Trump Hotel & Casino Resorts 2004
Trump didn’t go back to bankruptcy court again until November 2004, when he filed to shed debt at his various Atlantic City casinos and a riverboat in Indiana. It was another quick trip through bankruptcy court; the company shed $500 million in debt and emerged from bankruptcy the following May. Trump turned over majority control of the company to his bondholders but remained the largest single shareholder, and he once again kept control of the casinos.
Eight Us Presidential Bankruptcies You May Have Missed
When we think of the office of president, we often think that only wealthy men can attain it. Barack and Michelle Obama have signed deals worth tens of millions of dollars, George W. Bush retired to his Texas ranch, Bill Clinton founded the Clinton Foundation, and Jimmy Carter still teaches Sunday school in Georgia. We have the idea that those who leave the office, and those who come to it, have little to worry about in terms of finances and comfort in their post-political years. However, while distinctly in the minority, at least eight presidents have experienced financial hardship and even presidential bankruptcies.
The Trump Entrepreneur Initiative
The now-defunct Trump Entrepreneur Initiative was once known as Trump University. The for-profit education company offered courses in real estate,Â;asset management, entrepreneurship, and wealth creation.
The company was not an accredited school and did not offer high school or college credits.Â;
The company was embroiled in an ongoing, high-profile scandal during Trump’s presidential campaign, and it continued into his tenure as president.
The Trump Entrepreneur Initiative faced a lawsuit in 2013alleging illegal business practices. The New York state attorney general filed a $40 million civil suit that alleged the corporation made false promises to its students.
A New York judge found Trump personally responsible. In late March 2017, when Trump was serving as president, a judge approved a $25 million settlement for the defrauded students.
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How Is Donald Trump Able To File For Bankruptcy So Many Times
Prior to the 2016 presidential election, when people discussed then-candidate Donald Trump, they often focused on his personal finances and how he had run his businesses. One of the common refrains had to do with his bankruptcies. According to pundits and critics, Trump had been unsuccessful in business, having to file bankruptcy several times in order to get by. Some people may have seen those stories and read the reports only to wonder how a person can declare bankruptcy so many times. For someone with the wealth of Donald Trump, how is it possible to keep declaring bankruptcy?
Donald Trump and personal bankrtupcyTo understand Donald Trump and bankruptcy, one must first understand the distinction between personal finances and business finances. Businesses are separate entities according to the law. In particular, corporations have their own legal personhood. They are specifically created so that people can avoid personal financial liability if things happen to go wrong. With this in mind, Donald Trump has actually never declared personal bankruptcy. In each instance, his bankruptcy has been a result of a business failure rather than a personal failure.
There have been many other business bankruptcies. Most of those have involved casinos. While Trump has tried hard in the casino business, he has had a number of failures there. On top of that, his Trump Plaza Hotel had to declare bankruptcy in order to seek ample protections.
Remington: Oldest Us Gunmaker Files For Bankruptcy
The oldest gun manufacturer in the US, Remington Outdoor, has filed for bankruptcy in the wake of slumping sales.
The firm, founded more than 200 years ago, filed for bankruptcy protection to cut a deal with its creditors.
Remington’s chief financial officer said the company’s sales dropped significantly in the year before its bankruptcy, court papers show.
The filing comes amid fresh demands for greater gun control in the US.
A shooting at a Florida high school in February has revived the debate on gun control, and on Saturday hundreds of thousands of protesters took to the streets of US cities.
Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons.
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Trump Ice Natural Spring Water
Trump Ice was a bottled water brand. TheÂ;winner of The ApprenticeÂ;Season 2, KellyÂ;Perdew, served as executive vice president of the organization.
The company’s website no longer exists, and the product can no longer be found in national grocery chains or stores but some can still be found onÂ;eBayÂ;and other auction sites.
The company was used as a gimmick in the show’s first season when contestants marketed and sold the product.
The 2nd Windfall: ‘the Apprentice’
After the turn of the 21st century, Trump’s starring role in “The Apprentice” was his next big windfall, providing him with $197.3 million from 2000 to 2018, per The Times. This figure expands even further when factoring in endorsements and licensing deals that traded off his “You’re fired!” image.
Trump still filed two corporate bankruptcies during this era in 2004 and 2009 but his assets’ struggles were largely hidden behind the opaque wall of the Trump Organization as Deutsche Bank grew to become his main lender, loaning him $2 billion over the next two decades, per The Times.
Instances of deceptive accounting have arisen in lawsuit claims or in reporting similar to The Times’, such as the Washington Post reporter David Fahrenthold’s Pulitzer-winning work on the Trump Foundation. Fahrenthold reported that the foundation, ostensibly a charity, ran on few of Trump’s own dollars and that Trump had used funds from it to settle legal disputes.
