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How Many Bankruptcies Has Donald Trump Had

Lawsuits Over The January 6 Riot

Donald Trump Bankruptcy Math Doesnt Add Up | NBC News

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.

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Due To His Indebtedness His Reliance On Income From Overseas And His Refusal To Authentically Distance Himself From His Hodgepodge Of Business Trump Represents A Profound National Security Threat

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In a tour de force of hard won reporting, the New York Times has put numerical clothing on what weve known about President Donald Trump for decades that, at best, hes a haphazard businessman, human billboard and serial bankruptcy artist who gorges on debt he may have a hard time repaying.

The Times, in a news story published Sunday evening that disclosed years of the presidents tax returns, also put a lot of clothing on things we didnt know. Trump paid just $750 in federal income taxes in 2016, the year he was elected president, and the same amount

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Lawsuit For Inciting Violence At March 2016 Campaign Rally

During a campaign rally on March 1, 2016, in Louisville, Kentucky, Trump repeatedly said get em out of here while pointing at anti-Trump protesters as they were forcibly escorted out by his supporters. Three protesters say they were repeatedly shoved and punched while Trump pointed at them from the podium, citing widely shared video evidence of the events. They also cited previous statements by Trump about paying the legal bills of supporters who got violent, or suggesting a demonstrator deserved to be roughed up.

The lawsuit accuses Donald Trump of inciting violence against protesters in Louisville, Kentucky. The plaintiffs are Kashiya Nwanguma , Molly Shah and Henry Brousseau . The suit is against Trump, his campaign, and three Trump supporters . Bamberger, who was wearing a Veterans uniform in the video, apologized to the Korean War Veterans Association immediately after the event, writing that he physically pushed a young woman down the aisle toward the exit after Trump kept saying get them out, get them out.

Trumps attorneys requested to get the case dismissed, arguing he was protected by free speech laws, and wasnt trying to get his supporters to resort to violence. They also stated that Trump had no duty to the protesters, and they had assumed the personal risk of injury by deciding to protest at the rally.

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Trump Shuttle Fails To Take Off

Perhaps Trumps greatest talent as a businessman is branding. He has built his personal brand as a tremendous success by publishing multiple books, including The Art of the Deal in 1987, that claim to reveal his business acumen. He has also made licensing deals using his name so that Trump appears around the world on properties he doesnt own.

However, the Trump name has hardly been a guarantee of success. Multiple products and business ventures that have had his branding have collapsed or been abandoned without him declaring bankruptcy.

One of Trumps most high-profile misfires was the Trump Shuttle airline. He paid US$365 million to buy the flailing Air-Shuttle in 1988 from the now-defunct Eastern Air Lines. Despite annual revenues of US$30-35 million a year, by 1990, the airline had over US$120 million in losses. The market for shuttle airlines in the United States was oversaturated and the company had spent too much on renovations.

In 1991, Trump was looking to unload the airline. However, a deal with Citibank and Northwest Airlines fell through when the latter pulled out. In the end, Citibank took ownership of Trump Shuttle and its debts, relieving Trump of financial responsibility.

What We Dont Know

What Trump didnt say about his four big business bankruptcies

There are some caveats to keep in mind when assessing the data in the Trump Organizations financial disclosure forms.

First, the data is unaudited, self-reported data, meaning that readers have to take the companys word that its accurate.

Second, many of the numbers listed as income from certain assets seem, instead, to be the revenue from those businesses. This was confirmed when data from Trumps tax returns were released by The New York Times showing that many of the businesses have been losing money, including some of the largest revenue producers, such as Trump National Doral golf resort.

That being the case, the financial numbers dont show the amount of money that the former president actually took home as income. For example, in Trumps 2017 disclosure, he listed his income for the Trump National Doral golf resort as $75 million, which matches the revenue number reported to Miami-Dade County. Net operating income for the resort for that year was dramatically smaller at $4.3 million.

Getting a clear picture of the former presidents businesses is further complicated by the fact that income and asset values are listed in very wide ranges. For example, Mar-a-Lago Club is listed as having a value of over $50,000,000. The Trump National Golf Club in Charlotte is listed as worth between $5 million and $25 million.

