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.
Weekly Covid Cases Pass 10 Million Doubling Previous Record
— Almost twice as many people were diagnosed with Covid-19 in the past seven days as the pandemics previous weekly record thanks to a tsunami of omicron that has swamped every aspect of daily life in many parts of the globe.
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The highly mutated and infectious variant drove cases to a record 10 million in the seven days through Sunday, almost double the previous record of 5.7 million seen during in a week in late April. The surging number of infections, at a time when many people have given up on testing or are using at-home kits with results that arent reported to local authorities, has led to canceled flights, closed offices and strangled production facilities and supply chains.
Soaring infections — with a record number of cases reported from Australia and the U.S. to Italy and France — disrupted the holiday season a year after vaccines first started rolling out and two years after the emergence of the virus that many initially hoped would be fleeting.
Video: New York smashes COVID infection record again with 76,500 new cases
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 Trumps 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 Trumps bullying, unfairness, and failure to pay. And while their numbers arent 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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Lessons To Be Learned From Trump
While filing for bankruptcy is something wed all like to avoid, there are some lessons to be learned from Trumps forays:
- Make long-term goals for your businesss success
- Keep your personal and business finances markedly separate
- Analyze your careers long-term potential
- Trust in legal advisors for counsel
The last lesson is especially important. Without experienced legal advisors, the results of Trumps bankruptcies might have ended up another story altogether.
If youre considering filing for bankruptcy on behalf of your business, consult Tyler, Bartl, Ramsdell & Counts Law Firm. Our firm has counseled countless individuals and businesses in bankruptcy matters for over 25 years. To safeguard your financial future, give us a call today at 549-5000 to schedule a free consultation.
The Sleep Industry Is Large Growing And Resilient Mattress Firm Says
Mattress Firm filed to go public on Friday.
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Texas-based Mattress Firm Group Inc. has filed for an initial public offering, vying to become the latest retailer to return to public markets after a bankruptcy.
The company has filed to sell $100 million worth of shares, according to a filing late Friday, although that figure is often a placeholder used to calculate fees. The specialty retailer filed a confidential draft registration statement with securities regulators in September.
The sleep industry is large, growing and resilient, Mattress Firm said in its prospectus, claiming a market share of around 20%.
It listed revenue of $4.4 billion in fiscal 2021, from $3.3 billion the year before. It swung to a net loss of $165.1 million last year, however, from a profit of $126 million in fiscal 2020.
Total liabilities reached $3.5 billion and long-term debt $1.2 billion as of September, the company said. It had 2,353 stores then, from 2,419 stores in September 2020.
Mattress Firm sought Chapter 11 protection in 2018 and emerged from bankruptcy that same year.
Since the beginning of fiscal 2019, we have fundamentally transformed our business across all functions, leaving us well-positioned to capitalize on growth opportunities and capture market share, the company said in the filing,
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Trump Hotels And Casino Resorts
A holding company for three casinos, Trump Hotels and Casino Resorts went bankrupt in November 2004. The casino was under a $1.8 billion debt, and the association decided to sell some stake to the bondholders. However, the holding company emerged from bankruptcy within a year in 2005 with a new name- Trump Entertainment Resorts Inc. However, the company was still in debt, which pushed Trump to give up his CEO title and sell most of the stocks to the bondholder.
Donald Trump Drove His Companies Into Bankruptcy Six Times
Three of Trumps properties filed for bankruptcy in 1992. Three other properties filed for bankruptcy one at a time in 1991, 2004, and 2009.
Trump has previously claimed that he filed for bankruptcy for four of his companies. On Day 4 of the Democratic National Convention, Michael Bloomberg said that Trump had driven six of his companies into bankruptcy. We found that Bloomberg was right, and Trump filed for bankruptcy six times.
Trumps companies have filed for Chapter 11 bankruptcy protection, which means a company can remain in business while doing away with many of its debts. The bankruptcy court ultimately approves a corporate budget and a plan to repay remaining debts often, shareholders lose much of their equity.
