Trump Ruffin Tower Llc
- 2019 Revenue: $27,677,448, divided between $4,414,500 in condo sales and $23,262,948 in hotel revenue
- 2018 Revenue: $28,558,298, divided between $6,002,244 in condo sales and $22,556,054 in hotel revenue
- 2019 Asset Value: Over $50,000,000
- Business Type: Hotel and Condominium Complex
Trump Ruffin Tower LLC manages the Trump International Hotel and Tower in Las Vegas. Constructed in 2008, the tower is a combination hotel and condominium development.
It struggled as the Great Recession hit when it opened more than a decade ago, devastating the real estate market. Plans for a second tower were scrapped.
How To File For Bankruptcy
Filing for bankruptcy is a legal process that either reduces, restructures or eliminates your debts. Whether you get that opportunity is up to the bankruptcy court. You can file for bankruptcy on your own, or you can find a bankruptcy lawyer, which most experts regard as the prudent avenue to pursue.
Bankruptcy costs include attorney fees and filing fees. If you file on your own, you will still be responsible for filing fees. If you cant afford to hire an attorney, you may have options for free legal services. If you need help finding a lawyer or locating free legal services, check with the American Bar Association for resources and information.
Before you file, you must educate yourself on what happens when you file for bankruptcy. Its not simply a matter of telling a judge Im broke! and throwing yourself at the mercy of the court. There is a process a sometimes confusing, sometimes complicated process that individuals and businesses must follow.
The steps are:
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Donald Trumps Business Failures Were Very Real
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Many of Donald Trumps tweets arent worth paying attention to, but on Tuesday morning he posted a pair that demanded inspection. Like many other people, me included, the President had apparently been reading a story in the Times that punctured the mythology surrounding his business career. Based on Internal Revenue Service transcripts of Trumps tax returns from 1985 to 1994, the Timesreport said that Trumps core businesses racked up losses of more than a billion dollars in a ten-year period. During 1990 and 1991, the story said, Trumps losses were so large that they were more than double those of the nearest taxpayers in the I.R.S. information for those years.
Trump could simply have ignored the report or dismissed it as old news. But, with cable-news networks featuring it prominently, and the Daily News, one of Trumps home-town papers, running the front-page headlineBIGGEST LOSER, he did what he usually does and counterattacked. This is what he wrote on Twitter:
These are significant sums, certainly. But, as the Times article points out, depreciation charges arent nearly large enough to create the massive losses that Trumps businesses incurred. Some fraction of Donald Trumps losses can be attributed to depreciation, Susanne Craig, one of the authors of the Times piece, wrote in a , responding to Trump. We found most of it was just bad business.
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How Long Do I Have To Wait Between Filing Bankruptcies
Bankruptcy is a legal process governed by the United States Bankruptcy Court. Bankruptcy can help consumers dig themselves out of a financial hole. Common reasons for filing bankruptcy include job loss, to halt foreclosure proceedings, large medical expenses and to stop garnishments. A 2005 study from Harvard University found that more than half of people file bankruptcy due to medical bills.
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How The Bankruptcy Laws Helped Donald Trump Stay Rich
We have all heard Donald Trump talk, a lot, during this Republican presidential campaign, and, in the debates, many of his challengers, and the debate moderators, criticized him about his four bankruptcies. Yes, 4 bankruptcies! Take a look at this article, that shows a few things that Donald Trump got right about Bankruptcy.
First question: how can he file for bankruptcy and still be so rich? The answer is that he didnt file personal bankruptcy, he filed corporate bankruptcy. This means that when his business was struggling to pay its creditors, he would reorganize his debts in a Chapter 11 case, to essentially cut deals with his creditors to pay them less money, and still allow his company to function. He remained rich because, even though he lost money as the value of his companies went down, he didnt have his own personal assets on the line. He didnt have to sign any personal guarantees on the loans for the companies. So, while his companies had to go into Bankruptcy Court to restructure his debts, he didnt have to do that. Can you or I do that? Not likely, because for banks, small business owners dont have a track record that allows them to have so many other successful businesses, or the name recognition of Donald Trump, so we have to sign personally on our business loans. And, if the typical small business goes south, most likely, that business owner have to consider personal Chapter 7 or Chapter 13 bankruptcy.