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Allegations Of Business Links To Organized Crime

Trump maintained a connection with organized crime members to supply the concrete for Trump Tower. According to former New York mobster Michael Franzese, “the mob controlled all the concrete business in the city of New York,” and that while Trump was not “in bed with the mob … he certainly had a deal with us. … he didn’t have a choice.”Mafia-connected union boss John Cody supplied Trump with concrete in exchange for giving his mistress a high-level apartment with a pool, which required extra structural reinforcement. Trump admitted in 2014 that he had “had no choice” but to work with “concrete guys who are mobbed up.” He further stated that “I don’t like getting close to people like that, but they respected me.”

Trump’s lawyer Roy Cohn represented several mobsters in the past such as Carmine Galante, John Gotti, Anthony Salerno, possibly also representing Paul Castellano and Vincent Gigante. Cohn allegedly used his underworld connection to help Trump build Trump Tower.

Journalists David Cay Johnston and Wayne Barrett, the latter of whom wrote an unauthorized 1992 Trump biography, have claimed that Trump and his companies did business with New York and Philadelphia families linked to the Italian-American Mafia. A reporter for The Washington Post writes, “he was never accused of illegality, and observers of the time say that working with the mob-related figures and politicos came with the territory.”

Personal Vs Business Bankruptcy

Theres an important distinction to be made. Trump has never actually filed for personal bankruptcy. Instead, four of his businesses have filed for Chapter 11 bankruptcy.

Taj Mahal was the first in 1991 and was followed by the Trump Plaza Hotel the next year. After over 10 years of general stability, the Trump Hotels and Casino Resorts filed in 2004 and the Trump Entertainment Resorts in 2009.

Trump claims his personal finances were only involved in the Taj Mahal Chapter 11 bankruptcy filing. This is the reason Trump has been able to come out on top after multiple filings. Not involving his personal finances in the corporations operations protected his own bank account from total ruin.

Trump understands the difference between business and personal bankruptcies quite well. If you run your own business, its important that you do too.

Business Bankruptcy:

Filed by a business or an individual in the case that business-related debts cannot be paid. Corporations and partnerships, in which the entities are separate from the owners, may file for Chapter 7 or Chapter 11 bankruptcy.

Sole proprietorships, in which the owner is legally responsible for business-related debts, may file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy.

Personal Bankruptcy:

Filed by an individual in the case that personal debts cannot be paid. Individuals typically file for Chapter 7 or Chapter 13 bankruptcy.

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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.

Eight Us Presidential Bankruptcies You May Have Missed

The second coming of Donald Trump: Can he become president again? | 60 Minutes Australia

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.

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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. Trumps 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. Trumps 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.

Legal Affairs Of Donald Trump

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In June 2016, USA Today published an analysis of litigation involving Donald Trump, which found that over the previous three decades Trump and his businesses have been involved in 3,500 legal cases in U.S. federal and state courts, an unprecedented number for a U.S. presidential candidate. Of the 3,500 suits, Trump or one of his companies were plaintiffs in 1,900 defendants in 1,450 and bankruptcy, third party, or other in 150. Trump was named in at least 169 suits in federal court. Over 150 other cases were in the Seventeenth Judicial Circuit Court of Florida since 1983. In the 1,300 cases where the record establishes the outcome, Trump settled 175 times, lost 38, won 450, and had another 137 cases end with some other outcome. In the other 500 cases, judges dismissed plaintiffs claims against Trump.

The topics of the legal cases include contract disputes, defamation claims, and allegations of sexual harassment. Trumps companies have been involved in more than 100 tax disputes, and on at least three dozen occasions the New York State Department of Taxation and Finance has obtained tax liens against Trump properties for nonpayment of taxes. On a number of occasions, Trump has threatened legal action but did not ultimately follow through.

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Wall Street is enticing investors with SPACs funds that wont say what theyre buying.

Further, the S-4 mentions other ongoing litigation involving President Trump related to the 2020 election, including a lawsuit filed by the NAACP Legal Defense & Educational Fund, and a criminal investigation launched by the Fulton County, Ga., district attorneys office … into President Trumps alleged interference in the presidential election.

