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How Many Times Have Donald Trump Filed Bankruptcy

Payments Related To Alleged Affairs

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

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: Good Or Bad Business Record

So how are we to rate Donald Trumps business acumen in relative terms? Is the cautious businessman who minimizes risk, rarely fails, and shows a moderate return better than the brash businessman who often takes on highly risky pursuits, strikes out a lot, but also hits his share of grand slams? Thats too subjective a question for us to answer, and the few numbers offered in this trope arent very informative.

Its an oft-cited statistic that Donald Trump has 515 companies, but a number of those businesses are only connected to him in tangential ways and arent owned or directly controlled by him.

Its also an oft-cited statistic that about 80-90% of businesses fail within the first year to eighteen months, but such numbers typically refer to startups and small businesses, while much of Donald Trumps business empire involves expanding and building on existing large business lines and ventures.

The most important takeaway from this trope might be that you cant sum up the world of big business. much less any presidential candidates qualifications, with a couple of numbers devoid of explanation or context.

Legal Affairs Of Donald Trump

This article is part of a series about

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. Trump’s 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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“The first business bankruptcy, he had a lot of personal liabilities, guarantees on the business debt, which would have wiped him out,” Connolly said. “What he did was leverage the amount of business debt to negotiate away his personal liability. And from that, he learned not to put his personal wealth at risk anymore. And so in the next three, he didn’t have any personal guarantees.”

Through the ordeal was bruising for Trump, one person involved in the case said his brand and persona helped him to retain more equity than he might have otherwise. And in true Trump fashion, he denied being too concerned about the issue anyway.

“You’ll never see me sitting in the corner sucking my thumb,” Trump told BusinessWeek at the time. “The name Trump will be hotter than ever.”

1992, Plaza Hotel

Trump bought New York’s Plaza Hotel for $390 million in 1988, promising to turn the then 81-year-old landmark into “the most luxurious hotel in the world.” He told the New York Times that his wife, Ivana, would become president of the hotel with a salary of “$1 a year plus all the dresses she can buy.”

Four years later, Trump and Ivana had split, and the hotel had millions of dollars in debt.

Trump seems to have had an inkling from the get-go that the Plaza deal may not have been the best he ever made .

Three years later, in 1995, Trump made a deal to sell the Plaza to Singapore-based international property and hotel conglomerate CDL Hotels International and Saudi Arabian Prince Walid bin Talal.

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

Trump Tax Return Revealed Tonight 3/14/17

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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Lawsuits Over Congressional Subpoenas

In March 2019, the House Committee on Oversight and Reform opened an investigation into Trump’s 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 Trump’s finances. On May 20, 2019, DC District Court judge Amit Mehta ruled that Mazars must comply with the subpoena. Trump’s 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.

Trump Ice Natural Spring Water

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 companys 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 shows first season when contestants marketed and sold the product.

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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 Veteran’s 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.”

Trump’s attorneys requested to get the case dismissed, arguing he was protected by free speech laws, and wasn’t 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.

New Report Details Decades Of Presidents Taxes And Financial Failures

Donald Trump Bankruptcy Math Doesnt Add Up | NBC News

On Sunday, The New York Times published a blockbuster report on the Presidents tax returns, revealing details from decades of confidential filings and information related to Trumps businesses. The report paints a picture of a president whose business interests are in financial distress and whose looming money challenges could push him into bankruptcy in the near future. The findings pose a troubling, but important, question to ask:

Is President Trump actually broke?

The explosive reporting by The New York Times is based on a review of two decades of Trumps personal and corporate tax record, ranging from his days as a high-profile real estate developer to the beginning of his tenure as President. In publishing their findings, the Times explained the rationale behind their decision.

We are publishing this report because we believe citizens should understand as much as possible about their leaders and representatives their priorities, their experiences and also their finances. Every president since the mid-1970s has made his tax information public, the Times wrote in an editors note accompanying the report. Mr. Trump, one of the wealthiest presidents in the nations history, has broken with that practice.

The Times added, The records show a significant gap between what Mr. Trump has said to the public and what he has disclosed to federal tax authorities over many years.

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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.

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.

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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.

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

How Many Times Has Donald Trump Declared Bankruptcy?

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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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Trump Contractors: ‘it Was The Beginning Of The End For Us’

Trump takes umbrage at the idea that he went bankrupt, always pointing out that he never filed personally and that he used the bankruptcy laws to get richer.

Connolly said taking his casinos into Chapter 11 was “reasonable and responsible” and the right decision for Trump and his bondholders.

“It looked like a fair deal and actually kept them going,” Connolly said.

But Mike D’Antonio, author of the book “Never Enough: Donald Trump and the Pursuit of Success,” said the bankruptcies shouldn’t come with bragging rights.

“Donald likes to say his bankruptcy filings were just a tool he’s been using for his businesses,” D’Antonio said. “He’s had a string of failures. And you’re not just talking about big investors. You’re also taking about bond holders, not big banks…people who invested their retirements.

“So, you can call it a legal tool that he’s using, but lots of people have been hurt along the way. Its been a badge of shame for him.”

Tom Winter is a New York-based correspondent covering crime, courts, terrorism and financial fraud on the East Coast for the NBC News Investigative Unit.

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