Trump the great businessman ( Archived) (63)

"Trump Entertainment Resorts, Inc. is a gaming and hospitality company that owns and operated the now shuttered Trump Taj Mahal hotel and casino in Atlantic City, New Jersey, United States, as well as the now-shuttered Trump Plaza Hotel and Casino. Formerly known as Trump Hotels & Casino Resorts, it was founded by Donald J. Trump, who is no longer involved in the company. It is a subsidiary of Icahn Enterprises.

In 1988, Trump purchased the unfinished Taj Mahal property from Resorts International for $230 million after negotiations with Merv Griffin in which the two men divided the assets of the failing company. The casino, at the time the largest in Atlantic City, would eventually cost almost $1 billion by the time it opened in 1990. Trump completed the project using junk bonds, a decision that hurt the company afterward as the gaming industry struggled in a recession and interest rates became unmanageable.

In 1998, THCR business consultants spent at least $68,000 on a trip to Cuba in violation to the United States embargo against Cuba. According to a report by Newsweek, the consulting firm Seven Arrows Investment and Development instructed THCR on how to evade the embargo by linking the money to a charitable effort.

On October 21, 2004, the company announced a preliminary agreement with its investors. Trump, who had been the majority owner, would reduce his stock ownership from 56 to 27 percent. Bondholders would surrender some of their debt in exchange for stock. On October 27, the company announced that Morgan Stanley would be the joint lead arranger for a $500 million financing as part of the restructuring plan. On November 21, the company filed for bankruptcy. Trump said the filing was "really just a technical thing" as the best way to implement the restructuring plan.The plan was submitted to the Bankruptcy Court on December 16, 2004.

In 2007, the company attempted to negotiate a buyout with several public and private firms, but on July 2, it announced that it could not reach a deal, and would take itself off the market. The company planned to lay off employees in order to cut costs.

The casino group filed for bankruptcy again in February 2009, owing $1.2 billion. Two sets of debt holders eventually proposed reorganization plans for the group in U.S. bankruptcy court.

Trump initially made an agreement with banker and poker player Andrew Beal, owner of Beal Bank, which held $500 million in the group's debt, to take over the resorts. However, citing concerns about the bank's lack of gaming experience, he dropped them in favor of hedge fund Avenue Capital Management, a plan favored by other bondholders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties.Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity.



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In September 2014, Trump Entertainment Resorts filed again for bankruptcy, and closed the Trump Plaza.On a motion made by union UNITE HERE Local 54, relating to the bankruptcy action, the United States Court of Appeals for the Third Circuit ruled in Trump Entertainment's favor on January 15, 2016 and held that Trump Entertainment could reject the continuing terms and conditions of a collective bargaining agreement with the union, an agreement that had already expired by its terms. This case was significant as it was a matter of First impression among the courts of appeal and could significantly alter the balance of power between debtor-employers and their unions.

The company exited bankruptcy in February 2016 and became a subsidiary of Icahn Enterprises.

On October 10, 2016 the Trump Taj Mahal closed for the final time.

So what is your point ... apart from flying a flag that states that you're just another angst ridden looney left wing loser who thinks only you angst ridden looney left winger losers know who to vote for ?

Why not grab a box of tissues and a quiet corner ... which has always been the American Way when you were on the losing side in past elections?

Clinton did NOT have any Divine Right to Rule and she certainly had no clue as to dealing with a 20 Trillion deficit !

It's Christmas ... relax dud, be merry for once !

This makes even less sense

Trump wins case in LooneyLEFT led justice system ?

So, even though a DoJ system that YOU presumably approve handed Trump (whom you plainly do NOT approve of) a court decision you're still whining ?

Wow beat that !

Welcome ... I guess you also are an angst ridden looney left loser or you'd not be asking... but maybe you're a bit smarter in not arguing the veracity of the statement at least?

Clinton planned on ... well, she didn't actually say ... her campaign was based around cheating democrats out of choice and then attacking Trump wasn't it ?

I guess you watch CNN and Faux News etc rather than those places that broadcast 'full' Trump statements?

It's all available and I'm not here educate you people unless you pay me ?

It's Christmas coming ... relax, be merry and hopeful

Absolutely you make my point well ... Obama and his fellow Democrats failed ebven to see the writing was on the wall against them.

They carried on with their looneftleftliberal agenda and then ... angst when they were rejected?

Po, po emos !

Tis the season to be jolly
Tra lalala lala la la !