The Washington Post reported that Trumps Taj Mahal, which opened in April 1990 in Atlantic City, defaulted on interest payments to bondholders six months later. In July 1991, Trumps Taj Mahal filed for bankruptcy. He could not keep up with debts on two other Atlantic City casinos, and those two properties declared bankruptcy in 1992. A fourth property, the Plaza Hotel in New York, declared bankruptcy in 1992 after amassing debt.
NBC reported that Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004 when his casinos, including the Trump Taj Mahal, Trump Marina and Trump Plaza casinos in Atlantic City, and a riverboat casino in Indiana. They had accrued an estimated $1.8 billion in debt.
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We Are Watching Trumps 7th Bankruptcy Unfold
Donald Trump was a businessman who ran six businesses that went bankrupt because they couldnt pay their bills. Trump, who is running for president again, repeats some of his business mistakes and risks the demise of another venture: his political operation.
Trump, a charismatic real-estate investor and swashbuckler in the 1980s, bet big on Atlantic Citys rise after New Jersey legalized gaming. Trump acquired three casinos that couldnt pay off their debts by 1991. In 1991, the Taj Mahal, Trump Plaza and Trump Castle declared bankruptcy.
Trump transferred his casino assets to a new company, which went bankrupt in 2004 after the lenders restructured the debt. In 2009, the company that emerged from this restructuring declared bankruptcy. Trumps sixth bankruptcy was the Plaza Hotel which he purchased in 1988. It was declared bankrupt in 1992.
Trumps 2016 surprise win mirrors the 30-year-old arrival of Atlantic Citys brash young man. Trumps presidency is now in its fourth year. He gets poor marks from voters for his handling of the coronavirus crisis. The outbreak exacerbated this at Trumps White House.
Democrat Joe Biden is winning in most swing states, and an Election Day blowout could be possible. Trump has suggested he wont leave office if he loses, threatening a constitutional crisis and political legacy.
Trumps bankruptcies are an essential reason for the Trump campaigns current turmoil.
These are five similarities:
Examining Donald Trumps Chapter 11 Bankruptcies
personal bankruptcyFact-checking claims about Donald Trumps four bankruptcies.Chapter 7Chapter 13Joel R. Spivack Esq. is an experienced bankruptcy attorney who specializes in helping individuals through personal bankruptcy. Contact him today to help you explore your legal options so that you can move on with your life and make a fresh financial start. Examining Donald Trumps Chapter 11 BankruptciesSpivack Law
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How Many Times Has Bloomberg Filed For Bankruptcy
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How Many Times Has Bloomberg Filed For Bankruptcy. By the time gpg filed for bankruptcy in bremen, germany in july 2020 it was engulfed in chaos. Finally, trump entertainment resorts inc.
Each time, the bankruptcy was a chapter 11 filing. Forbes ranks bloomberg as the 14 th richest person in the world and the 10 th in the u.s. By the time gpg filed for bankruptcy in bremen, germany in july 2020 it was engulfed in chaos. Has donald trump filed for bankruptcy relief 4 or 6 times? Colt missed a payment of $10.9 million to holders of senior bonds only one.
Public Image And Lifestyle
Throughout his business career, Bloomberg has made numerous statements which have been considered by some to be insulting, derogatory, sexist or misogynistic. When working on Wall Street in the 1960s and 1970s, Bloomberg claimed in his 1997 autobiography, he had “a girlfriend in every city”. On various occasions, Bloomberg allegedly commented “I’d do her”, regarding certain women, some of whom were coworkers or employees. Bloomberg later said that by “do”, he meant that he would have a personal relationship with the woman. Bloomberg’s staff told the New York Times that he now regrets having made “disrespectful” remarks concerning women.
During his term as mayor, he lived at his own home on the Upper East Side of Manhattan instead of Gracie Mansion, the official mayoral residence. In 2013, he owned 13 properties in various countries around the world, including a $20 million Georgian mansion in Southampton, New York. In 2015, he acquired 4 Cheyne Walk, a historical property in Cheyne Walk, Chelsea, London, which once belonged to writer George Eliot. Bloomberg and his daughters own houses in Bermuda and stay there frequently.
