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How Many Times Has Trump Been Bankrupt

Trump Ice Natural Spring Water

Pence told Trump ‘many times’ that overturn election was illegal, ex-VP’s aide says

Trump Ice was a bottled water brand. The winner of The Apprentice Season 2, Kelly Perdew, served as executive vice president of the organization.

The company’s website no longer exists, and the product can no longer be found in national grocery chains or stores but some can still be found on eBay and other auction sites.

The company was used as a gimmick in the show’s first season when contestants marketed and sold the product.

Payments Related To Alleged Affairs

Adult film actress Stormy Daniels has alleged that she and Trump had an extramarital affair in 2006, months after the birth of his youngest child. Just before the 2016 presidential election Daniels, whose real name is Stephanie Clifford, was paid $130,000 by Trump’s attorney Michael Cohen as part of a non-disclosure agreement , through an LLC set up by Cohen he says he used his own money for the payment. In February 2018, Daniels filed suit against the LLC asking to be released from the agreement so that she can tell her story. Cohen filed a private arbitration proceeding and obtained a restraining order to keep her from discussing the case. According to White House press secretarySarah Huckabee Sanders, Trump has denied the allegations.

In response, Trump said that he only knew about the payments “later on” Trump also said regarding the payments: “They didn’t come out of the campaign, they came from me.”

The Wall Street Journal reported on November 9, 2018, that federal prosecutors have evidence of Trump’s “central role” in payments to Stormy Daniels and Karen McDougal that violated campaign-finance laws.

Trump Castle Associates 1992

In less than a year he was back in bankruptcy court 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.

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Bankruptcy Expert Studies Trump Casinos

A new study by a Temple professor shows Trumps casinos in Atlantic City lost more jobs than their competitors, while also losing more money.

A new study by a Temple University professor shows that Donald Trumps casinos in Atlantic City lost more jobs and money than competitors casinos, while also going through more bankruptcies than any other major business in America.

Jonathan Lipson, Harold E. Kohn Professor in the Beasley School of Law and a noted expert on bankruptcies, found that the Trump Taj Mahal, the Trump Plaza and the Trump Marina shed half their employees and dropped more than 40 percent of their revenue from 1997 to 2010, when Trump, now the Republican nominee for president, was chief executive officer, board chair and/or the dominant shareholder of each.

Lipson used data from New Jersey Casino Control Commission reports, court filings and other publicly available sources.

While many casinos in Atlantic City struggled during the time period Lipson evaluated, Trumps lost about 37 percent more employees and 33 percent more revenue on average.

In head-to-head competitionthe same business in the same place and time, facing the same threatsTrumps casinos performed worse on average than other Atlantic City casinos at creating sustainable jobs, Lipson wrote in his study, which was the focus of an article in The Wall Street Journal. His casinos were not the best and not even average. They were the worst.

How Donald Trump Bankrupted His Atlantic City Casinos But Still Earned Millions

What are the most unusual ways celebrities have blown through their ...

By Russ Buettner and Charles V. Bagli

ATLANTIC CITY The Trump Plaza Casino and Hotel is now closed, its windows clouded over by sea salt. Only a faint outline of the gold letters spelling out T-R-U-M-P remains visible on the exterior of what was once this citys premier casino.

Not far away, the long-failing Trump Marina Hotel Casino was sold at a major loss five years ago and is now known as the Golden Nugget.

At the nearly deserted eastern end of the boardwalk, the Trump Taj Mahal, now under new ownership, is all that remains of the casino empire Donald J. Trump assembled here more than a quarter-century ago. Years of neglect show: The carpets are frayed and dust-coated chandeliers dangle above the few customers there to play the penny slot machines.

On the presidential campaign trail, Mr. Trump, the presumptive Republican nominee, often boasts of his success in Atlantic City, of how he outwitted the Wall Street firms that financed his casinos and rode the value of his name to riches. A central argument of his candidacy is that he would bring the same business prowess to the Oval Office, doing for America what he did for his companies.

Atlantic City fueled a lot of growth for me, Mr. Trump said in an interview in May, summing up his 25-year history here. The money I took out of there was incredible.

Many others were glad to see him go.

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The Six Trump Company Bankruptcies

Donald Trump has made huge sums of money in his lifetime, but heâs also lost astronomical amounts. Between 1990 and 1994, for instance, Trumpâs businesses lost more than $804.4 million, even while similar companies saw profits. During that time, and throughout his career, Trump has strategically used bankruptcy to keep himself and his businesses afloat.

Trump-owned businesses have filed for bankruptcy six times so far. Each time, the bankruptcies freed Trump from debt and allowed him to start his next venture. He famously went on to occupy one of the worldâs most powerful positions: President of the United States.

Personal Vs Corporate Bankruptcy

One point of clarification: Trump has never filed personal bankruptcy, only corporate bankruptcy related to some of his business interests. I have never gone bankrupt, Trump has said.

Here is a look at the six Trump corporate bankruptcies. The details are a matter of public record and have been widely published by the news media and even discussed by Trump himself.

