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Thread: Trump shows off about bankruptcies lol

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  1. #1 Trump shows off about bankruptcies lol 
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    by Tom Murse
    Updated January 19, 2018

    Donald Trump has portrayed himself as a successful businessman who has amassed a net worth of as much as $10 billion. But he has also led some of his companies into bankruptcy, maneuvers he says were designed to restructure their massive debt.
    Critics have cited the Trump corporate bankruptcies as examples of his recklessness and inability to manage, but the real-estate developer, casino operator and former reality-television star says his use of federal law to protect his interests illustrates his sharp business acumen.
    "I have used the laws of this country just like the greatest people that you read about every day in business have used the laws of this country, the chapter laws, to do a great job for my company, my employees, myself and my family,” Trump said in August 2015.
    The New York Times, which conducted an analysis of regulatory reviews, court records and security filings, found otherwise, however. It reported in 2016 that Trump "put up little of his own money, shifted personal debts to the casinos and collected millions of dollars in salary, bonuses and other payments."
    "The burden of his failures," according to the newspaper, "fell on investors and others who had bet on his business acumen."
    6 Corporate Bankruptcies

    Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. He also entered a Manhattan hotel and two casino holding companies into bankruptcy.
    Chapter 11 bankruptcy allows companies to restructure or wipe away much of their debt to other companies, creditors, and shareholders while remaining in business but under the supervision of a bankruptcy court. Chapter 11 is often called "reorganization" because it allows the business to emerge from the process more efficient and on good terms with its creditors.
    One point of clarification: Trump has never filed personal bankruptcy, only corporate bankruptcy related to his casinos in Atlantic City. “I have never gone bankrupt,” Trump has said.
    Here is a look at the six Trump corporate bankruptcies. The details are a matter of public record and have been widely published by the news media and even discussed by the president himself.

    01
    of 06
    1991: Trump Taj Mahal





    Trump opened the $1.2 billion Taj Mahal Casino Resort in Atlantic City in April 1990. One year later, in the summer of 1991, it sought Chapter 11 bankruptcy protection because it was unable to generate enough gambling revenue to cover the massive costs of building the facility, particularly amid a recession.
    Trump was forced to relinquish half of his ownership in the casino and sell off his yacht and his airline. The bondholders were awarded lower interest payments.
    Trump's Taj Mahal was described as the eighth wonder of the world and the largest casino in the world. The casino covered 4.2 million square feet on 17 acres of land. Its operations were said to have cannibalized the revenue of Trump's Plaza and Castle casinos.
    "Your wish is our command. ... Our wish is that your experience here be filled with magic and enchantment," the resort staff promised at the time. More than 60,000 people a day visited the Taj Mahal in its opening days.
    The Taj Mahal emerged from bankruptcy within weeks of its filing but was later closed.






    02
    of 06
    1992: Trump Castle Hotel & Casino





    The Castle Hotel & Casino entered bankruptcy in March 1992 and had the most difficulty of Trump's Atlantic City properties in covering its operational costs. The Trump Organization relinquished half of its holdings in the Castle to the bondholders. Trump opened the Castle in 1985. The casino remains in operation under new ownership and a new name, the Golden Nugget.






    03
    of 06
    1992: Trump Plaza Casino





    The Plaza Casino was one of two Trump casinos in Atlantic City to enter bankruptcy in March 1992. The other was the Castle Hotel & Casino. The 39-story, 612-room Plaza opened on the Atlantic City boardwalk in May 1984 after Trump struck a deal to build the casino with Harrah’s Entertainment. Trump Plaza closed in September 2014, putting more than 1,000 people out of work.


    04
    of 06
    1992: Trump Plaza Hotel





    Trump's Plaza Hotel was more than $550 million in debt when it entered Chapter 11 bankruptcy in 1992. Trump gave up a 49 percent stake in the company to lenders, as well as his salary and his day-to-day role in its operations.
    The hotel, overlooking Central Park in Manhattan from its location on Fifth Avenue, entered bankruptcy because it could not pay its annual debt service payments. Trump bought the hotel for about $407 million in 1988. He later sold a controlling stake in the property, which remains in operation.