The Times concluded in its recent analysis that Trump had largely spent on golf courses in recent years; that these assets lose millions, or tens of millions, a year; and that his revenue from “The Apprentice” and licensing deals had been withering away.
Since 2000, The Times found, Trump has lost $315.6 million from his 15 golf courses in the US, Scotland, and Ireland, including $162.3 million in losses on his National Doral golf resort in Miami from 2012 to 2018 and $63.6 million on his three European golf courses.
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Used Law To Protect Interests
Critics have cited the Trump corporate bankruptcies as examples of his recklessness and inability to manage, but the real estate developer, casino operator, and former reality-television star says his use of federal law to protect his interests illustrates his sharp business acumen.
Trump said in August 2015:
“I have used the laws of this country just like the greatest people that you read about every day in business have used the laws of this country, the chapter laws, to do a great job for my company, my employees, myself and my family.
Bankruptcy Judge Weighs Nra Case
The National Rifle Association, long a feared power broker, will learn its fate this week in a court ruling that has the potential to hobble the gun-rights group and imperil the three-decade reign of its boss, Wayne LaPierre.
A judge is weighing several options. He could let the NRA’s bankruptcy case go forward, giving the group a measure of refuge from a New York lawsuit that threatens its assets and its existence. He could put the group under the control of a trustee, empowered to make decisions about its finances and its future. Or, in a highly unusual move, he could throw the NRA out of bankruptcy court altogether.
“There are land mines across the board here,” said Brian Mittendorf, an Ohio State University accounting professor who has looked closely at the NRA’s financial health.
For an organization that was until recently the most potent single-issue lobby in the U.S., none of the possible outcomes are great. The NRA has enjoyed enormous sway in Washington, beating back repeated attempts at stricter gun laws after mass shootings and building a fervent following closely tied to the Republican Party. It has spent millions of dollars to back candidates for president and Congress and on Supreme Court confirmation fights, and it was the largest financial backer of former President Donald Trump’s successful 2016 campaign.
The NRA has called the suit a baseless attack on the Second Amendment, timed to have maximum impact during the election cycle.
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A Brief History Of Donald Trumps Many Many Business Failures
So Donald Trump somehow scored his first political win in the New Hampshire primary Tuesday night.
Sounds like a good time to remind America his many losses.
The blustering businessman is famously obsessed with winning everything, always. His colorful career, though, shows that his track record ain’t quite so successful.
Sure, he’s built buildings and brought in billions for himself doing so. But that second-place finish in the Iowa caucus last week was hardly the first epic fail with Trump’s name written all over it .
The man who says he’s going to build a border wall, crush ISIS and boost “the brand of the United States” has a nasty habit of hyping ventures that last less than half the time of one presidential term. Think hard, America: Do you want a man in the White House who couldn’t even create a successful board game?
Let’s take a quick look at some of The Donald’s bungled promises. Here’s to many more Trump failures to come!
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How Many Casinos Did Donald Trump Bankrupt
byMonellaNovember 24, 2020, 12:56 pm
Donald Trump, the ex-president of the United States, has always been projected as a successful businessman. He stated a net worth of $10 billion from his various companies, but many of them went bankrupt. As stated by the critics, one of the main reasons behind this is his management strategies and reckless attitude towards the work. However, people working with him say that he efficiently used the federal laws in his favor, which is a clear depiction of his keen business understanding.
According to several research and interviews conducted, it was found that Trump invested a minimal amount of his own money in the venture. He shifted his debt to the casino slots, earned millions of dollars in salary and other payments. It means his bankruptcys main burden fell on the investors and other stakeholders associated with his companies.
New Report Details Decades Of Presidents Taxes And Financial Failures
On Sunday, The New York Times published a blockbuster report on the Presidents tax returns, revealing details from decades of confidential filings and information related to Trumps businesses. The report paints a picture of a president whose business interests are in financial distress and whose looming money challenges could push him into bankruptcy in the near future. The findings pose a troubling, but important, question to ask:
Is President Trump actually broke?
The explosive reporting by The New York Times is based on a review of two decades of Trumps personal and corporate tax record, ranging from his days as a high-profile real estate developer to the beginning of his tenure as President. In publishing their findings, the Times explained the rationale behind their decision.
We are publishing this report because we believe citizens should understand as much as possible about their leaders and representatives their priorities, their experiences and also their finances. Every president since the mid-1970s has made his tax information public, the Times wrote in an editors note accompanying the report. Mr. Trump, one of the wealthiest presidents in the nations history, has broken with that practice.
The Times added,;The records show a significant gap between what Mr. Trump has said to the public and what he has disclosed to federal tax authorities over many years.
