Trump files chapter 11 (again)

[NASHVEGAS]

*Derail*

Gordon Gecko and "Wall Street"...now that is still one of my favorite movies today... Reminds me of "The Donald"

Douglas, was perfect for the role of "Gecko" in my opinion and he did win an Academy Award for it, but then again I was caught up in the allure of Daryl Hannah's character...

Or, really I guess it was a combination of Hannah, Gecko and the Money!

LOL, Michael Douglas=Fatal Attraction,nevermind

Actually, remember Wall Street like y-day and who was sitting in front of me! At the time local news anchor,John Seigenthaler.

Gecko was supposedly based on arb. Boesky and some say Milken. When rereading TAOTD tonight, Boesky's name I saw once but Milken and Drexel time and time again as I believe the last Trump casino was financed via maybe all junk bonds. Also saw many old brokerage names like Kidder Peabody, Drexel Burham, Shearson Lehman, Bear Stearns.....Where did they all go???....Also ran across the name Mrs. Edward F. Hutton but it had to with Palm Beach but I assume that must be Mrs. E.F. Hutton. I'm still listening but have not heard a thing in years.......So what's really changed since the 80's, names and faces???

Don't forget Charlie Sheen,BTW.

[RobWin]

[quote]

LOL, Michael Douglas=Fatal Attraction,nevermind

Actually, remember Wall Street like y-day and who was sitting in front of me! At the time local news anchor,John Seigenthaler.

Gecko was supposedly based on arb. Boesky and some say Milken. When rereading TAOTD tonight, Boesky's name I saw once but Milken and Drexel time and time again as I believe the last Trump casino was financed via maybe all junk bonds.

Yes, I do believe you are correct on that, I actually have an old article around here somewhere regarding that financing package, I will see if I can dig it up...

Also saw many old brokerage names like Kidder Peabody, Drexel Burham, Shearson Lehman, Bear Stearns.....Where did they all go???....Also ran across the name Mrs. Edward F. Hutton but it had to with Palm Beach but I assume that must be Mrs. E.F. Hutton. I'm still listening but have not heard a thing in years.......So what's really changed since the 80's, names and faces???

Shearson Lehman, that name brings back old memories from the 80's when I had a couple of accounts there, seems like one of them was my AMex IIRC

Don't forget Charlie Sheen,BTW.

Yea, "Bud" was also real good in that flick, kinda wish he had not caved in the end though...

[NASHVEGAS]

True among many other practices that I see no honor (ftr, the use of other's money is not an issue) and he is a great promoter whose name for whatever reason remains in demand. I am not sure if this will hold true in the future but based on his past, there is no basis for me currently to win ,lol, this debate other than the simple cliche and maybe more but not relevant.

So now a party of 2 and the writer does not hold back any punches as I choose to do. No offense intended but it is what is!!

http://www.bloggingstocks.com/2009/0...can-it-survive

Donald Trump's brand takes a hit -- can it survive?

Feb 18th 2009 2:41PM by Zac Bissonnette


""The bankruptcy of Trump Entertainment Resorts (NASDAQ: TRMP) and legal and financial woes surrounding the Trump International Hotel & Tower are causing some to question whether Donald Trump's name as a symbol of luxury will continue to carry value.

"His brand is associated with success and making money. And every time the word bankruptcy appears next to Trump, that's not good," says Allen Adamson, managing director of Landor, a brand consultancy."He can take a few chinks in the armor, but I think he's probably at the limit."

Were Trump not already woefully past his prime, these problems might hurt him more. But the ratings of The Apprentice have been declining every season since the show debuted, and Trump's appearances at tack events like The Learning Annex have cemented his status as a blowhard.I've noticed a large quantity of his "high-end" cuff links and colognes deeply discounted at stores like TJMaxx.

Donald Trump's days as a marketable brand of luxury are probably over anyway, with or without his latest setbacks. He is most respected by people who know little about business, and the more knowledgeable followers of the financial world mostly dismiss him as a charlatan. But there are enough naive people who are attracted by Trump's grandiosity that he should be able to "earn" millions with his motivational speeches and Trump University programs for years to come.

The latest installment of The Apprentice debuts on March 1st, and it will be interesting to see how the show resonates in a very different economy from the one it began in.""

[RobWin]

LOL...well it clearly appears that Allen Adamson and Zac Bissonnette are not a Trump fans judging by their biased opinions that they wrote in that article, but as always time will tell whether Allen and Zac actually have a true gauge on the pulse of the "The Donald" or they too are just simply blowhards.

[NASHVEGAS]

Try this unbiased one

The writer, a forensic accountant, actually mentions some of the various points we both posted, more specifically he/she is in your school on "The Donald", the art of his deals, and states "It's unlikely that Trump's image or empire will suffer as a result of this bankruptcy."

