No Bankruptcy Is Not Synonymous With Success
Conversely, the absence of bankruptcy declarations is not an indicator of success, as many businesses fail without going through bankruptcy proceedings. A failed business may simply cease operations with the owners and investors absorbing the losses a troubled business on the brink of going under may seek to merge with another company that has the resources to keep it afloat and out of bankruptcy or a dying business may be bought up by another, stronger company, seeking to breathe new life into it or simply to acquire its assets.
And since many business conglomerates comprise multiple companies each of which may offer many different product lines a given company or product may fail spectacularly and rack up losses in the hundreds of millions of dollars without necessarily sending their corporate parents reeling into bankruptcy.
Finally, all bankruptcies are not created equal. A small startup partnership that doesnt quite take off soon enough and seeks bankruptcy protection is quite a different kettle of fish than the corporate entity that is mismanaged so badly and/or for so long that it racks up billions of dollars in debt before going Chapter 11.
Trump Never Loses Another Chance
Despite his many missteps, Trump has always rebounded and found new ways to pursue his interests. Trump shifted his business from developing projects to licensing and management deals after he had failed in the 1990s.
Trumps star rose to new heights when he was made a reality TV star as The Apprentice even though his casino business went bankrupt twice more. He capitalized on his fame to run for President in 2016, defeating two political dynasties, the Clinton and Bush families, on his way to becoming the White House.
Even if he loses in democrats2020 and experiences the same embarrassing setback as his hotel or casino failures, Trump will still be there. Trump has an extraordinary gift for selling that leads to more deals, sometimes with ex-partners who have reacted negatively to him but then warmed to him again.
Trump sued Deutsche Bank in 2008 to get some of his loan payments back. He was trying to sell condos in his Chicago tower. After two years of legal battles, the two sides settled, and Deutsche Bank began lending Trump money again in 2011. Trump likely hopes that 2020 voters will be equally forgiving.
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Our most important desire to share our compassion and respect with you, our clients. Our lawyers are well-versed in providing bankruptcy services which include:
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When you call us, we will make an appointment for a free consultation if you are considering bankruptcy. Our no-pressure environment will allow you to share with us your financial situation, your options, and come up with the right solution for you. Once we have met, we will guide you in the areas of:
- The types of bankruptcy
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How Often Has Donald Trump Declared Bankruptcy
Donald Trumps business record seems riddled with unfortunate events. Despite never having filed for personal bankruptcy, reports state that he filed for business bankruptcy at least four times. But, according to Trump, businesses file for bankruptcy often, and it was a financially intelligent move. He added that hundreds of companies have done the same thing he did.
Construction And Property Law Matters
In 2011, Donald Trump sued Scotland, alleging that it built the Aberdeen Bay Wind Farm after assuring him it would not be built. He had recently built a golf course there and planned to build an adjacent hotel. Trump lost his suit, with the Supreme Court of the United Kingdom unanimously ruling in favor of the Scottish government in 2015.
In 2013, 87-year-old Jacqueline Goldberg unsuccessfully sued Trump on allegations that he cheated her in a condominium sale by bait-and-switch when she was purchasing properties at the Trump International Hotel and Tower.
In 2015, Trump initiated a $100 million lawsuit against Palm Beach County claiming that officials, in a “deliberate and malicious” act, pressured the FAA to direct air traffic to the Palm Beach International Airport over his estate, because he said the airplanes damaged the building and disrupted its ambiance. Trump had previously sued the county twice over airport noise the first lawsuit, in 1995, ended with an agreement between Trump and the county Trump’s second lawsuit, in 2010, was dismissed.
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Books By Donald Trump
Trump has written at least 15 books about business and golf. The most widely read and successful of his books is The Art of the Deal, published in 1987 by Random House. Trump receives annual royalties valued between $15,001 and $50,000 from sales of the book, according to federal records. He also receives $50,000 and $100,000 in income a year from sales of Time to Get Tough, published in 2011 by Regnery Publishing.
Trump’s other books include:
- Trump: Surviving at the Top, published in 1990 by Random House
- The Art of the Comeback, published in 1997 by Random House
- The America We Deserve, published in 2000 by Renaissance Books
- How to Get Rich, published in 2004 by Random House
- Think Like a Billionaire, published in 2004 by Random House
- The Way to the Top, published in 2004 by Bill Adler Books
- The Best Real Estate Advice I Ever Received, published in 2005 by Thomas Nelson Inc.
- The Best Golf Advice I Ever Received, published in 2005 by Random House
- Think Big and Kick Ass, published in 2007 by HarperCollins Publishers
- Trump 101: The Way to Success, published in 2007 by John Wiley & Sons
- Why We Want You to Be Rich, published in 2008 by Plata Publishing
- Never Give Up, published in 2008 by John Wiley & Sons
- Think Like a Champion, published in 2009 by Vanguard Press
Trumps Rebound Story Meets Mounting Bankruptcies
It wont exactly be an October surprise, but it could still be a shock: a wave of business failures hitting during the campaign season.
Local business site Yelp found that 55 percent of the firms that closed during the worst of the pandemic beginning in March are now permanently shuttered. | Eric Gay/AP Photo
09/03/2020 04:30 AM EDT
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While President Donald Trump prepares to promote an economic rebound, a wave of business failures is set to tell another story.
