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The Donald Offers To Buy The Donald's Mess

By Chuckmonster on Saturday, 20th June 2009 8:47pm
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Donald Trump, master of financial smoke and mirrors, has offered to buy Trump Entertainment Resorts Inc. out of bankruptcy.

Huh?

Some may remember that a few months ago, The Donald threw his hands up in disgust, quit the TER board of directors and severed all ties with the company that bears his name.

Now, in the middle of Trump Entertainment Resorts third spin of the bankruptcy wheel in recent memory, The Donald wants back in.

If there ever was an argument that directors and executives should be held responsible when they drive their companies into a ditch at the expense of bondholders and investors... Donald Trump is it.

How many chances should this guy have at the helm of Trump Entertainment Resorts before the NJCCC or whatever regulatory agency decides such things says "Don... you're fired."






Comments & Discussion:

I think TER will be more successful if The Donald gets it back. All these years, the company has been in shambles simply because it is a public-trading company with shareholders and bondholders behind the financing. If Trump could get his casinos to a part of the Trump Organization (meaning, private ownership) instead of Wall Street, then it could turn out to be something.

The Donald is the very reason the casinos went into bankruptcy in the first place. He leveraged them with so much debt to finance their purchase. I can't figure out how they keep re-emerging from banrkuptcy with so much of the same debt. The commission should strip the gaming license and force an auction of the properties ala Trop. Otherwise, the properties will continue to degrade and whole process will repeat itself.All of the properties could still be easily upgraded and be nice once again. The Marina has good location and can cater to wealthy boaters. The Taj is in the best shape and just needs a couple hundred million in upgrades.

The next bankruptcy court hearing is coming up soon. Will Judge Wizmur let him wipe everyone out and hand the company back to him?

Oct. 7, 2009. Back to BK court in Camden today. Bondholders have raised the ante by 50 million. Trump has been too quite leading up to this hearing.

Well,Trump went BK court and threw in 14 million to sweeten the pot for BH's. They refused, of course and go back to court in early Jan. 20010. But the funniest thing is watching the live coverage of the Gene Robinson trial. The Press is carrying it. Just watch for any length of time and you'll know why AC is in the deplorable state it's in.

Well, this nonsense is finally over. Trump threw in the towel.

Just when you think it's over, in comes Beal with a bid. Now, does anyone really think Beal and Trump have split up?

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