make anyone look smart. But now that the markets have turned, even Donald seems to have fallen on harder times.
This unfolding is accelerating and it is coming home for a lot of people. Get some gold and silver, get out of debt, and get out of the stock market. Store some food.
Is US headed for another great depression …they and the whole world is already in one.