Thursday, November 17, 2022

Latest Posts

How Many Bankruptcies Has Trump Had

Tenants Of 100 Central Park South V Donald J Trump & Park South Associates

Donald Trump and Bankruptcy: Why has he Filed so Many Cases?

One of the many New York real estate business ventures that built Trumps reputation involved a 14-story apartment complex at 100 Central Park South. Now renamed Trump Parc East, this used to be a rent-controlled property, which meant there were many tenants living there who paid far below the average rental costs for that area. Naturally, this isnt an ideal situation for a landlord to be in especially if theyre interested in renovating the entire property to increase its value, as Trump was.

Image Source:Zillow

CNNMoney outlines the lengthy legal battle that ensued over this conflict of interest based on researching the 2,895 different court documents involved in the case. Starting with his purchase of the property in 1981, tenants allege that Trump did everything in his power to force rent-controlled tenants to move. A 1985 New York Times article outlines some of the different tactics the 60-odd tenants claimed Trump engaged in, which included:

  • Threatening to demolish the property
  • Suing individual tenants in civil court
  • Limiting important services like water and heat
  • Neglecting to fix issues with plumbing and water damage
  • Hiring spies to gather tenants personal information
  • Engaging in a psychological tug-of-war to wear the tenants down

Winner: Tenants

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 CDs 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.

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

Recommended Reading: How Much Does A Night At The Trump Hotel Cost

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?

Present: Donald J Trump & The Trump Organization V Elijah E Cummings Peter Kenny Deutsche Bank Ag Capital One & Mazars Usa

How Many Times Has Trump Gone Bankrupt

Although Donald Trump has spent nearly his entire life in the public eye, the amount of scrutiny placed on him and his business dealings has exponentially grown since he became President. Due to partisan political warfare, feverish news hounds, and federal investigations, a whole lot of people want to know about Trumps finances. And while Trump had successfully been able to fight off many of these inquiries, the fallout of his Stormy Daniels lawsuits led to the New York attorney general demanding that his banks reveal the records of their dealings with the Commander in Chief.

In response to this latest federal financial inquiry, Trump and his team went on the legal defensive. This started with a federal suit that attempted to block his accounting firm, Mazars USA,from sharing their records with House of Representatives members Elijah E. Cummingsand Peter Kenny.According to the complaintattached to the suit, Trumps team claimed that the investigation lacks a legitimate legislative purpose and was intended as a political tool against the President now and in the 2022election.

Winner: Ongoing

Based on these statements and the substantial amount of examples given to back them up including one from George Washingtons presidency , it appears that this might be a case that Trump cant win. However, Trump has a long history of defying expectations and avoiding negative consequences for his actions, so who knows?

You May Like: Bearsync Brown

Hanie Clifford V Donald J Trump & Michael Cohen

Although Trump has often flaunted his philandering and welcomed the attention it brought him in the past, he needed to downplay his chauvinistic nature in order to appeal to Republican voters during the 2016 election. For that reason, the Trump campaign managers and his legal team sought out to silence his former mistresses and lovers seemingly by any means necessary.

Money was the method used with Stormy Daniels,an adult film star who had an affair with Trump just one year after he married his third wife. According to an archived Wall Street Journal article, Daniels whose real name is Stephanie Clifford was paid $130,000 for her silence in October 2016 by Michael Cohen, an attorney from The Trump Organization. Clifford would later allege that she had been coerced into taking the deal with thinly-veiled threats against her and her daughter.

In March of 2018, Clifford filed a civil lawsuit against Cohen and Trump in Los Angeles that claimed the agreement was invalid and she had done nothing wrong. Not long after, she would file another lawsuit for defamation against the President in April for denying her story. The civil suit stated that Trump purposely did not sign the agreement that Cohen gave her, presumably so that he could publicly disavow any knowledge of the Hush Agreement. In the second lawsuit, she alleged that questioning her claims falsely attacks the veracity of account of the threatening incident.

Trump Has Filed For Six Business Bankruptcies

Trump, however, filed for bankruptcy regarding these companies:

Critics cite that the Trump corporate bankruptcies are examples of his inability to manage, his recklessness, and poor business acumen. Trump answers that criticism by stating he has used federal laws to protect his business interests. This idea is an example, he says, of his business insight and outstanding intelligence. Trump stated 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.

