Trump Casino Bankrupt

[general_kill]

http://money.cnn.com/2009/02/17/news/companies/trump_entertainment/index.htm?postversion=2009021710

NEW YORK (CNNMoney.com) -- Trump Entertainment Resorts, the casino operating group, filed for Chapter 11 bankruptcy protection, according to court documents filed Tuesday in Camden, N.J.

Real estate mogul Donald Trump said Friday he was quitting his position as chairman of Trump Entertainment Resorts on Friday, according to the Trump Organization. Trump's daughter, Ivanka, also said she was quitting the board on Friday.

Also Tuesday, nine companies associated with Trump Entertainment filed for bankruptcy protection, including Trump Taj Mahal Associates, Trump Marina Associates, and Trump Plaza Associates.

As of Dec. 31, Trump Entertainment and the affiliated companies had total assets of $2.06 billion and total debts of $1.74 billion, according to the court papers.

Trump Entertainment Resorts (TRMP) owns and operates three casinos in Atlantic City, N.J. The Trump Taj Mahal Casino and Trump Plaza Hotel and Casino are located on the Atlantic City boardwalk and Trump Marina Hotel Casino is located in the Marina District.

The Trump Entertainment board met Monday to make the final decision to file for bankruptcy, the court papers indicate.

The company announced at the end of November that it would not be making a $53.1 million interest payment on bond holdings due Dec. 1, according to a press release. Trump Entertainment had a 30 day grace period to come up with the cash.

Shares of the company have tumbled from over $4 a share a year ago to close at 23 cents a share Friday.

You're fired?

 

[mrt144]

Trump is a mediocre business man who only makes money when times are good (like most people participating in investment) and has a knack for securing debt to financing investments. That's it.

 

[El_Machinae]

His main contribution to finance was to show how familiarity breeds investment.

 

[JerichoHill]

This is the third time his Casinos have been bankrupt.

Trump is the worst kind of capitalist.

 

[GenMarshall]

The Second Depression bit Trump in the rear. I have a feeling that their slot and table games revenue aren't generating enough money to keep em afloat.

 

[Mad Man]

How much do you want to bet that he'll be whining for a bailout in a couple of months.

 

[Cutlass]

Trump personally will skate on responsibility and probably lose little of his own money. That's his talent after all.

 

[BARBEERIAN]

Trump personally will skate on responsibility and probably lose little of his own money. That's his talent after all.

Ya seriously this is the umpteenth time mr. "I'm a millionaire but can't afford a remotely decent toupee" has declared bankruptcy for one of his companies. It's about all he's good for (toupee jokes aside).

 

[mrt144]

Ya seriously this is the umpteenth time mr. "I'm a millionaire but can't afford a remotely decent toupee" has declared bankruptcy for one of his companies. It's about all he's good for (toupee jokes aside).

Theres going to be hell toupee for this comment!

 

[Supr49er]

Theres going to be hell toupee for this comment!

Toupee is one of those words that are always funny.

 

[Nylan]

I want to see Trump and Kiyosaki play Monopoly together.

 

[amadeus]

Trump isn't a businessman, he's a TV personality.

 

[silver 2039]

Whoa de je vu I remember this happening a couple times.....

 

[JerichoHill]

Theres going to be hell toupee for this comment!

That is the funniest follow up on a comment at CFC this year.