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You're Fired!
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| Shaya007 |
Trump casinos file for bankruptcy
NEW YORK (AP) -- Donald Trump's casino empire filed for Chapter 11 bankruptcy protection after months of negotiations with bondholders over restructructuring a crushing debt.
Trump Hotels & Casino Resorts and numerous related operations filed for protection from its creditors Sunday in U.S. Bankruptcy Court in Camden, N.J.
The filings list $1.3 billion in debt.
Sunday's move comes as Trump Hotels fights to survive amid debt that has hampered Trump's efforts to maintain and expand his Trump Marina, Trump Taj Mahal and Trump Plaza casinos in Atlantic City. The properties have been hurt badly by new competition from the Borgata Hotel Casino & Spa and other casinos.
The star of television's "The Apprentice" announced a bankruptcy reorganization plan last month under which he would give bondholders a stake but remain as chairman and CEO. |
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| dEsidEL |
he should start up a show called the "Receiver" for those competing to go into receivership on his behalf
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| starsearcher |
| I wouldn't call it a casino empire...apparently the casino business that he owns/used to own was just a tiny part of his whole empire...although that still sucks for the man hehehe...:tongue3 |
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| Allegory |
^^^
You're right, it only counts as a tiny percentage of his empire. His forte is real estate.
This is actually old news. His casinos in New Jersey have been suffering for a while. I guess the hospitality business isn't his strong suit. |
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| dallastar |
MR. TRUMP - You're FIRED! hahahahahahahah
some people should just stick to what they are great at and not think they can do it all!!! |
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| rabbitjoker |
Bankruptcy doesn't mean anybody is fired.
It's simply a state businesses go in to to stop legal action by creditors and to enable the business to reorganize and evaluate options without distractions.
Some business are able to renegotiate their debt and move out of bankruptcy.
If the business decides that it is unable to operate - assest are liquidated - bondholders being repaid first, creditors next, shareholders last (usually never). |
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| b4k-oz |
| quote: | Originally posted by dallastar
MR. TRUMP - You're FIRED! hahahahahahahah
some people should just stick to what they are great at and not think they can do it all!!! |
Actually, I don't think he's been great at anything for a long time....he was just in the right place at the right time...and when trump towers became successful, he used that magic carpet as collateral for his other deals which never came close to the same success. About the only deal that I remember him for was that thing about loft floor height (aka the tax free middle floor in his tower).
Did anyone ever read his first books? I did...only b/c he's from Queens, New York....which is were I grew up.
Neways...I gave the books away, but I sort of remember how he described his start-up in "The art of the Deal".
...It went something like...."I started with a mere 6 million dollars which I borrowed from my dad....blah, blah, blah" I thought the book was a hoot to read...and he wrote that Ivana helped make Trump Towers a success...but it had no solid insight into it's title.
As for the casino....and I quote
"Among Trump's peers, other rich business people like himself, the situation is very different. When Fortune magazine asked several thousand of them to rank 469 companies for its 1999 list of Most Admired Companies, they put Trump's casino company last. They ranked it worst in quality of management, in use of its corporate assets, employee talent, long-term investment value, and social responsibility. This again proves Donald Trump does not use any business strategies in his purchases."
http://www.nyu.edu/classes/keefer/ww1/perez.html
Well IMO "The Donald" certainly knows how to charm the public.... :haha: :crazy: :haha: :whip: :clown: |
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| St_Andrew |
| quote: | Originally posted by b4k-oz
Well IMO "The Donald" certainly knows how to charm the public.... :haha: :crazy: :haha: :whip: :clown: |
well, i dont really like him, but the apperentice is a really good show ;) |
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| dieselbambino69 |
| umm these ppl go into bankruptcy and bankrupt their companies on purpose. usually to make more money. they know loop holes the average business man has no clue abt. |
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| dallastar |
| i just said he is FIRED b/c of his show! anyways, he's rich - who cares... |
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| b4k-oz |
| quote: | Originally posted by dallastar
i just said he is FIRED b/c of his show! anyways, he's rich - who cares... |
No he's not rich at all....he lives on credit and he's even written that in his books. He never carries more than $100 dollars in cash. He actually boasts that he goes to restaurants and eats for free.....and it's true.
I remember reading that he got some major banks (which never invest without being in writing) and investors so deep in debt that they couldn't afford to discredit him b/c they'd loose it all ... So they kept their mouth shut...till the next sucker took the bait. And none of his books ever reveal how he has never been prosecuted for taking a $26 mil personal draw one year, or how he got his personal limo driver on the payroll of a company that can't claim it as a deduction.
The man is so poor that he hasn't got a pot to piss in.
Though I've never seen his shows....(not my thing)...lots of people care...and I still can't get why :conf: ???? |
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