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We Know Every Chapter
At Van Horn Law Group we have a decade of experience in bankruptcies of all types. Whether you are filing for Chapter 13, Chapter 11, or Chapter 7, we are here to help you. We can even help you with Chapter 12 or Chapter 15, or advise you in the event of a Chapter 9 bankruptcy. We can advise you under the Servicemembers Civil Relief Act and the Securities Investor Protection Act. Our offices in Fort Lauderdale and West Palm Beach are open Monday through Saturday, and we welcome walk-ins. We will even open up on Sunday if you want to make an appointment. Let our experienced attorneys and staff guide you through your bankruptcy and into the next stage of your life free of debt.
Trump Ice And Trump Vodka
Trump tried turning the branded bottled water sold at his casino into a home product throughout the mid-2000s. It fizzled, and assorted bottles are now eBay, but some made their way to Marco Rubio as an insult.
Trump Vodka also drowned around the same time, disproving its tagline, “Success Distilled.”
Anyone noticing a product pattern here?
Business Career Of Donald Trump
|This article is part of a series about
Donald Trump is an American businessman and television personality. He was the 45th president of the United States. He began his real estate career at his father’s company, Elizabeth Trump and Son, which he later renamed the Trump Organization. He rose to public prominence after concluding a number of highly publicized real estate deals in Manhattan, and his company now owns and licenses his name to lodging and golf courses around the world. Trump partly or completely owned several beauty pageants between 1996 and 2015. He has marketed his name to many building projects and commercial products. Trump’s unsuccessful business ventures have included numerous casinos and hotel bankruptcies, the folding of his New Jersey Generals football team, and the now-defunct Trump University.
After being inaugurated as U.S. president in January 2017, Trump resigned all management roles within the Trump Organization, and delegated company management to his sons Donald Jr. and Eric. However, Trump retained his financial stake in the work document, leaving ongoing concerns about possible conflicts of interest.
Trump Has Several Business Bankruptcies On His Record
Trump-controlled businesses have sought bankruptcy protection several times after those entities nearly all of them casino properties were several hundreds of millions of dollars or more in debt :
#1) Trump Taj Mahal : ; The Trump Taj Mahal casino in Atlantic City opened in 1990, with Trump financing the completion of its construction with $675 million in junk bonds at 14% interest. By the following year the casino itself was in debt to the tune of $3 billion, while Trump himself owed some $900 million in personal liabilities.
In order to keep the Taj Mahal afloat, Trump struck a deal with his lenders in which he gave up half his ownership share and equity in the casino, sold his Trump Shuttle airline and his Trump Princess 220-foot yacht, and agreed to a bank-set limit on his personal spending in exchange for a lower interest rate and additional time to make his loan payments.
#2 and #3) Trumps Castle and Trump Plaza Casinos : ; Less than a year after the Taj Mahal bankruptcy Trump filed for Chapter 11 protection again for two more Atlantic City hotel-casinos, the Trump Plaza and Trumps Castle, over their inability to make principal and interest payments on bonds. The Plaza and the Castle were competing against each other, as well as against the Taj Mahal, and Trump gave up a 50% share in exchange for more favorable terms on the debts.
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No Bankruptcy Is Not Synonymous With Success
Conversely, the absence of bankruptcy declarations is not an indicator of success, as many businesses fail without going through bankruptcy proceedings. A failed business may simply cease operations; with the owners and investors absorbing the losses ; a troubled business on the brink of going under may seek to merge with another company that has the resources to keep it afloat and out of bankruptcy; or a dying business may be bought up by another, stronger company, seeking to breathe new life into it or simply to acquire its assets.
And since many business conglomerates comprise multiple companies each of which may offer many different product lines a given company or product may fail spectacularly and rack up losses in the hundreds of millions of dollars without necessarily sending their corporate parents reeling into bankruptcy.
Finally, all bankruptcies are not created equal. A small startup partnership that doesnt quite take off soon enough and seeks bankruptcy protection is quite a different kettle of fish than the corporate entity that is mismanaged so badly and/or for so long that it racks up billions of dollars in debt before going Chapter 11.
Admirably Tough Or Downright Slimy Your Call
Donald Trump has ticked off a whole lot of different groups during his outspoken and unconventional run for the presidency. Few small business owners are among them.
Back during the primaries when he was an unlikely challenger to a slew of other more mainstream Republican candidates, Trump managed to attract the support of a whopping 41 percent of small business owners despite the crowded field. Even after a year of gaffes and controversy, more recentpolls suggest small business owners remain among Trump’s most stalwart supporters.
But there are some interesting and very vocal exceptions — the many small business owners Donald Trump has stiffed in his long career as a real estate tycoon.
Recently several media outlets have dug up a handful of business owners with worrying tales to tell of Trump’s bullying, unfairness, and failure to pay. And while their numbers aren’t huge, there are enough of them to suggest a pattern of behavior that raises questions about whether pre-politics Trump was much of a friend to small business in practice. Here are a few of their stories:
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