He/she also mentions some of the details or similar that I initially posted pursuant to the current Trump, Trump casino's situation et al!!

http://www.walletpop.com/blog/2009/0...bloggingstocks

How does Trump go bankrupt without Trump going bankrupt?
Tracy Coenen via Wallet Pop
Feb 18th 2009 at 12:30PM

"Over the weekend, news reports suggested that Donald Trump's casino group was going to file for Chapter 11 bankruptcy protection, and that's exactly what happened yesterday. Casinos in both Atlantic City and Las Vegas are feeling the pinch of our struggling economy, and this is probably one of several bankruptcies that will result.

Trump didn't want to file bankruptcy. He wanted to buy out shareholders and bondholders, taking the company private to avoid bankruptcy. When the board disagreed, Trump resigned from the board.

Trump's casino group reported assets of $2.1 billion and debts of $1.74 billion. The company missed its December payment of over $53 million to bondholders. Although there are more assets than liabilities, the company likely needs cash to satisfy debts that need to be paid now. The buildings and other hard assets don't really help when cash is what's needed. Chapter 11 bankruptcy basically holds off the creditors for a while, giving the company time to negotiate better terms on the debt and hopefully eventually pay a large portion of what is owed.

Trump Entertainment has filed bankruptcy twice in the past, with the most recent filing in 2005. Maybe the third time is the charm for the casino group. So how does Trump remain wealthy when he seems to be involved in bankruptcies on a regular basis? His ownership stake in the casino business is only a small part of his personal portfolio, and his lawyers make sure that he's personally insulated from damage that could be caused by a failing business. (Yes, it's all legal, and a part of good financial and legal planning.)

It's unlikely that Trump's image or empire will suffer as a result of this bankruptcy. He's doing so many different things, and has so many people convinced that the name Trump equals success, that he'll likely carry on with business as usual, making money hand over fist."

Forensic accountant Tracy Coenen investigates corporate fraud and consumer scams, and is the author of Expert Fraud Investigation and Essentials of Corporate Fraud.

[RobWin]

Much better article and not biased...

Although most of her points are already what we may have been inclined to believe anyway, I still think that this "Trump" bankruptcy will have a deeper felt impact on his empire than the previous one's did, basically because of the general state of the current economy is quite different now than what is was when he had completed his two previous filings...

[NASHVEGAS]

Donald Trump needs a magic wand to save casino empire
Jonathan Berr
Aug 4th 2009 at 1:00PM

http://www.dailyfinance.com/2009/08/...casino-empire/

"Entrepreneur Donald Trump, who helped transform Atlantic City from a dying resort town into the first legal casino mecca outside of Las Vegas, is back in control of the gaming empire that bears his name. The problems of the star of NBC's "The Apprentice" go beyond money, however.

According to media reports, Trump and BNAC, an affiliate of Beal Bank Nevada, agreed to buy bankrupt Trump Entertainment Resorts Inc. (TRMPQ) for $100 million. The operator of Trump Plaza Hotel Casino, Trump Taj Mahal Casino Resort and Trump Marina Hotel Casino will go private. Things, according to the self-confident Trump, could not be better.

"My previous investment in the company was destroyed by excessive and restrictive debt," Trump said in a press release. "This reorganization changes all that."

That is not the whole story.

Slot parlors in neighboring Pennsylvania and Connecticut are stealing away the day-trippers who used to flood Atlantic City casinos by the busload from New York City and Philadelphia. Year-to-date as of June, taxable gross revenue at New Jersey's casinos fell 18.2 percent to $1.87 billion, according to the New Jersey Casino Control Commission. Meanwhile, Pennsylvania's eight slots casinos saw revenue soar by 25 percent to $1.75 billion, while Connecticut's Foxwoods and Mohegan Sun casinos have joined forces to target Atlantic City gamers by advertising on billboards along the Atlantic City Expressway, the main highway serving the New Jersey city, according to The Press of Atlantic City.

It won't be easy for Trump to differentiate himself in this crowded market that keeps getting tougher as cash-strapped consumers demand steep discounts before they bet a nickle. His fellow casino magnate Sheldon Adelson is suffering because of the recession. Adelson's Las Vegas Sands Corp. (LVS) recently posted a second quarter loss, as did MGM Mirage Inc. (MGM), another debt-laden casino operator. The Donald's company has had its share of problems as well.

In February, the tycoon America loves to hate resigned from Trump Entertainment when bondholders demanded that the casino company file for Chapter 11 bankruptcy after missing a $53.1 million bond interest payment. Trump Entertainment received an extension on the maturity period of about $486 million in debt under the terms of the reorganization plan.

Coastal Marina L.L.C. recently sued Trump Entertainment for letting its Trump Marina property deteriorate so badly that it made a 2008 sale impossible.

"Trump Entertainment allowed windows at the hotel to leak, and didn't fix an air-conditioning system that was so bad some rooms couldn't be booked, according to the (Coastal) complaint," Bloomberg News reported. "The casino needed at least $50 million in repairs and upgrades."

Indeed, students at his self-named university, will no doubt be studying how the author of The Art of the Deal finesses his way out of the mess he has gotten himself into this time".