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Why Donald Trump's Companies Went Bankrupt


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Why Donald Trump's Companies Went Bankrupt

6 Corporate Bankruptcies 

Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. He also entered a Manhattan hotel and two casino holding companies into bankruptcy.

Chapter 11 bankruptcy allows companies to restructure or wipe away much of their debt to other companies, creditors, and shareholders while remaining in business but under the supervision of a bankruptcy court. Chapter 11 is often called "reorganization" because it allows the business to emerge from the process more efficient and on good terms with its creditors.

 

Let me guess...........Fake news!😂😂😂

 

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I didn’t give you a Red but if you are going to post articles like that you should expect some blowback.  People love their President.  You want people to be tolerant of your views but we aren’t supposed to have our views.  Seriously Candie, you are looking for a verbal fight, with that post.  And then you go right to the name calling. 

 

Umbertino is on ignore for me but Im sure he’s got some choice comments as well.

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I’ve owned a number of small businesses and I’ve gone bankrupt one time.  Sometimes things happen beyond your control.  Just because you go bankrupt that doesn’t mean you are an incompetent owner.  In my case my factory got hit by a lightning strike and burned to the ground.  Insurance covered most of my losses but my business was closed for months.  

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24 minutes ago, Pitcher said:

I’ve owned a number of small businesses and I’ve gone bankrupt one time.  Sometimes things happen beyond your control.  Just because you go bankrupt that doesn’t mean you are an incompetent owner.  In my case my factory got hit by a lightning strike and burned to the ground.  Insurance covered most of my losses but my business was closed for months.  

The Donald going bankrupt sounds like he is broke. lol.

Who cares as long as he still has gazillions of dollars. Sheez. 

Talk about the glass half empty.  He's still winning which makes me a winner too.  

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@caddieman Does it really  matter? If he has many other successful businesses and a few fail does that make him a failure?  Would you consider yourself a failure if one out 10 businesses you had failed?  He became president.   Not a small feat for any Democrat or Republican.  What have you done that compares?  Are you just looking to agitate people? 

Edited by cranman
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7 hours ago, jg1 said:

The Donald going bankrupt sounds like he is broke. lol.

Who cares as long as he still has gazillions of dollars. Sheez. 

Talk about the glass half empty.  He's still winning which makes me a winner too.  

 

 

Just like our sweet and extra-pxxxy lover Mr. Berlusconi ( he's 83 now...living on Viagra and such)....The fmr. media ( TV and newspapers) mogul and political man ( entered Politics in 1994 at age 58....why so? he was already full of Billions and enjoying life to the max...Simple..Cos he wanted more power for himself and his firms) who ( so far) had the highest number of trials in Italy's history ( which of course he displays  as a badge of honor)...

He got judged guilty on a lot of charges ( too many to remember them all) ..Corruption of other politicians on a lot of cases, abuse and corruption of a lot of minors for sex, even ties with the Mafia.....and on and on.....

 

Twisting political laws during his ( too many...sigh) Gov'ts for the only scope of giving advantages to his businesses ...And lots more...He got condemned a  few times as I said,despite the fact he could have the best lawyers group money  can buy......Never went to prison given his age, but was condemned to serve in a social community for 1 or 2 years ( in which period he was swept away from his political job at the EU) ...

 

Then, since laws are strange, nothing is written in stone, and the men writing  laws come from the most different political venues..... he was kinda pardoned and got the faculty of getting back ( sigh...) into Politics and actively so....Poor Italy......But his party has ( at least...) lost less and less consensus....Bad part being those votes he lost went/ moved  to other more far-right political forces  ( League and Brothers of Italy)

 

But he's 83...Which somehow helps...We'll see......

Edited by umbertino
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8 hours ago, jg1 said:

The Donald going bankrupt sounds like he is broke. lol.

Who cares as long as he still has gazillions of dollars. Sheez. 

Talk about the glass half empty.  He's still winning which makes me a winner too.  

How about all the contractors that get screwed out of their money? Do you think they care he still has gazillions of dollars?

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15 minutes ago, cranman said:

What was the point of your original post?

