Without bailouts, bankruptcy, junk bonds, and his father, “the Donald” would be hawking fake Rolexes on a street corner.
ATLANTIC CITY, N.J. — The Trump Castle Casino Resort, admitting that a $3.5-million loan from Donald J. Trump’s father violated state gaming laws, has agreed to a $30,000 penalty, officials said Tuesday.
In other developments Tuesday, the developer:
* Announced plans to convert most of New York’s swank Plaza Hotel into luxury condominiums.
* Reached a final agreement on restructuring the debt at his glitzy Taj Mahal casino in Atlantic City.
In December, Fred Trump, through his lawyer, bought 700 gray gambling chips without intending to gamble. The purchase of the $5,000 chips gave the casino enough cash for an $18.4-million interest payment.
A spokesman for the Division of Gaming Enforcement said Fred Trump has agreed to apply for a license that would allow him to lend money to the casino. He would then be able to make a similar loan in June, when the casino’s next interest payment is due.
http://articles.latimes.com/1991-04-10/business/fi-293_1_trump-castle
Trump: ‘A Small Loan Of A Million Dollars’ Read more at: http://www.nationalreview.com/corner/426177/trump-small-loan-million-dollars-john-fund