Daniel J. Winter
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Times Donald Trumps Companies Declared Bankruptcy
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After spending much of the millennium flirting with the idea, Donald Trump actually announced on June 16 that hes going to make a run for the Republican presidential nomination . And while that means the 69-year-old will have plenty of time to air his heady political blend of opinion and charisma, it also means that the flamboyant entrepreneur will fall under more financial scrutiny than ever before.
While hes vowed to turn over his records to the Federal Election Commission on time, one of The Donalds biggest claimsthat hes worth $8.7 billionhas already been called into question. Forbess accounting recently put the figure at $4.1 billion. Sure, that means hes still really richliterally one of the cornerstones of his runbut maybe not as really rich as he wants people to believe.
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Then there are the bankruptcy filings, which have been a leitmotif in public opera that is The Donalds long, storied business and media career. As he is quick to remind everyone, he has never actually declared bankruptcy himself. So lets clear up any confusion there, right away, with some trademark Trump indignation.
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1991, Trumps Taj Mahal in Atlantic City
2009, Trump Entertainment Resorts
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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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 Trumps 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 Trumps 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
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Trump Castle And Trump Plaza Casinos
Before he opened the Taj Mahal, Trump owned two other Atlantic City casino resorts: the Trump Castle Hotel & Casino and the Trump Plaza Casino. When the Taj Mahal opened, it became a competitor for Trump Castle and Trump Plaza. Income dropped at the older casinos. As a result, both properties filed for Chapter 11 bankruptcy in March 1992, shortly after the Taj Mahal filing.
Trumpâs three Atlantic City casinos had many of the same creditors. In some cases, two or all three properties served as collateral for the same loan. Even though each property had a separate bankruptcy case, Trumpâs negotiations with the creditors generally involved all three casinos at the same time. Trump still refers to these three cases as one combined bankruptcy. This confusion is probably why sources sometimes refer to Trumpâs four bankruptcies, instead of six.
Together, the three casinos were tied to around $3.4 billion of debt. Trump was personally responsible for about $900 million of that amount. As part of the Chapter 11 restructuring, Trumpâs creditors agreed to lower his interest rates and give him additional time to repay his debts. In exchange, Trump agreed to give up 50% of his ownership in all three casinos to his creditors. He also agreed to sell a significant chunk of his assets and turn the sale proceeds over to the creditors, including:
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How Trump Leveraged Other Peoples Money To Make Bankruptcy Work For Him: A Timeline
Donald Trump is the self-proclaimed king of debt. Before becoming president, he built his brand and companies with massive amounts of borrowed money.
In the 1980s, Trump amassed casinos, hotels, an airline, and a 282-foot mega yacht. But his gold-plated bubble popped. By June 1990, Trump was unable to make loan payments on his $3.4 billion in outstanding debts. In total, Trump businesses filed for bankruptcy six times.
In many ways, Trumps path to bankruptcy is just like that of many other business owners. His ambition was bigger than his financial resources. Risky business decisions didnt play out as planned. And his attempts to restructure his debt were unsuccessful. But, in classic Trump form, there are flourishes of scandal.
So how did he rebound and rebuild? Trump, along with his bankruptcy attorneys and financial advisors, used federal bankruptcy laws to their advantage. While investors and creditors lost a lot of their money, Trump was highly compensated for his day-to-day work, earned fees during the property transfers, and slashed his personal debts.
What You Need To Know About The 45th President Of The United States
Donald Trump is a wealthy businessman, entertainer, real estate developer and president-elect of the United States whose political aspirations made him one of the most polarizing and controversial figures of the 2016 election. Trump ended up winning the election against all odds, defeating Democrat Hillary Clinton, and took office on Jan. 20, 2017.
