Trump on the Brink; Casino May File Bankruptcy
Sunday, February 15, 2009 8:48
Trump Entertainment Resorts in Atlantic City may be filing for bankruptcy.
Charting Stocks speculated that Trump was in trouble in this post. In November, Trump Entertainment Resorts missed their $53.1 million interest payment due to bondholders. The company was suffering from a collapse in revenues due to the economic depression.
Trump, who owns 28% of the common stock, resigned from the board of the company which bears his name on Friday of last week.
The bankruptcy may be forced by the bondholders of the company which include the hedge funds Avenue Capital Group of New York and Contrarian Capital Management of Greenwich, Connecticut. The bond holders have previously asked the company to file to reorganize but were refused.
The Donald’s personal troubles extend even further. Deutsche Bank AG has a suit against Donald Trump for failing to pay the $334.2 million interest payment owed from it’s financing of Trump International Hotel & Tower. Donald Trump is heavily invested in real estate and made several big bets at the top of the market (Right before the collapse).
The chart below is from our November post.
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Miguel Grande says:
February 15th, 2009 at 11:23 am
Rosie was right
John Morton says:
February 16th, 2009 at 3:14 am
The heart bleeds…
Brian says:
February 16th, 2009 at 3:45 am
I seem to remember that he has gone the bankruptcy route a couple times before. Does that guy actuall have real money or any financial skill? He seems more and more like a fictional TV character than someone that should get any real interest from the general public.
Bakruptcy now seems like a good tool for the rich and “comoners” are no longer able to escape any entaglements no matter what the circumstances are.
Tom Lowe says:
February 16th, 2009 at 3:03 pm
“I seem to remember that he has gone the bankruptcy route a couple times before. Does that guy actually have real money or any financial skill?”
No on both, but the City of London ziopigs give creeps like Trump as much money as they want through ‘credit’. But you have to be one of the insiders–and if you are one, it matters not how many times you fail, they will give you more credit. Example: Repeat Habitual Business Loser Donald Trump. I know one philatelist guy who was given tons of such credit as a teen by this City crowd and through some other insider dealing was allowed to buy entire remainder stocks of stamps from foreign postal admninistrations for just pennies on the dollar. Of course he is rich today.
Dirk Diggler says:
February 16th, 2009 at 5:23 pm
Yet this clown with the hair hat is worshipped by other morons. He is nothing more than a huckster, a huslter, a con man albeit on a grand scale.
Etienne Gervaise says:
February 16th, 2009 at 6:46 pm
If Trump’s casino fails in Atlantic City, then so will the others. When that happens, then Atlantic City can get on with proper citywide renovation. The way it is now, the casinos did virtually nothing to improve the town.
Anyway the casinos pander to the worst in human nature — the desire to get something for nothing, and the sooner they all fail, the better.
Fruitautomaten says:
January 2nd, 2010 at 11:37 am
Je kan beter op andere fruitmachines spelen. Deze zijn niet betrouwbaar