How Catholic Bankruptcies Can Protect Dioceses
However, filing for bankruptcy can provide other benefits to Catholic dioceses, including:
- Reputation protection In a civil lawsuit, a court may order a diocese to release sensitive documents that could negatively affect the dioceses reputation. In some bankruptcy proceedings, a diocese could be protected from this type of negative public exposure.
- Ability to shield assets Businesses can transfer assets prior to filing for bankruptcy. By doing so, unless the transfer is contested, a business can protect certain assets from the scrutiny of the bankruptcy court. Historically, some dioceses have transferred assets to parishes or trusts for protection. A recent Bloomberg article found Catholic dioceses in America shielded $2 billion from abuse victims by transferring assets prior to bankruptcy proceedings.
Personal Vs Corporate Bankruptcy
One point of clarification: Trump has never filed personal bankruptcy, only corporate bankruptcy related to some of his business interests. I have never gone bankrupt, Trump has said.
Here is a look at the six Trump corporate bankruptcies. The details are a matter of public record and have been widely published by the news media and even discussed by Trump himself.
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The Warts Of The New York City Mayor’s 12 Years Would Be On Full Display If He Actually Runs For President
There are reasons mayors dont become presidents.
Their dominions are smaller. It can be harder to rise to national renown. Running a large city is a messy, thankless job, and a record of failure inevitably accumulates to rival any accolades.
Now that Michael Bloomberg, the former New York City mayor, is back to openly dreaming about living in the White House, its important to remember that his reputation as a technocratic, non-ideological problem-solver could be routinely flayed and undermined by his presidential rivals, whoever they will be, inviting the kind of scrutiny the occasionally peevish billionaire always hated.
A Bloomberg presidential bid would familiarize voters across the country with more than just his crusade against gun violence and big sodas. If the Republican-turned-independent gained traction, voters would be reminded of his greatest stumbles and scandals, which were ultimately overshadowed by his stewardship of a growing economy and falling crime rate. CityTime, Cathie Black, Bermuda, Build it Back and the third term would gain meaning to people beyond New York City, and Mr. Bloomberg would have to reckon again with the warts of his mayoralty.
Forbes pegs Mr. Bloombergs net worth at $36.5 billion. Thats $32 billion more than Mr. Trumps. Mr. Trump, the front-runner for the Republican nomination, aggressively contests this figure, but itd be hard for the celebrity mogul to argue hes been better at making money than Mr. Bloomberg.
Other Educational And Research Philanthropy
Through Bloomberg Philanthropies, Bloomberg established the American Talent Initiative in 2016 which is committed to increasing the number of lower-income high-achieving students attending elite colleges. Bloomberg Philanthropies also supports CollegePoint which has provided advising to lower- and moderate-income high school students since 2014.
In 2016, the Museum of Science, Boston announced a $50 million gift from Bloomberg. The donation marks Bloomberg’s fourth gift to the museum, which he credits with sparking his intellectual curiosity as a patron and student during his youth in Medford, Massachusetts. The endowment supported the museum’s education division, named the William and Charlotte Bloomberg Science Education Center in honor of Bloomberg’s parents. It is the largest donation in the museum’s 186-year history.
In 2015, Bloomberg donated $100 million to Cornell Tech, the applied sciences graduate school of Cornell University, to construct the first academic building, “The Bloomberg Center”, on the school’s Roosevelt Island campus.
In 1996, Bloomberg endowed the William Henry Bloomberg Professorship at Harvard University with a $3 million gift in honor of his father, who died in 1963, saying, “throughout his life, he recognized the importance of reaching out to the nonprofit sector to help better the welfare of the entire community.”
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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.
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Pacific Gas And Electric Co
Total assets pre-bankruptcy: $36.2 billionBankruptcy date: June 4, 2001The Pacific Gas and Electric Company filed for Chapter 11 back in 2001 due to blackouts from the energy crisis that cost billions of dollars. Now, liability from wildfires raging in California in late 2018 have rekindled fears of another bankruptcy. After its rebound, PG& E distributed $84 million in bonuses to 17 executives for their loyalty. Former chairman Robert D. Glynn Jr. received $17 million, and Gordon Smith, who ran the utility unit, received $10 million.
Total assets pre-bankruptcy: $34.9 billionBankruptcy date: Dec. 4, 1987