Also, the U.S. House of Representatives Committee on Oversight and Reform is investigating President Trumps alleged destruction and removal of classified documents and White House records, as well as potential inaccurate financial statements filed by the Trump Organization in relation to the Trump Hotel in Washington, D.C. ”

The document continues, On April 25, 2022, a New York state court judge held President Trump in civil contempt for failing to comply with a subpoena for documents related to the New York attorney generals investigation of the Trump Organization. President Trump, along with his three eldest children , are defendants in a class-action lawsuit accusing them and the Trump Corp. of defrauding investors in exchange for secret payments from multiple companies.

Also, The Trump Organization recently paid $750,000 to settle a lawsuit filed by the District of Columbia accusing the organization of misusing nonprofit funds from the 58th Presidential Inaugural Committee.

The Husband And Father

Just how much media coverage is Donald Trump getting?

Mr Trump has been married three times, though his most famous wife was his first Ivana Zelnickova, a Czech athlete and model. The couple had three children Donald Jr, Ivanka and Eric before they filed for divorce in 1990. The ensuing court battle made for numerous stories in the tabloid press. Those stories included allegations that he was abusive towards Ivana, though she later downplayed the incidents.

He married actress Marla Maples in 1993. They had a daughter named Tiffany before divorcing in 1999. He married his current wife, Slovenian model Melania Knauss, in 2005, and the couple have one son, Barron William Trump.

His children from his first marriage now help run Trump Organization, though he is still chief executive. Ivanka, his eldest daughter, followed her dad to the White House, where she and her husband, Jared Kushner, served as senior advisers.

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Lawsuits Over Congressional Subpoenas

In March 2019, the House Committee on Oversight and Reform opened an investigation into Trumps finances, and issued a subpoena for ten years of his tax returns. Trump later sued the chairman of the committee, Rep. Elijah Cummings, seeking to quash the subpoena.

In April 2019, Trump sued Deutsche Bank, bank Capital One, his accounting firm Mazars USA, and House Oversight Committee chairman Elijah Cummings, in an attempt to prevent congressional subpoenas revealing information about Trumps finances. On May 20, 2019, DC District Court judge Amit Mehta ruled that Mazars must comply with the subpoena. Trumps attorneys filed notice to appeal to the Court of Appeals for the DC Circuit the next day. On May 22, 2019, judge Edgardo Ramos of the federal District Court in Manhattan rejected the Trump suits against Deutsche Bank and Capital One, ruling the banks must comply with congressional subpoenas.

On 25 February 2021, the House Oversight Committee in the 117th Congress, reissued the subpoena to Mazars USA for the same documents it had previously sought.

Inheritance And Further Acquisitions

In 1996, Trump acquired a vacant, 70-story office building at 40 Wall Street in Manhattan, renovated it, and branded it as The Trump Building. In 1998, Conseco and Donald Trump purchased the General Motors Building for $878 million from Corporate Property Investors. The group received a $700 million loan from Lehman Brothers for the purchase and Trump reportedly only committed $15 to $20 million of his own money to the deal. Trump raised the controversial sunken plaza where few pedestrians had ventured, which had been criticized by Huxtable, and installed his name in four-foot gold letters. In 2003, Trump and partners sold the building for $1.4 billion, then the highest price paid for a North American office building, to Macklowe Organization.

After his father died in 1999, Trump and his siblings received equal portions of his fathers estate valued at $250â300 million.

In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Trump also began construction on Riverside South, which he dubbed Trump Place, a multi-building development along the Hudson River. He continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use tower on Columbus Circle which he acquired in 1996, and also continued to own millions of square feet of other prime Manhattan real estate.

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Time Limits Apply To Discharges Not Bankruptcy Filings

Bankruptcy law doesnt set a minimum period that you must wait before filing for bankruptcy a second time. However, theres a catch. If you file too soon after wiping out debt in a previous case, you wont be eligible for another debt discharge .

Although there are times that it makes sense to file for bankruptcy even though you wont receive a discharge, these situations are rare . Because a bankruptcy filed too soon will end up being a waste of time and money in most cases, its essential to know how to time your bankruptcy filing.

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