How Much Did Trump Make Money Bankrumpties
Donald Trump brags about how well his businesses have fared in bankruptcy. And in fact, no major U.S. company has filed for Affiliate eleven more Trump'southward casino empire in the concluding 30 years.
"I have used the laws of this country ... the [bankruptcy] chapter laws, to do a slap-up chore for my visitor, for myself, for my employees, for my family," he said during the start Republican presidential debate on August half dozen.
Trump claims that successful businesses file for defalcation all the time. At the debate he said "virtually every person that yous read about on the front folio of the business sections, they've used the [bankruptcy] law."
But the facts don't back that comment upward.
Despite loftier profile examples, including General Motors (GM), Lehman Brothers and nearly of the nation's major airlines, fewer than twenty% of public companies with assets of $one billion or more take filed for defalcation in the last 30 years, according to data from Bankruptcy.com and S&P Capital IQ.
Trump has never filed for personal bankruptcy. But he has filed four business bankruptcies, which Bankruptcy.com says makes Trump the top filer in recent decades. All of them were centered effectually casinos he used to own in Atlantic City. They were all Affiliate 11 restructurings, which lets a company stay in business while shedding debt it owes to banks, employees and suppliers.
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He makes no apologies for having much of his debt wiped out. "These lenders aren't babies. These are full killers," he said at the debate. "These are not the nice, sweet little people."
Hither'due south a wait at Trump'southward bankruptcy track record.
1. Trump Taj Mahal, 1991
Trump's beginning bankruptcy filing was probably the virtually personally painful for him. To come up with the funds he needed, he sold a 282-foot yacht, as well every bit the Trump Shuttle, the airline he operated at the fourth dimension that flew betwixt Washington, D.C., New York and Boston, according to media reports at the fourth dimension. He had to give upwardly one-half of his ownership stake in the Trump Taj Mahal, but he did retain command of the belongings. His largest creditor was financier Carl Icahn, who held $400 1000000 in bonds. Now Icahn is Trump's pick for Treasury secretary should he be elected.
ii. Trump Castle Associates, 1992
In less than a year he was back in bankruptcy courtroom for his other Atlantic City casinos. This bankruptcy included the Trump Plaza Hotel in New York, the Trump Plaza Hotel and Casino in Atlantic City as well as the Trump Castle Casino Resort. He gave up half his interest in the New York Plaza to Citibank, but retained his stake in the casinos.
3. Trump Hotel & Casino Resorts, 2004
Trump didn't go dorsum to bankruptcy court again until November 2004, when he filed to shed debt at his diverse Atlantic City casinos and a riverboat in Indiana. Information technology was another quick trip through defalcation courtroom; the visitor shed $500 million in debt and emerged from defalcation the post-obit May. Trump turned over majority command of the company to his bondholders simply remained the largest single shareholder, and he one time again kept command of the casinos.
iv. Trump Entertainment Resorts, 2009
His most recent bankruptcy came in 2009, after the visitor missed a $53.1 one thousand thousand bail payment. That was pretty much the finish of the road for Trump in Atlantic Urban center. While his name remained on iii casinos, he resigned from the board and gave up his remaining stake in the company.
"I had the proficient sense, and I've gotten a lot of credit in the fiscal pages, seven years ago I left Atlantic Urban center before it totally cratered," he said during the fence.
The two Atlantic City casinos that withal had the Trump proper name filed for defalcation yet over again in 2014. At the time Trump made sure people knew he was no longer running the company, and sued to take his proper name removed.
Source: https://money.cnn.com/2015/08/31/news/companies/donald-trump-bankruptcy/
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