Breach Of Contract Matters
In 2013 Trump sued comedian Bill Maher for $5 million for breach of contract. Maher had appeared on The Tonight Show with Jay Leno and had offered to pay $5 million to a charity if Trump produced his birth certificate to prove that Trump’s mother had not mated with an orangutan. This was said by Maher in response to Trump having previously challenged Obama to produce his birth certificate, and offering $5 million payable to a charity of Obama’s choice, if Obama produced his college applications, transcripts, and passport records. Trump produced his birth certificate and filed a lawsuit after Maher was not forthcoming, claiming that Maher’s $5 million offer was legally binding. “I don’t think he was joking,” Trump said. “He said it with venom.” Trump withdrew his lawsuit against the comedian after eight weeks.
In 2015, Trump sued Univision, demanding $500 million for breach of contract and defamation when they dropped their planned broadcast of the Miss USA pageant. The network said that the decision was made because of Trump’s “insulting remarks about Mexican immigrants”. Trump settled the lawsuit with Univision CEO Randy Falco out of court.
Disputes with both chefs were eventually settled in April 2017.
Storming Of The Capitol
On January 6, 2021, while congressional certification of the presidential election results was taking place in the United States Capitol, Trump held a rally at the Ellipse, where he called for the election result to be overturned and urged his supporters to “take back our country” by marching to the Capitol to “show strength” and “fight like hell.” Trump’s speech started at noon. By 12:30 p.m., rally attendees had gathered outside the Capitol, and at 1 p.m, his supporters pushed past police barriers onto Capitol grounds. Trump’s speech ended at 1:10 p.m., the crowd grew larger as more supporters marched on the Capitol. Around 2:15 p.m. the mob broke into the building, disrupting certification and causing the evacuation of Congress. During the violence, Trump posted mixed messages on Twitter and Facebook, eventually tweeting to the rioters at 6 p.m, “go home with love & in peace”, but describing them as “great patriots” and “very special”, while still complaining that the election was stolen. After the mob was removed from the Capitol, Congress reconvened and confirmed the Biden election win in the early hours of the following morning. There were many injuries, and five people, including a Capitol Police officer, died.
The Firing Of James Comey
Trump fired FBI Director James Comey in May 2017 and blamed senior Justice Department officials for the move. Democrats had viewed Comey with suspicion because, 11 days before the 2016 presidential election, he announced he was reviewing emails found on a laptop computer belonging to a Hillary Clinton confidant to determine whether they were relevant to the then-closed investigation of her use of the personal email server.
What the Scandal Is About
At the time of his firing, Comey was directing the investigation into Russians’ interference in the 2016 presidential election and whether any of Trump’s advisers or campaign staff had colluded with them. Trump’s firing of the FBI director was seen as a way to halt the investigation, and Comey later testified under oath that Trump asked him to drop his investigation of the former national security adviser, Michael Flynn. Flynn had misled the White House about his conversations with the Russian ambassador to the United States.
What Critics Say
Even Republicans were troubled by the firing. Republican U.S. Sen. Richard Burr of North Carolina said he was troubled by the timing and reasoning of Director Comeys termination. I have found Director Comey to be a public servant of the highest order, and his dismissal further confuses an already difficult investigation by the Committee.”
What Trump Says
Allegations Of Inciting Violence
Research suggests Trump’s rhetoric caused an increased incidence of hate crimes. During his 2016 campaign, he urged or praised physical attacks against protesters or reporters. Since then, some defendants prosecuted for hate crimes or violent acts cited Trump’s rhetoric in arguing that they were not culpable or should receive a lighter sentence. In May 2020, a nationwide review by ABC News identified at least 54 criminal cases from August 2015 to April 2020 in which Trump was invoked in direct connection with violence or threats of violence by mostly white men against mostly members of minority groups. On January 13, 2021, the House of Representatives impeached Trump for incitement of insurrection for his actions prior to the storming of the U.S. Capitol by a violent mob of his supporters who acted in his name.
Just What Happened In Atlantic City
Examining the four bankruptcies does highlight an interesting question. While even a single bankruptcy is a life-changing event for both individuals and businesses, Trumps businesses in Atlantic City seem to consider it par for the course, a part of routine business activity. Of course, the affected properties never entered Chapter 7 bankruptcy and liquidation no, they entered Chapter 11 bankruptcy, which focus on a restructuring of the debt and creating a repayment plan to satisfy the creditors. All four bankruptcies were Chapter 11 bankruptcies, allowing the businesses to realign and revamp themselves without losing their ability to conduct business.
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.
