Today's Political Truth - Trumps Bankruptcies

So, the MSM and the DNC, even the GOP in some cases, wants you to think that Mr Trump has filed for bankruptcy 4 times and that it is unacceptable. How could he run a country? He failed 4 times! Well, there is a lot more to the story they do not tell you.

For the quick readers....Trump filed Chapter 11 4 separate times. For the uneducated, This means you are trying to save a business and not dissolve. What happened after those filings? You see, he still holds investments in all of those properties he filed for and SAVED. They are ALL still there. So, 4 times he gave up his majority interest in these companies to allow them to try to recover, which they did eventually, and are all still open. In fact, 3 of the filings were for the same entities in Atlantic City gaming. They are however still producing jobs and taxes for the local,state and federal economy. Educate yourself. When you do, it shows a businessman who had a bad property and has tried 3 times to save the same one. He could have easily just sold them outright and liquidated them.

He filed for protection. It is not uncommon. When was it the lowest in the last 15 years. 2006 under Bush. From 2001 to 2007 it dropped from 11k per year to just over 4k. Business was good. In 2008 close to 15 thousand filings for Chapter 11 occurred. If you look you will also see that it looks like they have declined but it is not just that. There are less business. Less new businesses being created. We need someone for growth and knows how to come back from deficit and not double it in 7 years. Businesses are overtaxed and in my industry I see it. I see how the policies of the last 10 years have hurt large and small business. A lot of owners did not or could not do what Trump did and I have seen 1000's laid off in Industries from Defense to Medical to Manufacturing. No one is fighting for the worker to have a job. You need a job for all before you argue about minimum wage hikes.

The properties -

Trump’s four bankruptcies were Chapter 11 reorganizations (named for its location in federal bankruptcy code), which are designed to restructure businesses without shutting them down completely. The purpose is to "save" the business, as opposed to other forms of bankruptcy which would liquidate the company, said Michael Venditto, a partner at the ReedSmith law firm who has extensive experience with Chapter 11. Because they keep coming up, we decided to outline Trump’s four bankruptcies. We also talked to some finance experts, who told us Trump is correct that Chapter 11 reorganization is not always the result of bad business decisions.

Bankruptcy 1: The Trump Taj Mahal, 1991 The first bankruptcy associated with Trump was perhaps the most significant in terms of his personal finances, according to news reports at the time. He funded the construction of the $1 billion Trump Taj Mahal casino in Atlantic City, which opened in 1990. By 1991, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities, so the business decided to file for Chapter 11 reorganization, according to the New York Times. As a result, Trump gave up half his personal stake in the casino and sold his yacht and airline, according to the Washington Post.

Bankruptcy 2: Trump Plaza Hotel, 1992 Trump acquired the Plaza Hotel in New York for $390 million in 1988. By 1992, the hotel had accumulated $550 million in debt. As a result of the bankruptcy, in exchange for easier terms on which to pay off the debts, Trump relinquished a 49 percent stake in the Plaza to a total of six lenders, according to ABC News. Trump remained the hotel’s CEO, but it was merely a gesture -- he didn’t earn a salary and had no say in the hotel’s day-to-day operations, according to the New York Times.

Bankruptcy 3: Trump Hotels and Casinos Resorts, 2004 Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004 when his casinos -- including the Trump Taj Mahal, Trump Marina and Trump Plaza casinos in Atlantic City and a riverboat casino in Indiana -- had accrued an estimated $1.8 billion in debt, according to the Associated Press. Trump agreed to reduce his share in the company from 47 to 27 percent in a restructuring plan, but he was still the company’s largest single shareholder and remained in charge of its operations. Trump told the Associated Press at the time that the company represented less than 1 percent of his net worth.

Bankruptcy 4: Trump Entertainment Resorts, 2009 Trump Entertainment Resorts -- formerly Trump Hotels and Casinos Resorts -- was hit hard by the 2008 economic recession and missed a $53.1 million bond interest payment in December 2008, according to ABC News. After debating with the company’s board of directors, Trump resigned as the company’s chairman and had his corporate stake in the company reduced to 10 percent. The company continued to use Trump’s name in licensing.

Three times for the same entity. The one in 2009 he reduced his part to 10% to keep it going. He took a cut 3 times to keep the same property going. it is still there. Jobs are still there. He did not stop trying. So really, he filed for two failed endeavors out of his hundreds of businesses. 3 times for one and again, still owns a share.

So when he say this...

“I pledge to never sign any trade agreement that hurts our workers, or that diminishes our freedom and independence. Instead, I will make individual deals with individual countries. No longer will we enter into these massive deals with many countries…and which no one from our country even reads or understands,” he said.

I believe him .

But, but...he wants to bring back jobs! Then I'll have to work and won't get more free sh**!! Hillary and Bernie promised me free sh**!!. And feeelings. We have to worry about feelings! Hillary worries about my feeelllings. Trump hurts my feelings. He says mean things.