    05
    of 06
    2004: Trump Hotels & Casino Resorts





    Trump Hotels & Casino Resorts, a holding company for Trump's three casinos, entered Chapter 11 in November 2004 as part of a deal with bondholders to restructure $1.8 billion of debt.
    Earlier that year, the holding company posted a first quarter loss of $48 million, double its losses for the same quarter the previous year. The company said its gambling take was down nearly $11 million across all three casinos.
    The holding company emerged from bankruptcy less than a year later, in May 2005, with a new name: Trump Entertainment Resorts Inc. The Chapter 11 restructuring reduced the company's debt by about $600 million and cut interest payments by $102 million annually. Trump relinquished the majority control to bondholders and gave up his title of chief executive officer, according to The Press of Atlantic City newspaper.


    06
    of 06
    2009: Trump Entertainment Resorts


    Trump Entertainment Resorts, the casino holding company, entered Chapter 11 in February 2009 amid The Great Recession. Atlantic City casinos were also hurting, according to published reports, because of new competition from across the state line in Pennsylvania, where slot machines had come online and were drawing gamblers.

    So somebody said in another thread that they admire Donald's hard work and smart business, taking advantage of America's great opportunities. He took advantage alright. He took advantage of the laws and loopholes to leave his investors hanging and filing bankruptcy 6 times! (and he has shown off about it too lol) Wow he's a real smart businessman. Not to mention the fact that he wasn't a self made man to begin with. He started off wealthy. So much for that.

    This was just to enlighten the guy who was admiring him for his smarts and hard work...riiiight.

    How's that for copying and pasting buster or whatever your name was. I sure struck a nerve with you about the college degree bit....I even center aligned this one for your viewing pleasure....



























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  2. #2  
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    Pre election fake news...lol
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  3. #3  
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    If it doesn't fit with their agenda they just call it fake news! Lol. Easy!

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  4. #4  
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    Why do you think he didn't want to show his tax returns? Because people would find out that he has nowhere near the money he claims to have. Or he cheated on them.
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    Quote Originally Posted by Angel Martin View Post
    Why do you think he didn't want to show his tax returns? Because people would find out that he has nowhere near the money he claims to have. Or he cheated on them.

    You mean like how Obama hid his Occidental College records, his Columbia college records, Harvard college records, thesis papers, Selective Service registration, Medical records, his records as a Senator, his law practice clients, etc, etc, etc,....you mean like that, right?
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    Quote Originally Posted by bilbal View Post
    You mean like how Obama hid his Occidental College records, his Columbia college records, Harvard college records, thesis papers, Selective Service registration, Medical records, his records as a Senator, his law practice clients, etc, etc, etc,....you mean like that, right?
    +1
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    Quote Originally Posted by road2perdition View Post
    If it doesn't fit with their agenda they just call it fake news! Lol. Easy!

    tell that to the idiots at CNN who have been fired for publishing fake news, tell that to ABC's Brian Ross for the whopper he published and was suspended for, tell that the NYT, HuffPo, WaPo, et al, who have all made dozens of retractions and "corrections". The lamestream media lies are a BIG reason why liberals have lost nearly 1,200 seats at all government levels.
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    Quote Originally Posted by bilbal View Post
    tell that to the idiots at CNN who have been fired for publishing fake news, tell that to ABC's Brian Ross for the whopper he published and was suspended for, tell that the NYT, HuffPo, WaPo, et al, who have all made dozens of retractions and "corrections". The lamestream media lies are a BIG reason why liberals have lost nearly 1,200 seats at all government levels.
    +1
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  9. #9  
    Life's a bitch, then you die! Dave007inVegas's Avatar
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    From the above posts I see that road2Alaska doesn't have a understanding of the law or business.

    But all is forgiven because he doesn't hate Trump.
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  10. #10  
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    Quote Originally Posted by Dave007inVegas View Post
    From the above posts I see that road2Alaska doesn't have a understanding of the law or business.