 

I'll take a shot.... He was trying to help and educate those who been blinded by lies and made up stories designed to con people. Do you realize he would have far more money today if he never made a business deal and just sat on the 400 million his dad gave him?

 

His lack of economic understanding is coming into full view. He walked into a booming economy with a bull market running since 2009. In the last year he has done more to mess it up for today and into the future than one can count. The damage he has done to industry and farmers will take a decade to get back on track. The damage to our allies won't take as long, they are willing to wait him out and deal with the new president in early 2021. China will also wait him out and deal with someone who actually has a plan, now someone who changes daily on Twitter.

 

Donald Trump accomplished something amazing. Something no one ever thought he could do. Win the election. But alas, his ego and lack of people and economic skills have torn down what could have been a great moment in history. Now he will be left with a black mark, and rated as one of the worst in history. It really is too bad he didn't listen to any of those great people he hired for his administration. It's too bad he knew more than his generals. It's too bad he appointed Larry Ludlow who's record of economic success is laughable. It's too bad he didn't listen to his Secretary of State, a guy who could explain to him how things work outside of the New York real estate market. It's too bad he lied to the public about who pays for the wall, or who pays for his tariffs... It's too bad his real agenda was Make Trump Great Again.

 

I'm sure there are many things I missed, hopefully someone can pick up where I left off.

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It's amazing how much more people on forums know. Much more than any other sitting president. And yet they sit on this forum spouting off superb intellect about foreign relations and the countries economic problems all the while waiting for a very speculative investment at best to improve their own life.

 

Every sitting president has made mistakes before, during and after their time as president. But expert politicians, like some here (though they'll say there not) know best what to do.  I'll  say again, you,  me and everyone else outside the government and White House have no idea what is really going on. Not  saying it's a conspiracy.  Just  saying we only know what gets reported and there are so many moving parts to any agreement that it would make our heads spin

By the way, what concrete information do you know about the presidents financial situation?  

 

Also, if it takes a little pain to correct a huge trade imbalance so be it. You to think and plan long term. People may need to suck it up and tighten the belts a little.  Yes, the situation is affecting me. I have a $900k I vestment property I'm trying to sell. If I sell it the next few weeks I'll only eat $40k in Iosses. People have stopped spending.  This area was a hot market 6 months ago. It is what it is. The future will be brighter.

 

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How many of these turned into chapter 7?

 

The purpose behind chapter 11 is to give the company a chance......but also the vendors who are owed money a chance to not have to take a total loss......as they would if the doors just closed......

These vendors usually take some loss.....but working with the troubled company is the only way for them to collect anything.....and who knows....perhaps the company recovers......that happens quite often...

Perhaps the sky isn't falling!

CL

 

Edited by coorslite21
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CL it has nothing to do with Ch 11.  It’s all about a headline.  Something to argue about, something to demean President Trump.  

If they were really upset about contractors or failed businesses they would be angry about the GM bailout or the bank bailouts in 2008, 2009.  Those were ok because it was a Dem President.  

 

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11 hours ago, Shabibilicious said:

Bankruptcies tend to be worse for the contractors who get screwed out of their due payments for no fault of their own, than for the company filing chapter 11.....In the case of Donald's casino bankruptcy, he was the "lightning strike" to many contracted small business owners and their employees.

 

GO RV, then BV  

 

 

 

Interesting, Shabbs....Thanks

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2 hours ago, bostonangler said:

 

I'll take a shot.... He was trying to help and educate those who been blinded by lies and made up stories designed to con people. Do you realize he would have far more money today if he never made a business deal and just sat on the 400 million his dad gave him?

 

His lack of economic understanding is coming into full view. He walked into a booming economy with a bull market running since 2009. In the last year he has done more to mess it up for today and into the future than one can count. The damage he has done to industry and farmers will take a decade to get back on track. The damage to our allies won't take as long, they are willing to wait him out and deal with the new president in early 2021. China will also wait him out and deal with someone who actually has a plan, now someone who changes daily on Twitter.