Economic-relief money drying up in August and September will mark a final blow for some firms that had managed to hang on so far with government aid which now appears unlikely to be renewed for weeks, if ever. Cold weather and flu season could end outdoor dining, halt other indoor activities and contribute to Covid-19 outbreaks at workplaces. And economists expect weak demand and tight credit especially for smaller businesses to add to the tens of thousands of firms that have already collapsed amid the Covid-19 pandemic, while restraining entrepreneurs hoping to replace them.
All of it could complicate Trumps narrative of a robust American comeback. The president has been plotting a hopeful message since the depths of the pandemic this spring, but its increasingly at odds with the mounting toll of corporate bankruptcies and deepening wounds for small businesses still bleeding from the spring shutdowns.
POLITICO Dispatch: September 3
By BEN WHITE
- Filed Under:
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The First Windfall: Inherited Wealth
The Trump Organization did not immediately respond to Business Insider’s request for comment on the president’s business career. The White House referred to Trump’s remarks from the podium, in which he dismissed the reporting as “fake news,” as well as Trump Organization lawyer Alan Garten’s remarks to The Times, saying “most, if not all, of the facts” reported by the paper “appear to be inaccurate.”
Trump was elected to the presidency having largely run on his reality-show persona as a self-made billionaire who could run the country as he had his successful business empire.
Another major Times investigation, from 2018, reported that much of Trump’s big spending in his ’80s heyday and afterward came from inherited wealth derived from his father, Fred, also a New York City-area developer. Donald Trump pocketed more than $400 million from Fred Trump’s real-estate empire, starting when he was a toddler, per The Times. More specifically, he was making $200,000 a year in 2018 dollars when he was 3 years old, and he became a millionaire at age 8. Trump had long claimed that he grew a $10 billion empire out of a $1 million loan from his father that he repaid with interest.
Despite Holding Huge Assets Trump Needs Money More Than His Presidential Predecessors Ever Did But He Faces Multiple Barriers Of His Own Making
Find your bookmarks in your Independent Premium section, under my profile
Find your bookmarks in your Independent Premium section, under my profile
As Trump knows only too well, lawyers are expensive
What next for Donald Trump? World leaders dont, as a rule, go hungry upon leaving office. There are positions on corporate boards to take up, lucrative speaking engagements to be booked, handsome advances for books even if they dont sell quite as well as expected . The consulting opportunities are endless, as Tony Blair has proved. Theyre not always terribly savoury but that usually merits only passing attention.
Trump, however, is in the difficult position of needing the money more than any of his predecessors did, despite holding huge assets. He also faces barriers of his own making the insurrection he fomented the most obstructive of all to at least some of the perks former presidents typically enjoy. Many of the people who welcomed George W Bush and cut him a cheque when he wasnt painting wont want to associate with Trump.
His legal problems, meanwhile, are just beginning and legal experts consider the idea of Trump preemptively pardoning himself a non-starter. Besides, this would only cover federal, and not state, offences.
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He Ignores Warnings And Overshoots
Trump was not aware of when to stop in Atlantic City, which led him into serious trouble. He bought the Plaza and Castle, his first two casinos. As Atlantic City casinos grew, profit margins plummeted, massive, and the market became saturated.
Experts warned Trump that he was a considerable over spender when he made his purchases.$820 million of debt. In the late 1980s, the Taj Mahal was built. Trump ignored them and focused on his optimistic assumptions.
After 16 months of the grand opening, the casino was experiencing cash flow problems and declared bankruptcy in 1991. Trump might have been content with his first two casinos and not had to file for bankruptcy in his entire career.
Trumps fear-mongering, slander and other unregulated excesses as president have been his most unregulated. Trump could have used the support of the working-class voters, libertarian businesspeople and others to win by adopting pragmatic policies that make him appear like a problem-solver.
Instead, Trump has relentlessly bullied his critics and blamed immigrants and civil-rights activists for getting in his way. Trump refused to take aggressive measures to stop the coronavirus spread, despite being advised by public-health experts. Instead, he tried to convince the public that everything was fine.
Trumps coalition now seems to be shrinking rather than expanding, as his support among women, seniors, and other key voting blocs crumble.
Trump Hotel & Casino Resorts 2004
Trump didn’t go back to bankruptcy court again until November 2004, when he filed to shed debt at his various Atlantic City casinos and a riverboat in Indiana. It was another quick trip through bankruptcy court the company shed $500 million in debt and emerged from bankruptcy the following May. Trump turned over majority control of the company to his bondholders but remained the largest single shareholder, and he once again kept control of the casinos.
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Politicians Who Have Filed For Bankruptcy
Jeff Rose, CFP® | September 03, 2021
Debt and the prospect of bankruptcy is a thought that crosses the mind of nearly all Americans at some point.
But rarely do we think political leaders have the money woes of the common man. Think again!
Some of the countrys most famous politicians found themselves mishandling their finances and ended up filing different kinds of bankruptcy.
Bankrupt Politicians
Many politicians from the 18th century to the new millennium have filed for bankruptcy. Heres a look at some of the most notable cases.1. Thomas Jefferson
One of the nations Founding Fathers and its 3rd president had financial troubles. Thomas Jefferson did not manage his money well. He incurred debt building his plantation home, Monticello, and furnishing it with books, fine wines, artwork, silver, and furniture bought on credit. Even after his death, his estate was riddled with so much debt that it had to be sold off in order to pay creditors.
2. Benedict Arnold
The Revolutionary War was not good to Benedict Arnold in many ways. Aside from being branded a traitor to his country, Arnold went bankrupt after the revolution, which caused him tremendous worry about his reputation.
3. Abraham Lincoln
4. William McKinley
5. George McGovern
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.
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