Hillary and Bernie promised me free sh**!

Newsflash- no one's voting for Hillary because she's copying Bernie's free college idea, there are a ton of reasons to vote for her that you ignore for your sensationalist BS.

a reply to: CB328

Let's see some of 'em.

Personally, I can't think of a reason to vote for her. Or Trump, either, for that matter...

a reply to: CB328

There is not one single rational reason for anyone to vote for a CRIMINAL.

People who are the loudest supporters of that criminal, need to keep repeating the same narrative they are being told from her and her MSM, in order for their brain to be able to rationalize their support towards her.

There is ZERO logical reason on why would anyone give their vote to that criminal, who doesn't give a flying duck about the people, and is only concerned about making those who pay her happy.

Wake up

a reply to: seagull

Well, you see who's against Trump. I'd say that's a pretty good reason. And second, he is a successful businessman. Which means, he might be able to fix the economy in the US.

And most importantly, he's not a trained career politician.

a reply to: CB328

Yeah some people are voting for her because she is a ciswomen.

Some in businesses people know how she will play the game. Enough money to the right charity can make some people really really rich

well, the country is basically bankrupt anyway who better to have as president than someone who has experience dealing with bankruptcy?

originally posted by: CB328

Hillary and Bernie promised me free sh**!

Newsflash- no one's voting for Hillary because she's copying Bernie's free college idea, there are a ton of reasons to vote for her that you ignore for your sensationalist BS.

No. The only reason to vote for Hillary Clinton is if you love and adore corrupt criminal politicians who have caused people's deaths.
Like yourself for an example.

Funny when you skip ahead to the end of the story he still filed bankruptcy. 4times. Lol.
Non nutritional filler doesn't change the outcome.

And he still has that trump u thing hanging over his head.

He cheats senior citizens. He will cheat your grandma too.

Abe Lincoln filed for bankruptcy.

Good thing Trump has over 500 businesses, and his success rate is very high. Compare that with Hilary's Whitewater, and shotty success rate.

trumps bankruptcies are beautiful. they are the best. look at my hands waving !

originally posted by: Nikola014
a reply to: seagull

Well, you see who's against Trump. I'd say that's a pretty good reason. And second, he is a successful businessman. Which means, he might be able to fix the economy in the US.

And most importantly, he's not a trained career politician.

how does the president fix the economy ? I'm sure they all would like to know.

There is not one single rational reason for anyone to vote for a CRIMINAL.

a reply to: Nikola014

Voters have voted for criminals in the past...George W. Bush comes to mind.

a reply to: Sillyolme

He filed for the same entity 3 times. The last one was not even him. It was the Enterprise he owned 10% of. A board of directors filed so actually, it was only 3 times in total he was the primary on filing.

It just sounds so much better to say TRUMP FILES FOR BANKRUPTCY $ TIMES AND ATTEMPTS TO TAKE OLD WOMANS HOME but it is all really sensationalism at best.

a reply to: syrinx high priest

A president does not 'fix' an economy. But if you have a fiscally conservative president who lowers cuts the corporate tax rate in half and allows for less federal tax per employee it allows more money into the economy. It creates more jobs that can cover the personal tax rate cut. Government is wasteful and gets nothing done.

Central Park ice skating rink. 6 years NYC tried to rebuild it. Spent millions on bad contracts. 12 million in the hole. Trump came in and in less than six month and under budget he completed it.

articles.philly.com...

He even gave back to charity again....

Under the agreement, Trump will operate the rink for one year, donating any profits to a "mutually agreed charity." He announced yesterday that the Ice Capades organization had been hired to handle the day-to-day operation.

It gets things done. Since that project he has re sculpted the NYC skyline.

originally posted by: seagull
a reply to: CB328

Let's see some of 'em.

Personally, I can't think of a reason to vote for her. Or Trump, either, for that matter...

Well if you’re somebody who relies on Obamacare or an immigrant with shaky legal status you might deem it useful to keep a GOP president out of the white house


People do have genuine practical reasons to vote for candidates

a reply to: Willtell

Why? When was the last GOP pres to actually do something about immigration, or even attempt something??

Can't recall a one, at least not recently.

Thanks, Matafuchs, for this story. It shows me how how hard he tries to save a company and is willing to give up his shares (and his toys!) to do it. Many other companies would just sell it off.

I've been laid off several times from companies going completely bankrupt and closing down.

Ok. I'm still not voting for an unethical immature celebrity who knows nothing about regular people's problems. What's the purpose of this thread besides stroking off the same 5 people who always pop up in Trump threads? If it's to try to convince anyone that Trump is the right person to lead our country because having a few bankruptcies is acceptable in Trumps line of work then you've done an awful job of showing me how this applies to fixing any of our country's problems.

The one thing Trump supporters can't do is convince people who are on the fence to vote Trump. It comes down to a lack of substance. What does talking about bankruptcies do for me? Nothing.