    But all is forgiven because he doesn't hate Trump.
    And voted for Trump. Honest.

    Progressivism is the bastard child of Marxism
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  11. #11  
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    Biggest Trump hater in town
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    Quote Originally Posted by Sheriff Joe View Post
    And voted for Trump. Honest.

    My bad. How could I forget.
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    Quote Originally Posted by bilbal View Post
    You mean like how Obama hid his Occidental College records, his Columbia college records, Harvard college records, thesis papers, Selective Service registration, Medical records, his records as a Senator, his law practice clients, etc, etc, etc,....you mean like that, right?
    I'm not sure how many presidents showed their college records, Selective Service registration, their records as a Senator, which are, uh, public information, and, then, a REAL winner-his law practice clients? That's an incredibly stupid idea, sadly, you're probably not even aware of why-but I DO now that every Presdient since George Romeny has showed their tax returns(so that's at least 24 straight), some of them, like the Clintons, showed DECADES of tax returns, whereas, Twittler hasn't even shown ONE year(after lying, and saying he couldn't show them because of an audit, which seems to be going on for all eternity), so, I think you know what you can do with THAT stupid ass argument.
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    I believe Trump got A + 's in those Colleges caz he knows a bunch of stuff and is cool! To cool for school in fact!


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    Lol. Clinton’s showed what they wanted people to see
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    Quote Originally Posted by Dafinch View Post
    I'm not sure how many presidents showed their college records, Selective Service registration, their records as a Senator, which are, uh, public information, and, then, a REAL winner-his law practice clients? That's an incredibly stupid idea, sadly, you're probably not even aware of why-but I DO now that every Presdient since George Romeny has showed their tax returns(so that's at least 24 straight), some of them, like the Clintons, showed DECADES of tax returns, whereas, Twittler hasn't even shown ONE year(after lying, and saying he couldn't show them because of an audit, which seems to be going on for all eternity), so, I think you know what you can do with THAT stupid ass argument.

    It's very murky waters with Trump and the conflict of interest him being President and his businesses. The meetings he holds at his Hotels etc as President and so on and so forth. It's a long list and unprecedented territory. Time will tell.
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    Donald showed off about working the system to alleviate himself from financial responsibility and to profit. Wonder if he sees the job as the President of the U.S.A as another opportunity to work the system and make some more money....Aside from the perks of holding meetings at his hotels and so forth...
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  18. #18  
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    "Hundreds of companies" have filed for bankruptcy, Trump said earlier in the debate. "I used the law four times and made a tremendous thing. I'm in business. I did a very good job."

    Trump.

    Lol.

    Just like he played the Republicans on their insecurities and hatred and racism to win an election. This man was also quoted as saying he would run as a Democrat if he saw fit and thought he had a better chance.

    I guess ultimately he figured the Republicans were the more stupid and naive and controllable group to manipulate. He was right lol.
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  19. #19  
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    Im going to post a quote from Dafinch, cause this stuff is from the past....

    Quote Originally Posted by Dafinch View Post
    What does any of that shit posted from the past have to do with what is going on in the here and now? Clueless, dead wrong, morons.
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  20. #20  
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    Quote Originally Posted by NFLTrends View Post
    Im going to post a quote from Dafinch, cause this stuff is from the past....
    Lol..

    Oh my that guy is such a loser.
    OMG DuhhhhhFFFFIIIIINNNNNCCCCCHHHHHHH!!!!!!
    YOU ARE A TOTAL LOSER ! ! ! ! LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ
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    Quote Originally Posted by road2perdition View Post
    It's very murky waters with Trump and the conflict of interest him being President and his businesses. The meetings he holds at his Hotels etc as President and so on and so forth. It's a long list and unprecedented territory. Time will tell.
    Hey Road...

    Go.fk. yourself.
    OMG DuhhhhhFFFFIIIIINNNNNCCCCCHHHHHHH!!!!!!
    YOU ARE A TOTAL LOSER ! ! ! ! LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ LOLZ
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    ​This stuff rocks !
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    Lol.
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  25. #25  
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    I thought it was 6 bankruptcies?
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