I didn’t realize just how prophetic I was being when I suggested that Donald Trump will have a fruitless 2009 as he looked like spending the year in front of a judge defending one court case or another.
Trump Entertainment Resorts Inc, Donald Trump’s casino group, filed for Chapter 11 bankruptcy protection on Tuesday, court documents show.
The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on December 31, 2008, it said in its filing with the U.S. Bankruptcy Court for the District of New Jersey.
Nine affiliates of the casino operator including Trump Plaza Associates, Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates simultaneously sought protection, according to the filing.
The company missed a $53.1 million bond interest payment due on December 1 as a sharp downturn in consumer spending hit casino revenues.
Donald Trump said on Friday that he had decided to resign from the board of the company due to disagreements with bondholders who wanted the casino group to file for bankruptcy. Reuters
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Donald was said to say that in the current financial crisis that the banks are not loaning money. The truth is, that President Clinton, changed the Bank Regulations to allow more risky loans, to people who should not have been given loans, and thus unsecured bonds or funds were sold to credit institutions, and when they came due, could not be paid. (Maddock’s investments). Foreclosures are the result of homeowners in overpriced homes, with bad loans that have failed. It was said on radio on March 10th, that banks are making more loans this year than in past history “to people who should not be given loans.” This is a ticket for failure and economic insolvency. Sorry, Donald, you have it wrong. But I know you know better. The bible said the “rich will be sent empty away.” It is only a matter of time.
I am thinking it should have said “over leveraged” rather than “rich”