In reporting from the New York Times, in 2016, Trump put up a small amount of his own money, moved personal debts to the casinos, and was awarded millions of dollars in salary, payments, and bonuses. The Times countered by sharing that the burden of his failures fell on the investors and those who bought into his business acumen self-assessment.

Three of the casino-related bankruptcies came about during the time of the early 1990s recession and the Gulf War crisis. Both of these situations made keeping Atlantic City, New Jersey gambling facilities face some hard times. At about this same time, Trump entered into a project that involved a Manhattan hotel and two casino holding companies.

Also Check: Tally Of Trump Lies

The New Jersey Generals

Service rendered: Football

Years in business: 2

What went wrong: Since Trump couldnât buy an NFL team of his own, he settled on the next best thingâthe short-lived United States Football League established to challenge the NFL. Realizing he had a million other projects on his plate, though, Trump quickly sold the team only to buy them back again in the very same year.

Things only got worse from there, according to Business Insider, âThe team folded one year later, in 1985, along with the entire USFL. People blamed Trump for the demise of not only the team, but the entire league. Allegedly, he was trying to pull the Generals into the NFL â and made poor investment decisions in the process.â

Talking about the ordeal now, Trump notes that he âdid something I rarely do with the USFL. I went into something that was not good.â As rare as every single endeavor on this list.

Lawsuits Over The January 6 Riot

How many times has Donald Trump went bankrupt ?!!

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.

You May Like: How To Contact Donald Trump By Mail

Public Service And Private Gain

Trump has dismissed such claims as being “without merit” and has remained defiant about maintaining ownership of his vast network of real estate and business holdings.

Trump, a wealthy businessman who operates country clubs and resorts, reportedly profited from at least 10 foreign governments during his time as president. The include the Kuwaiti Embassy, which booked the Trump hotel for an event a public-relations firm hired by Saudi Arabia that spent $270,000 on rooms, meals and parking at Trump’s hotel in Washington and Turkey, which used the same facility for a government-sponsored event.

Throughout his presidency, Trump also spent a large amount of time at resorts and golf courses owned by his own company – meaning that the U.S. government and taxpayers have been paying for presidential trips and security to properties that directly profit Trump himself. One estimate had the cost at over $142 million as of November 2020.

What the Scandal Is About

Critics argue Trump’s acceptance of payments from foreign governments violates the Foreign Emoluments Clause, which bans elected officials in the United States from accepting gifts or other valuables from foreign leaders. The Constitution states: “No Person holding any Office of Profit or Trust under them, shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.”

What Critics Say

What Trump Says

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.

Also Check: How Much Does The Trump Hotel Cost

We Have A Company Thats Really Got Great Potential 2005

Though he has acknowledged mistakes in piling crippling debt on Trump Hotels and Casino Resorts, Donald Trump has steadfastly maintained that his resorts were the best-run and highest-performing casinos in Atlantic City.

The casinos have done very well from a business standpoint, he told Playboy magazine in 2004. People agree that theyre well run, they look good and customers love them.

In reality, the revenue at Mr. Trumps casinos had consistently lagged behind their competitors for a decade before larger forces ravaged the industry. Beginning in 1997, his share of the Atlantic City gambling market began to slip from its peak of 30 percent.

Revenues at other Atlantic City casinos rose 18 percent from 1997 through 2002 Mr. Trumps fell by 1 percent.

Competition grew more intense in 2003, when the Borgata Hotel Casino and Spa opened. The $1.1 billion, 40-story resort redefined the concept of an Atlantic City luxury casino. Revenues at Trump casinos dropped another 6 percent in a little more than a year.

Had Mr. Trumps revenues grown at the rate of other Atlantic City casinos, his company could have made its interest payments and possibly registered a profit. But with sagging revenues and high costs, his casinos had too little money for renovations and improvements, which are vital for hotels to attract guests. The public company never logged a profitable year.

I think the biggest thing is, it understates his compensation, Mr. Cox said.

Latest Posts

Popular Articles