Donald Trump: The Art Of A Steal
Atlantic City, NJ — Someone recently asked me, “How did Donald Trump get all his money.” The reply, “Taking everybody else’s money by going public with a company. Then, watching the people lose all their money while the company goes bankrupt.”
Now, The Donald is adding another twist by buying back the bankrupt company. Trump announced that together with Beal Bank they will buy back the casino’s that bare his name in Atlantic City for a mere $100 million. The Trump Plaza, Trump Marina and Trump Taj Mahal will be taken private if the deal passes the regulators and bankruptcy court.
A battle is ensured from the bondholders who will lose $1.25 billion in Trump Entertainment debt. “Trump’s plan is not capable of bankruptcy confirmation of many reasons,” said Kristopher Hansen, attorney for the bondholders.
This will actually be the third time this sort-of thing has happened with Trump Entertainment. The Trump casinos have been through two other bankruptcies since the 1990’s. One disgruntled former shareholder, Phillip Sternberg said, “I lost money. Everybody did. They allowed him to get away with this once, twice, three times. Anyone who invested money over the years has been taken advantage of. He walks away with books like ‘The of the Deal.’ but it’s really the art of of the screw or the art of the steal.”