Were Watching Trumps 7th Bankruptcy Unfold
As a businessman, Donald Trump ran 6 businesses that declared bankruptcy because they couldnt pay their bills. As the president running for a second term, Trump is repeating some of the mistakes he made as a businessman and risking the downfall of yet another venture: his own political operation.
In the 1980s, Trump was a swashbuckling real-estate investor who bet big on the rise of Atlantic City after New Jersey legalized gambling there. He acquired three casinos that by 1991 couldnt pay their debts. The Taj Mahal declared bankruptcy in 1991, the Trump Plaza and the Trump Castle in 1992. Lenders restructured the debt rather than liquidate and Trump put his casino holdings into a new company that went bankrupt in 2004. The company that emerged from that restructuring declared bankruptcy in 2009. Trumps 6th bankruptcy was the Plaza Hotel, which he bought in 1988. It went bankrupt by 1992.
Trumps surprise victory in 2016 paralleled the arrival of the brash upstart in Atlantic City more than 30 years earlier. But in the fourth year of his presidency, the Trump operation is once again reeling. Voters give him poor marks for handling the coronavirus crisis, underscored by an outbreak at the White House that infected Trump himself. Democrat Joe Biden is beating Trump is most swing states and an Election Day blowout is possible. Trump has suggested he wont leave office if he loses, threatening a constitutional crisis and his own political legacy.
Trumped: The Donald Has Filed For Bankruptcy Multiple Times What’s His Strategy And What Can It Teach You
With a net worth in the billions of dollars, you would never have guessed it. But, lo and behold, Donald Trump has filed his businesses for bankruptcy four times since 1991. Was this a mistake? Did the billionaire Trump make a fatal error that caused his corporations to collapse? Just the opposite, in fact. Trump says that every bankruptcy filing was strategic. He even goes further to expand his strategy to the business community, in saying that every high-level business man should take advantageous of the laws, including the laws of bankruptcy. To understand Trump’s decisions, we fist must understand the full situation behind his actions.
While Trump’s businesses have filed for bankruptcy Trump himself has never filed for personal bankruptcy. From 1991 onward, four of his businesses have filed for Chapter 11 restructuring. For a more in depth look at Trumps bankruptcies, take a look at a review of his bankruptcies. On a high level, here is how the Chapter 11 filings turned out:
1.Trump Taj Mahal, 1991
Trump had initially financed the establishment by selling north of $1 billion of “junk” bonds, with a promised return of 14 percent interest. When the economy tanked, the Trumpt Taj Mahal was over $3 billion in dept. What Trump then did, to make amends with his lenders, was giving up half of his ownership state and selling his plane and yacht.
2.Plaza Hotel, 1992
3.Trump Hotels and Casino Resorts, 2004
What then, were the factors that enabled Trump to create his fortune?
A Complete List Of Donald Trumps Business Disasters
As debate moderators introduce every other candidate by their political credentials , Donald Trump comes to us only as âbusinessman.â So considering itâs his one and only qualification for the candidacy, youâd think heâd be better at it.
Trumpâs purported lack of business acumen has been a major sticking point recently, with Marco Rubio even calling Trump out for his shoddy record: âI mean this is a guy thatâs taken Trump airlines bankrupt, Trump vodka, nobody wanted it, Trump mortgage, was a disaster, Trump university was a fraud.â Rubioâs rightâbut heâs also barely scratched the surface.
Of course, everyone is familiar with Trumpâs real estate failings , but itâs the business ventures where his recklessness really shines. The man licensed his name to hundreds of trademarks and incorporated countless businesses-to-be, but only a select few were actually led by the hand of the Donald himself.
So to commemorate our countryâs imminent President Trump-wrought downfall, weâve compiled every major, non-real estate-related Trump business disaster out there . Because while we aim for completeness, the man has failedâa lot. If you know of anything we missed, please do let us know down below. And Donald, good luck with that wall.
How Often Has Donald Trump Declared Bankruptcy
Donald Trumps business record seems riddled with unfortunate events. Despite never having filed for personal bankruptcy, reports state that he filed for business bankruptcy at least four times. But, according to Trump, businesses file for bankruptcy often, and it was a financially intelligent move. He added that hundreds of companies have done the same thing he did.
Promotion Of Conspiracy Theories
Before and throughout his presidency, Trump has promoted numerous conspiracy theories, including Obama birtherism, the Clinton Body Count theory, QAnon, and alleged Ukrainian interference in U.S. elections. In October 2020, Trump retweeted a QAnon follower who asserted that Osama bin Laden was still alive, a body double had been killed in his place, and that “Biden and Obama may have had SEAL Team Six killed.”
