“You’ve taken business bankruptcies six times.”
–Hillary Clinton
“On occasion – four times – we used certain laws that are there.”
–Donald Trump
THE FACT CHECKER | Clinton is correct.
Trump’s companies have filed for Chapter 11 bankruptcy protection, which means a company can remain in business while wiping away many of its debts. The bankruptcy court ultimately approves a corporate budget and a plan to repay remaining debts; often shareholders lose much of their equity.
Trump’s Taj Mahal opened in April 1990 in Atlantic City, but six months later, “defaulted on interest payments to bondholders as his finances went into a tailspin,” The Washington Post’s Robert O’Harrow found. In July 1991, Trump’s Taj Mahal filed for bankruptcy. He could not keep up with debts on two other Atlantic City casinos, and those two properties declared bankruptcy in 1992. A fourth property, the Plaza Hotel in New York, declared bankruptcy in 1992 after amassing debt.
PolitiFact uncovered two more bankruptcies filed after 1992, totaling six. Trump Hotels and Casinos Resorts filed for bankruptcy again in 2004, after accruing about $1.8 billion in debt. Trump Entertainment Resorts also declared bankruptcy in 2009, after being hit hard during the 2008 recession.
Why the discrepancy? Perhaps this will give us an idea: Trump told Washington Post reporters that he counted the first three bankruptcies as just one.
https://www.washingtonpost.com/politics/2016/live-updates/general-election/real-time-fact-checking-and-analysis-of-the-first-presidential-debate/fact-check-has-trump-declared-bankruptcy-four-or-six-times/
Examining Donald Trump’s Chapter 11 Bankruptcies...
Donald Trump, the current frontrunner for the Republican presidential nomination, has come under fire from both the media and the other candidates for his business record.
Donald Trump, the current frontrunner for the Republican presidential nomination, has come under fire from both the media and the other candidates for his business record.
Although Trump has never filed for personal bankruptcy, he has reportedly filed for business bankruptcy at least four times. Trump responded to the criticism by arguing that businesses often have to file for bankruptcy and that filing for bankruptcy was a financially sound move each time he did it. In fact, during the September 16 Republican debate, Trump observed that “hundreds of companies” have done the same thing. PolitiFact, the Tampa Bay Times’ award-winning fact-checking blog, recently analyzed the claims, from both sides, about Donald Trump’s business bankruptcies in an article straightforwardly titled “Fact-checking claims about Donald Trump’s four bankruptcies.” The website found that there is validity to many of Trump’s points about business bankruptcy being in the best interests of companies. Trump has filed for business bankruptcy four times: the Trump Taj Mahal in 1991, Trump Plaza Hotel in 1992, Trump Hotels and Casinos Resorts in 2004 and Trump Entertainment Resorts in 2009. Each time, the bankruptcy was a Chapter 11 filing. While Chapter 7 and Chapter 13 bankruptcy deal with personal bankruptcies, Chapter 11 is most often used by businesses filing for bankruptcy.
https://www.abi.org/feed-item/examining-donald-trump%E2%80%99s-chapter-11-bankruptcies
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https://www.presidency.ucsb.edu/documents/rubio-campaign-press-release-the-four-times-donald-trump-has-declared-bankruptcy
Get the Facts:
"Trump's four bankruptcies all happened within the past 25 years."
