Posted on 09/15/2015 4:17:26 PM PDT by RoosterRedux
Donald Trump has never declared bankruptcy, but his businesses have -- four times.
The real estate mogul, television star and Republican presidential frontrunner filed for corporate bankruptcy in 1991, 1992, 2004 and 2009. Three of the cases were related to his casino and hotel properties in Atlantic City, N.J.
And even though more than six years have passed since Trump had his last run-in with Chapter 11, it remains a touchy subject. Trump was quick to clarify at the Republican presidential debate hosted by Fox News in August that he had never filed for personal bankruptcy. Instead, he cast his moves as part of his solid business acumen.
"Out of hundreds of deals -- hundreds -- on four occasions, I've taken advantage of the laws of this country, like other people," he said. "The difference is, when somebody else uses those laws, nobody writes about it. When I use it, it's like, 'Oh, Trump, Trump, Trump.' The fact is, I built a net worth of more than $10 billion. I have a great, great company. I employ thousands of people. And I'm very proud of the job I did."
A Trump spokesman said many of the filings occurred when Trump was no longer involved in the businesses, blaming them on the declining casino market in Atlantic City. "It's not fair to judge anyone of his success, and the empire that he's built, on a particular investment without also looking at all of the great success he's had," he said.
Overall, the Donald is no stranger to business maneuvers that, depending on whom you ask, can appear either particularly savvy or ripe for criticism. His history with bankruptcy is no exception-- take a look at the four cases below
(Excerpt) Read more at thestreet.com ...
In before Nick and the other whiney beatches.
Ping.
Sometimes bankruptcy is the sensible response to unfair political pressures. I don’t know if that was the case here. But there’s nothing necessarily wrong with doing it.
Trump’s smart enough to not dump money in to failing endeavors?
Then he’s no good for government, thats for sure. Its all they do.
You use the tools you have at your disposal, not the tools you wish you had.
Exactly. When you can’t pay the bills, you seek protection under the law.
Airlines seem to declare bankruptcy all the time
I wonder how Trump got so rich. After all, he has never been a Senator, a Congresscritter, a President, A First “spouse”, or any governmental apparatchik. Isn’t in that way one accumulates wealth honestly?
I can not remember all of the numbers so forgive me if I misstate, but in addition to cashing in his yacht and giving up millions in stock, he also kicked in millions of his personal money to try to keep one of the companies going.
I think $50 million.
Most people say “Not another penny. Let it go.”
At least, that has been my experience in those bankruptcies in which I was a creditor.
He inherited an empire of 27,000 housing units in NYC from his father.
If Trump’s days in the casino business are a matter of interest in his presidential campaign, his bankruptcies don’t bother me nearly as much as his abuse of eminent domain to get projects built in Atlantic City.
The USA itself is close to facing the same thing.
No Shiite....
Another repeat thread based on a non-story.
Next we will be reminded Trump was a Democrat, gave money to both sides of the aisle AND married 3 times.
Go Trump!
I am a businessman. This is a good story.
Out of 100's companies, only 4 have sought Chapter 11 protection.
The only reason the federal government hasn’t gone bankrupt is because it can print money.
Trump has at least run his businesses according to the law. The federal government regularly violates the Constitution.
Not defending the man, he is quite capable of doing that himself. But this line of attack by the liberal media and RINOs is utterly stupid.
Whether he is only worth 5 billion or 10 billion (and it is stupid to say he is only successful because of his dad), he is a better businessman and negotiator than any, and I mean any politician that ever ran for office. His books on business and negotiation surpass anything ever written by a politician and 99.99999999% of the world’s population. Too attack him on his business acumen is so silly it is laughable.
Now if someone wants to attack on policy I suggest that is a better option and line of attack for a debate of ideas.
Shut up and read.
As a retired Wall Streeter, this is something I know.
His brother eventually became CEO of his father's company.
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