🔥 How Trump bankrupted the Taj Mahal - Business Insider

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Butera, the president of Mr. Trump's company at the time of its bankruptcy. “​With his oversight, his brand and marketing, he's really adept.”.


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Trump bankrupted the property twice as part of his public casino holding The property first went bankrupt in , just a few days after both.


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Yet among those who suffered as a result of Trump's bankruptcies were his own casino employees, who collectively lost millions of dollars in.


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Trump bankrupted the property twice as part of his public casino holding The property first went bankrupt in , just a few days after both.


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Trump opened the $ billion Taj Mahal Casino Resort in Atlantic City in April One year later, in the summer of , it sought Chapter


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Trump opened the $ billion Taj Mahal Casino Resort in Atlantic City in April One year later, in the summer of , it sought Chapter


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When Donald Trump was running for president, he told voters he would run the country like he ran his business. Two years later, it's one of the.


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Trump opened the $ billion Taj Mahal Casino Resort in Atlantic City in April One year later, in the summer of , it sought Chapter


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Butera, the president of Mr. Trump's company at the time of its bankruptcy. “​With his oversight, his brand and marketing, he's really adept.”.


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Trump opened the $ billion Taj Mahal Casino Resort in Atlantic City in April One year later, in the summer of , it sought Chapter


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These are not the nice, sweet little people that you think, okay? When we invested in it, we thought, how could this stock go so low? We thought he was brilliant. Less than a week after the forced sale, the company filed for bankruptcy.

When pressed about the multiple bankruptcies at more info Atlantic City casinos, Donald Trump routinely says the episodes highlight his business acumen.

It was the only individual stock offered; the other options were mutual funds. More than employees still held Trump stock when the forced sale arrived.

He was running the company and we were working for him. Trump himself fared well through the bankruptcy.

He made out well, he claims, at the expense only of his greedy Wall Street financiers. In the end, a federal judge in New Jersey dismissed the class-action lawsuit. By late , the pool of employee retirement accounts held 1. Trump has never had to declare personal bankruptcy, but the company he set up to operate his Atlantic City casinos went through numerous corporate restructurings to reduce its debt load. None of the employees were able to profit from that gain. The markets seemed to approve of the restructuring plan. Five longtime Trump employees—four from the Trump Plaza and one from Trump Marina—filed the lawsuit against the company the next year. As the New York Times recounted last year, Trump used his company as a means of transferring his personal debt load onto shareholders, issuing rounds of junk bonds to build up cash that would erase his own debts. With the company soon slated to enter bankruptcy, the retirement fund committee voted on October 25 that any remaining shares of THCR held in the retirement accounts would be sold in bulk by Merrill Lynch on November 15 and sent a letter to workers at the casinos on October 28 informing them of the plan. I thought, way back when, the guy was way brighter than we were. The burden of his failures fell on investors and others who had bet on his business acumen. They each held between 8, and 21, shares at the time the forced sale was announced. The committee that managed the Trump employee retirement accounts—with which Trump had no personal involvement—made the decision at that time to prevent workers from buying additional shares in the company because it had become an overly risky investment. As the company floundered in the years leading up to its second bankruptcy in , the stock price plummeted. Then, when the stock price was near its nadir as bankruptcy loomed, the company forced the employees to sell their stock at a huge loss.