panam330
Posts: 1967
Joined: Sun Mar 14, 2004 11:58 am

Trump Loses Stake In Casinos; File For Bankruptcy

Wed Aug 11, 2004 8:29 am

Just saw on CNN Headline News that Donald Trump's Casinos have amounted an astounding $1.8 billion dollar debt. Trump was stripped of his stake in the casinos, and they are to file for bankruptcy in September.
I thought he was doing so good  Sad (yeah, I stole that from a VISA commercial  Big grin).
 
desertjets
Posts: 7575
Joined: Fri Feb 18, 2000 3:12 pm

RE: Trump Loses Stake In Casinos; File For Bankruptcy

Wed Aug 11, 2004 8:36 am

I'll bet it will be the classiest bankruptcy filing Manhattan ever saw.


Maybe if he didn't go hog wild with the gold plated toilets he might have a few bucks left today.
Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
 
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EA CO AS
Posts: 13502
Joined: Wed Nov 14, 2001 8:54 am

RE: Trump Loses Stake In Casinos; File For Bankruptcy

Wed Aug 11, 2004 8:36 am

The topic title is misleading - TRUMP didn't personally file for bankruptcy, but took his Atlantic City Casino group into bankruptcy to reorganize their debt burden.
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
Theiler
Posts: 576
Joined: Sat Nov 03, 2001 8:39 am

RE: Trump Loses Stake In Casinos; File For Bankrup

Wed Aug 11, 2004 8:38 am

Trump -is- doing well. His real estate investments more than make up for his losses in the casino business.

Like any smart invester, he has a diverse portfolio.
 
srbmod
Posts: 15446
Joined: Tue Mar 20, 2001 1:32 pm

RE: Trump Loses Stake In Casinos; File For Bankruptcy

Wed Aug 11, 2004 8:55 am

Trump Hotels & Casinos is filing for CH. 11, and Trump is firing himself from being CEO of the company, but will remain with the company as Chairman. Trump earlier this year sold the small stake (358,000 shares @ $10 a share) he had in Riveria Holdings (Owners of The Riveria Hotel & Casino in Las Vegas); not surprised, as the company is about $30 million in debt. The longstanding rumors of Trump opening a casino picked up again as he was granted a casino licence in NV (was required as part of his 10% stake in Riveria Holdings) earlier this year.

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