 

Donald Trump accomplished something amazing. Something no one ever thought he could do. Win the election. But alas, his ego and lack of people and economic skills have torn down what could have been a great moment in history. Now he will be left with a black mark, and rated as one of the worst in history. It really is too bad he didn't listen to any of those great people he hired for his administration. It's too bad he knew more than his generals. It's too bad he appointed Larry Ludlow who's record of economic success is laughable. It's too bad he didn't listen to his Secretary of State, a guy who could explain to him how things work outside of the New York real estate market. It's too bad he lied to the public about who pays for the wall, or who pays for his tariffs... It's too bad his real agenda was Make Trump Great Again.

 

I'm sure there are many things I missed, hopefully someone can pick up where I left off.

 

Great post, as usual....Thanks...It's always good to learn stuff......

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This is a joke but half-true regarding Italy pre-Euro

 

Before the Euro our curency ( Italian Lira) was subject to a lot of fluctuations and problems in its relationships with other European currencies and also Int'l...Seems our main problem around the 70's, 80's and also part of the 90's was dealing with the Deutsch Mark ( strongest currency in Europe for decades as Germany wa the strongest economy ..even if now Germany itself is going into recession...Happens)

 

Anyway..I recall a particular time ( maybe in the 80's, when we were without the EU currency yet) and every Country used to have  its own currency... we Italians used to have always a lot of problems and in that particular time in the 80's ( don't recall the exact reason now) our Central Bank ( whose mints used to stamp Liras...coins and banknotes) had a terrible time and we were really on the verge of a huge economic collapse for something between us and Germany...

 

Our Central Bank did a lot of selling operations in order to collect the needed monies ( creating Trillions of Bonds  and then trying to sell them, which wasn't so easy) ..

 

At one point, one of the very few times if not the only one in the History of Italy after the 2ndWW, Bank of Italy started to sell some of our gold reserves.....Which psychologically was terrible for Italians to learn about and also for the Int'l press and political world world-wide....

 

The joke making the rounds in that period was " you know that the current Italy's minister of Finances got an Oscar prize in Chemistry? Why in Chemistry? Because he was the only one able to do an incredible chemical operation...a sort of miracle infact...That being?  Turning the Italian Lira into SXXT.....

Edited by umbertino
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12 hours ago, Pitcher said:

CL it has nothing to do with Ch 11.  It’s all about a headline.  Something to argue about, something to demean President Trump.  

If they were really upset about contractors or failed businesses they would be angry about the GM bailout or the bank bailouts in 2008, 2009.  Those were ok because it was a Dem President.  

 

 

More Americans think Obama, Not Bush, Enacted Bank Bailouts, Poll Shows
BY STEPHANIE CONDON   AUGUST 12, 2010 / 11:23 AM / CBS NEWS
 
image4772021x_370x278.jpg#

Nearly half of Americans incorrectly think President Obama started the the bank bailout program, otherwise known as the Troubled Asset Relief Program (TARP), a new poll shows

Just 34 percent of Americans surveyed by the Pew Research Center correctly said that TARP was enacted by the Bush administration. Almost half -- 47 percent -- think Mr. Obama started the bank bailout, according to the survey, conducted July 1-5. There was no partisan divide on the issue.

The TARP program was created in 2008 to stabilize the financial system. The Treasury Department has committed more than $500 billion to more than 800 firms through the program. While Mr. Obama did not enact TARP, his administration has largely been responsible for administering it.

A CBS News poll conducted in April found that just 39 percent of Americans said providing government money to banks and other financial institutions was necessary to get the economy out of recession. Another CBS News poll from January of this year showed that 49 percent of respondents said the Obama administration has done too much for the banks. The administration has characterized TARP as one of the "unpopular but necessary" steps needed to help the economy.

First published on August 12, 2010 / 11:23 AM

 

https://www.cbsnews.com/news/more-americans-think-obama-not-bush-enacted-bank-bailouts-poll-shows/

 

Auto Industry Bailout

https://www.thebalance.com/auto-industry-bailout-gm-ford-chrysler-3305670

 

GO RV, then BV

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