Not correct.
The banks did require Trump be diminished in some instances and removed in others. Either way, there was an agreement in place between the parties.
Should I have a problem that Trump, in a limited capacity, used the bankruptcy courts to save jobs?
Nope. Again, having worked through the housing crash my opinion of banks is to the point of 'screw them'. Awful people.
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.
politifact.
y 1991, Trump’s corporation had filed for Chapter 11 bankruptcy protection from creditors of the Taj Mahal Casino Resort, which had cost $1 billion to build. Unable to pay the high interest rates on the junk bonds used to finance the resort’s construction, Trump was forced to surrender half of his ownership interests in the property to bondholders in exchange for their acceptance of lower interest rates.
The only hiccup in the expedited six-week restructuring process came from a company called Dixie-Narco, which had supplied 1,350 bill-changing machines to the Taj Mahal, according to a New York Times report. Dixie-Narco said Trump had improperly solicited bondholders by saying its $6 million claim was worthless. The two sides reached a settlement for $2.4 million, with the Taj Mahal agreeing to give back 500 of the machines.
The Times also reported that Trump faced about $900 million in personal liabilities, which he reduced to about $550 million by the end of the year. The ordeal led to the sale of his Trump Princess Yacht and Trump Shuttle airline.
It provided an important lesson as well. Ted Connolly, a Boston Bankruptcy attorney who studied Trump for his book The Road Out of Debt: Bankruptcy and Other Solutions to Your Financial Problems, told TheStreet in an August interview that the first bankruptcy was a learning experience for Trump.
“The first business bankruptcy, he had a lot of personal liabilities, guarantees on the business debt, which would have wiped him out,” Connolly said. “What he did was leverage the amount of business debt to negotiate away his personal liability. And from that, he learned not to put his personal wealth at risk anymore. And so in the next three, he didn’t have any personal guarantees.”
The Street
So yes Brave Sir Donald learned.. to let others hold the bag when his ventures as he puts it “went into a chapter”