During and since the 2020 presidential election, Trump has promoted various conspiracy theories for his defeat including the “dead voter” conspiracy theory, and without providing any evidence he has created other conspiracy theories such as that “some states allowed voters to turn in ballots after Election Day; that vote-counting machines were rigged to favor Mr Biden; and even that the FBI, the Justice Department and the federal court system were complicit in an attempt to cover up election fraud.”
Business Career Of Donald Trump
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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.
Here Are Three Of Donald Trumps Full Bankruptcy Filings
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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.
Lawsuits Over The January 6 Riot
Two U.S. Capitol police officers sued Trump, for allegedly inciting the riots that took over the United States Capitol on January 6, 2021.
Eric Swalwell filed a lawsuit against Trump, his son Donald Trump Jr., and two others of violating federal civil rights laws and local incitement laws after they spoke at a rally near the White House on January 6 before members of the crowd moved on to the Capitol.
Trump Entertainment Resorts 2009
His most recent bankruptcy came in 2009, after the company missed a $53.1 million bond payment. That was pretty much the end of the road for Trump in Atlantic City. While his name remained on three casinos, he resigned from the board and gave up his remaining stake in the company.
“I had the good sense, and I’ve gotten a lot of credit in the financial pages, seven years ago I left Atlantic City before it totally cratered,” he said during the debate.
The two Atlantic City casinos that still had the Trump name filed for bankruptcy yet again in 2014. At the time Trump made sure people knew he was no longer running the company, and sued to have his name removed.
Stocks Bonds Funds And Similar Holdings
Trump’s personal financial market investment portfolio is concentrated in the financial and commodities markets. The investment portfolio generates income and cash flow from a variety of mechanisms as dividends, capital gains, and compounded carried interest. He invested a minimum of $70 million in stocks.Though real estate is still his most preferred asset class, Trump became an active financial market investor in 2011 following disappointment from the depressed American real estate market and various investments in the Federal Reserve’s interest yields on were next to nothing. Trump stated that he was not enthusiastic to be a stock market investor, but that prime real estate at good prices was hard to find at that time and that stocks and equity securities were cheap and generating good cash flow from dividends. He profited from 40 of the 45 stocks he purchased which he sold in 2014, making it almost a 90% success rate in capital appreciation in addition to millions in earned dividends. The biggest gainers in his stock portfolio were Bank of America Corporation, The Boeing Company and Facebook, Inc earning a windfall profit of $6.7 million, $3.96 million and $3.85 million, respectively.
On a government form submitted in 2015, Trump reported holding an amount of physical gold, valued at between $100,001 to $250,000.
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.
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.
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:
Construction And Property Law Matters
In 2011, Donald Trump sued Scotland, alleging that it built the Aberdeen Bay Wind Farm after assuring him it would not be built. He had recently built a golf course there and planned to build an adjacent hotel. Trump lost his suit, with the Supreme Court of the United Kingdom unanimously ruling in favor of the Scottish government in 2015.
In 2013, 87-year-old Jacqueline Goldberg unsuccessfully sued Trump on allegations that he cheated her in a condominium sale by bait-and-switch when she was purchasing properties at the Trump International Hotel and Tower.
In 2015, Trump initiated a $100 million lawsuit against Palm Beach County claiming that officials, in a “deliberate and malicious” act, pressured the to direct air traffic to the Palm Beach International Airport over his Mar-a-Lago estate, because he said the airplanes damaged the building and disrupted its ambiance. Trump had previously sued the county twice over airport noise; the first lawsuit, in 1995, ended with an agreement between Trump and the county; Trump’s second lawsuit, in 2010, was dismissed.
Is Bankruptcy Supposed To Work That Way
This crucial question remains unanswered. According to Trump, restructuring a business repeatedly under Chapter 11 is simply taking advantage of existing corporate laws for your benefit. However, professional lawyers disagree. Bankruptcies are designed to allow debtors a second chance, to restart their efforts without the burden of debt or at least allow for a last-minute modification of the repayment plan to remain solvent and continue doing business. In the case of Donald Trump, mogul and billionaire, this second chance became the third, fourth, and fifth respectively far more than the average American citizen is likely to see in his life.
However, for all intents and purposes, whenever Trump says he never went bankrupt, he is technically correct he never went personally bankrupt, which is more than millions of Americans can say.
Bankruptcy can happen to anyone at any time, for any reason. Before you do anything, talk to our attorney at Van Horn Law Group about the best option for you and your situation.
Before you jump into the process of bankruptcy, talk to a South Florida bankruptcy attorney