"That's a lot, said Stephen Lubben, a leading expert in corporate finance and professor at Seton Hall School of Law." (PolitiFact, 9/21/15)
Bankruptcy #1: The Trump Taj Mahal, 1991:
The first Trump-tied bankruptcy, in 1991, was of Trump's biggest Atlantic City casino, the Trump Taj Mahal, whose $1 billion construction was financed by junk bonds at a staggeringly high interest rate of 14 percent. Its glitzy unveiling fell flat amid slumps in Atlantic City and the broader U.S. economy, leaving the Trump firm more than $3 billion in debt." (The Washington Post, 8/7/15)
Bankruptcy #2: Trump Plaza Hotel, 1992:
"Trump acquired the Plaza Hotel in New York for $390 million in 1988. By 1992, the hotel had accumulated $550 million in debt. As a result of the bankruptcy, in exchange for easier terms on which to pay off the debts, Trump relinquished a 49 percent stake in the Plaza to a total of six lenders, according to ABC News. Trump remained the hotel's CEO, but it was merely a gesture — he didn't earn a salary and had no say in the hotel's day-to-day operations, according to the New York Times." (PolitiFact, 9/21/15)
Bankruptcy #3: Trump Hotels and Casinos Resorts, 2004:
"Donald J. Trump's casino empire has filed for bankruptcy protection after months of negotiations with bondholders over restructuring a crushing debt. Trump Hotels & Casino Resorts Inc. and numerous related operations filed for protection from its creditors under Chapter 11 of the bankruptcy code on Sunday in U.S. Bankruptcy Court in Camden, N.J. The Trump casino business consists mainly of three Atlantic City properties and a riverboat casino in Indiana and are only a small part of Trump's overall real estate empire." (The Associated Press, 11/22/04)
Bankruptcy #4: Trump Entertainment Resorts, 2009:
"Trump Entertainment Resorts — formerly Trump Hotels and Casinos Resorts — was hit hard by the 2008 economic recession and missed a $53.1 million bond interest payment in December 2008, according to ABC News. After debating with the company's board of directors, Trump resigned as the company's chairman and had his corporate stake in the company reduced to 10 percent. The company continued to use Trump's name in licensing.So four Trump companies filed for Chapter 11 reorganization." (PolitiFact, 9/21/15)
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Get the Facts:
"Trump's four bankruptcies all happened within the past 25 years."
"That's a lot, said Stephen Lubben, a leading expert in corporate finance and professor at Seton Hall School of Law." (PolitiFact, 9/21/15)
Bankruptcy #1: The Trump Taj Mahal, 1991:
The first Trump-tied bankruptcy, in 1991, was of Trump's biggest Atlantic City casino, the Trump Taj Mahal, whose $1 billion construction was financed by junk bonds at a staggeringly high interest rate of 14 percent. Its glitzy unveiling fell flat amid slumps in Atlantic City and the broader U.S. economy, leaving the Trump firm more than $3 billion in debt." (The Washington Post, 8/7/15)
Bankruptcy #2: Trump Plaza Hotel, 1992:
"Trump acquired the Plaza Hotel in New York for $390 million in 1988. By 1992, the hotel had accumulated $550 million in debt. As a result of the bankruptcy, in exchange for easier terms on which to pay off the debts, Trump relinquished a 49 percent stake in the Plaza to a total of six lenders, according to ABC News. Trump remained the hotel's CEO, but it was merely a gesture — he didn't earn a salary and had no say in the hotel's day-to-day operations, according to the New York Times." (PolitiFact, 9/21/15)
Bankruptcy #3: Trump Hotels and Casinos Resorts, 2004:
"Donald J. Trump's casino empire has filed for bankruptcy protection after months of negotiations with bondholders over restructuring a crushing debt. Trump Hotels & Casino Resorts Inc. and numerous related operations filed for protection from its creditors under Chapter 11 of the bankruptcy code on Sunday in U.S. Bankruptcy Court in Camden, N.J. The Trump casino business consists mainly of three Atlantic City properties and a riverboat casino in Indiana and are only a small part of Trump's overall real estate empire." (The Associated Press, 11/22/04)
Bankruptcy #4: Trump Entertainment Resorts, 2009:
"Trump Entertainment Resorts — formerly Trump Hotels and Casinos Resorts — was hit hard by the 2008 economic recession and missed a $53.1 million bond interest payment in December 2008, according to ABC News. After debating with the company's board of directors, Trump resigned as the company's chairman and had his corporate stake in the company reduced to 10 percent. The company continued to use Trump's name in licensing.So four Trump companies filed for Chapter 11 reorganization." (PolitiFact, 9/21/15)
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and Over 1,000 QAnon Freaks that Have Been Arrested for Storming the US Capitol on January 6th and FAILING to Overthrow The US Government and Crown Trump King...
ANSWER: They are All TrumpNik® Swamp Creatures... Trumpanzees!
Raise the Minimum Wage and Increase All Social Security Payments 15%... TAX the RICH and Cut Taxes on the Rest of Us... All that Extra Money Will BUBBLE UP! Throughout the Entire Economy. Everybody Wins!We the People Promise to Spend that Money... Increasing Profits!
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by gregvan
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