Trumpâs candidacy for the White House began amid the largest field of presidential hopefuls in 100 years and was quickly dismissed as a lark. But he won primary after primary and quickly became the most unlikely presidential front-runner in modern political history, vexing the pundit class and his opponents alike.
He ran for reelection in 2020 against Democrat Joe Biden. After losing both the popular and electoral votes, Trump refused to accept the results of the election and mounted several campaigns in court and in the media to promote his claims. He joins the list of one-term presidents, the most recent of whom was fellow Republican George H.W. Bush.
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Donald Trump The Businessman
Donald J. Trump, the nation’s 45th president, is unique among U.S. presidents in his connections to the business world. Certainly, there have been presidents before him who were businessmen: both George H.W. Bush and his son, George W., were in the oil business. Herbert Hoover was in mining and Warren G. Harding was in the newspaper business.
The difference is that every president before Trump had held one or more government positions before taking the office or had served as a general in the military.
This means that Trump’s business record and the performance of his companies were the public’s only basis for measuring his professional performance before he became president.
We know considerably more now, although there is still much to know. Here’s what we know, and don’t know, about Trump’s business dealings, his successes and failures, and his financial health as he left the presidency.
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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Famous People Who Have Filed For Bankruptcy
Bankruptcy is something we have all heard about. Maybe we even know someone who has had to go down that road.
For some, their finances have gotten so bad that they wonder if bankruptcy is the only option left. As you consider that option, there is probably shame and fear and a huge weight on you that you have allowed it to get this bad.
You are right: bankruptcy is a last resort option and should only be taken with the determination that it is never going to happen again. You have to commit to change, no debt and even counseling, if you really want it to get fixed. It took a lot of work to get into bankruptcy and will take a lot to get out of it.
But the shame has to stop. The guilt isnt going to help you starting over, it will just keep you in the same mindset that got you trapped in the first place.
Did you know that there are a lot of famous people who have declared bankruptcy at one point or another?
Lets take a look at some celebrities who had to start over:
Kim Basinger Oscar winner and ex-wife of Alec Baldwin, Kim Basinger was forced into bankruptcy after a breach of contract lawsuit. She declared $8 million in her bankruptcy filing and was able to settle 4 years later and continue on with her acting career.
These twenty celebrities are just a few of the examples of people who have had to go through bankruptcy court. The range of debt is extreme to much more extreme.
One Decade Of Business Dealings
A useful snapshot is Trump’s record during the 10 years before he won the presidency. From 2006â2016, The New York Times went through every business deal that the Trump Organization announced or that was reported.
The 60 deals reflected a highly uneven track record of business success: “One-third of them never got off the ground or soon petered out. Another third delivered a measure of what was promisedâbuildings were built, courses taught, a product introducedâbut they also encountered substantial problems, like lawsuits, government investigations, partnership woes, or market downturns…The remaining third, while sometimes encountering strife, generally met expectations,” according to The New York Times.
Any deeper examination of the former president’s business record would be incomplete without looking at his series of high-profile bankruptcies and other failures. Below is a list of some of the highlights, although it is by no means comprehensive.
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Mixing Business And Politics
Trump’s potential conflicts of interest were a prominent topic throughout his tenure from 2017 through 2020. As president, the enormous power he had at his command made it more important than ever to understand his long list of businesses and how they could intersect with his public role as president.
These conflicts of interest did not pose a legal problem for Trump. The president and vice president are explicitly exempt from ethics regulations concerning conflicts of interest.
There were other issues, though, such as the emoluments clause, which was written into the U.S. Constitution by the nation’s founders. The clause prohibits the president from accepting things of value from foreign governments.
Many critics say the emoluments clause applies to Trump in several respects. But none of the many legal cases alleging violations by the former president have been concluded, nor does it look like they will be in the near future.