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We Are Watching Trumps 7th Bankruptcy Unfold

Donald Trump was a businessman who ran six businesses that went bankrupt because they couldnt pay their bills. Trump, who is running for president again, repeats some of his business mistakes and risks the demise of another venture: his political operation.

Trump, a charismatic real-estate investor and swashbuckler in the 1980s, bet big on Atlantic Citys rise after New Jersey legalized gaming. Trump acquired three casinos that couldnt pay off their debts by 1991. In 1991, the Taj Mahal, Trump Plaza and Trump Castle declared bankruptcy.

Trump transferred his casino assets to a new company, which went bankrupt in 2004 after the lenders restructured the debt. In 2009, the company that emerged from this restructuring declared bankruptcy. Trumps sixth bankruptcy was the Plaza Hotel which he purchased in 1988. It was declared bankrupt in 1992.

Trumps 2016 surprise win mirrors the 30-year-old arrival of Atlantic Citys brash young man. Trumps presidency is now in its fourth year. He gets poor marks from voters for his handling of the coronavirus crisis. The outbreak exacerbated this at Trumps White House.

Democrat Joe Biden is winning in most swing states, and an Election Day blowout could be possible. Trump has suggested he wont leave office if he loses, threatening a constitutional crisis and political legacy.

Trumps bankruptcies are an essential reason for the Trump campaigns current turmoil.

These are five similarities:

Admirably Tough Or Downright Slimy Your Call

Donald Trump Bankruptcy Math Doesnt Add Up | NBC News

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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Donald J Trump Foundation

During the 2016 U.S. presidential election, media began reporting in detail on how the Donald J. Trump Foundation was funded and how Donald Trump used its funds. The Washington Post in particular reported several cases of possible misuse, self-dealing and possible tax evasion.

Regarding the various irregularities in the Trump Foundation, former head of the Internal Revenue Service’s Office of Exempt Organizations Division Marc Owens told The Washington Post that he was surprised by the “laundry list of issues”.

The office of New York State attorney generalEric Schneiderman investigated the foundation “to make sure it’s complying with the laws governing charities in New York.” The Trump Foundation was in fact found to have committed fraud and misappropriated funds, and was ordered to be shut down.

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Donald Trump Drove His Companies Into Bankruptcy Six Times

United States

Three of Trumps properties filed for bankruptcy in 1992. Three other properties filed for bankruptcy one at a time in 1991, 2004, and 2009.

Trump has previously claimed that he filed for bankruptcy for four of his companies. On Day 4 of the Democratic National Convention, Michael Bloomberg said that Trump had driven six of his companies into bankruptcy. We found that Bloomberg was right, and Trump filed for bankruptcy six times.

Trumps companies have filed for Chapter 11 bankruptcy protection, which means a company can remain in business while doing away with many of its debts. The bankruptcy court ultimately approves a corporate budget and a plan to repay remaining debts often, shareholders lose much of their equity.

The Washington Post reported that Trumps Taj Mahal, which opened in April 1990 in Atlantic City, defaulted on interest payments to bondholders six months later. In July 1991, Trumps Taj Mahal filed for bankruptcy. He could not keep up with debts on two other Atlantic City casinos, and those two properties declared bankruptcy in 1992. A fourth property, the Plaza Hotel in New York, declared bankruptcy in 1992 after amassing debt.

NBC reported that Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004 when his casinos, including the Trump Taj Mahal, Trump Marina and Trump Plaza casinos in Atlantic City, and a riverboat casino in Indiana. They had accrued an estimated $1.8 billion in debt.

Reference links

Lawsuits Over The January 6 Riot

How many houses and golf courses does Donald Trump own?

Two U.S. Capitol police officers sued Trump, for allegedly inciting the protests 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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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.

Donald Trump Is The King Of Bankruptcy Filings Destroying Many Lives Along The Way

Donald Trump spewing his birther-crap again just for attention, is seriously defensive when asked about his bankruptcies over the past two decades. Trumps Taj Mahal Hotel was built by Trump selling bonds to raise over 800 million dollars, then declaring bankruptcy which turned the bonds into junk-bonds. For all of Trumps hyperboles about his riches, if you and I did what he has done we would be imprisoned for life years ago!

For legendary tycoons, Donald Trump tops the list, but how many times has Donald Trump filed for bankruptcy? The 90s recession wasnt picky about who it affected. Donald Trump felt the pinch as well. His decision to use high interest bonds to finance the assembly of the Taj Mahal casino caused life to get very stressful for the tycoon.

In 1991, unable to pay a $3.5 billion loan, he declared business bankruptcy. He also came close to filing personal ruin. At the time, his personal debt was estimated to be around $900 million. Due to the bankruptcy, banks and bondholders lost millions. They came to a compromise with Donald Trump. The banks gave him lower interest rates and a longer time frame to repay the debt and Donald Trump gave the investors half the ownership of the Taj Mahal. In mere months the casino was back in business.

Posted on: Apr. 23, 2010

No Personal Involvement!

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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.

Trump Has Filed For Six Business Bankruptcies

1990s: After Bankruptcies, Donald Trump Goes From Building To Branding | NBC News

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.

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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.”

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