Posted on 01/13/2016 5:43:11 PM PST by dschapin
... After gaining control of two casinos through deals that loaded them with debt, [Trump] turned in 1987 to the Taj Mahal, a megaproject being built by publicly traded Resorts International Inc.
Mr. Trump bought a class of shares that gave him just a slice of Resortsâ equity, but voting control. From that perch, he pushed through a service contract that would have the company pay him $108 million over five years. He told casino regulators the company could raise the cash needed to finish its casino only by assuring lenders Mr. Trump would remain involved, which this contract did.
Upon news that funding was uncertain, Resortsâ stock plunged. Mr. Trump then told investors the only way to finish the Taj Mahal was for him to buy Resorts at just above its reduced share price. Construction lenders, he said, were put off in part by the high cost of his service contract.
(Excerpt) Read more at wsj.com ...
Yew gots The Tee Dee Ess bad, boy...
I’ll be GREAT when he starts doing that to other countries, particularly China and Mexico!
Trump can work the system for sure, the question is if he can work it for US.
Vegas? All bets are OFF!
Check out the business dealings of Harry Reid, The Kennedy Family,The Clintons and many others.Its a rough business environment at times but these folks make Trump look like a piker
Trump is not running to be a saint like Obama was ( Obama failed miserably at sainthood.) Trump is running for the presidency of the USA.
And Trump is tough enough and bright enough to do a great job.In fact Trump is brilliant.
Vegas is the base of operations for Dingy....
Wall Street Journal = The Establishment Journal
More desperation.....
Thanks for posting. The article also shows how Trump rolled personal debt into these bankruptcies.
No wall, no future.
History tells us the politicians sure can't do it.....I'm a gambling man, what is there to lose?
yep, he can. He’s the only one with the cajones to do id.
Luck or Did Trump just kick the bankers’ asses?
Yeah, I saw that in the article. That Trump had a significant amount of personal debt (around 110 million) involved in the bankruptcies. That is interesting because I am fairly certain that Trump made a big point in one of the debates that none of the bankruptcies involved his personal debt.
And reading your posts, your comments are typical.
From the comments on WSJ:
“No doubt, Trump can screw over the best, but do we want that type of President?”
“Uhmmm...Yeah!” so sayeth Vendome...
I know, and you had Trump as a “close #1” but now you just can’t bring yourself to vote for him as this is the “final straw”. Transparent....
[ History tells us the politicians sure can’t do it.....I’m a gambling man, what is there to lose? ]
I think Trump will either fix a lot of things or he will Burn everything, at this point either option is preferable to just “Fading Away”.
Basically he destroyed the publically traded company that was in the process of building the Taj Majal in order to gain control of casino. Here is that story from the article.
“... After gaining control of two casinos through deals that loaded them with debt, he turned in 1987 to the Taj Mahal, a megaproject being built by publicly traded Resorts International Inc.
Mr. Trump bought a class of shares that gave him just a slice of Resortsâ equity, but voting control. From that perch, he pushed through a service contract that would have the company pay him $108 million over five years. He told casino regulators the company could raise the cash needed to finish its casino only by assuring lenders Mr. Trump would remain involved, which this contract did.
Upon news that funding was uncertain, Resortsâ stock plunged. Mr. Trump then told investors the only way to finish the Taj Mahal was for him to buy Resorts at just above its reduced share price. Construction lenders, he said, were put off in part by the high cost of his service contract.
Mr. Trump then cut a deal with another bidder for Resorts, accepted $60 million to terminate his service contract, and in 1988 ended up with the half-finished Taj Mahal casino. It issued $675 million of bonds to complete construction.”
Yes, the question I have is 1) will he be negotiating for himself and against us, or 2) Will he be negotiating for himself *(and us) against the US Government/Regulator-class tyrants?
No, I have never been a big Trump fan. I don’t trust him.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.