₦airaland Forum

NOPE!

America is the Poorest country on the planet.

when the creditors call in that debt, its going to be hell to pay.

Obama KILLED Trump last night at the Washington press dinner.

Trump is now synonomous with CLOWN.

http://www.wat.tv/video/obama-goes-step-further-than-3mpv3_31wod_.html

he will get plenty of D/I/C/K where he's going.

while amerikka decends into silliness, CHINA moves forward and will soon LAP the USA in economic might.

nope!!

the obama's require WAAYYY too much security

The American Comedians are having a FIELD DAY, dissing Donald Trump.

donald trump is no different than a welfare queen.

he make bad decisions then ask the GOOD GOVERNMENT of the USA to allow him into BANKRUPTCY.

He's a joke and a HeB!tch

[size=16pt]DONALD TRUMPS BANKRUPTCYS[/size]
THIS MOFO IS A FINANCIAL CRIMMINAL!


By 1990, the effects of recession left Trump unable to meet loan payments. Trump financed the construction of his third casino, the $1 billion Taj Mahal, primarily with high-interest junk bonds. That put him at a disadvantage with competitors who used more of their own money to finance their projects, industry experts have said. Things were so bleak for Trump at this time that in the August 21, 1990 edition of the Jersey Record, columnist Mike Kelly wrote "If we still had debtors' prisons, Trump would be in the dungeon." Kelly added that "Donald Trump is a Third World Nation." Although he shored up his businesses with additional loans and postponed interest payments, by 1991 increasing debt brought Trump to business bankruptcy and the brink of personal bankruptcy. Banks and bond holders had lost hundreds of millions of dollars, but opted to restructure his debt to avoid the risk of losing more money in court. The Taj Mahal re-emerged from bankruptcy on Oct 5, 1991, with Trump ceding 50% ownership in the casino to the original bondholders in exchange for lowered interest rates on the debt and more time to pay it off.

On Nov 2, 1992, the Trump Plaza Hotel was forced to file a prepackaged Chapter 11 Bankruptcy protection plan after being unable to make its debt payments. Under the plan, Trump agreed to give up a 49 percent stake in the luxury hotel to Citibank and five other lenders. In return Trump would receive more favorable terms on the remaining $550+ million owed to the lenders and retain his position as chief executive, though he would not be paid and would not have a role in day-to-day operations.

By 1994, Trump had eliminated a large portion of his $900 million personal debt and reduced significantly his nearly $3.5 billion in business debt. While he was forced to relinquish the Trump Shuttle (which he had bought in 1989), he managed to retain Trump Tower in New York City and control of his three casinos in Atlantic City. Chase Manhattan Bank, which lent Trump the money to buy the West Side yards, his biggest Manhattan parcel, forced the sale of a parcel to Asian developers. According to former members of the Trump Organization, Trump did not retain any ownership of the site's real estate - the owners merely promised to give him about 30 percent of the profits once the site was completely developed or sold. Until that time, the owners wanted to keep Trump on to do what he did best: build things. They gave him a modest construction fee and a management fee to oversee the development. The new owners also allowed him to put his name on the buildings that eventually rose on the yards because his well-known moniker allowed them to charge a premium for their condos.

In 1995, he combined his casino holdings into the publicly held Trump Hotels & Casino Resorts. Wall Street drove its stock above $35 in 1996, but by 1998 it had fallen into single digits as the company remained profitless and struggled to pay just the interest on its nearly $2 billion in debt. Under such financial pressure, the properties were unable to make the improvements necessary for keeping up with their flashier competitors.

Problems loomed for Trump's casino resorts. In a May 28, 2004, Wall Street Journal article, Trump said the specter of bankruptcy bothered him "from a psychological standpoint," but added, "it really wouldn't matter that much." A number of his bondholders disagreed. In the same article, Meyer Marvald, a Florida retiree who said he owned about $44,000 of the bonds, claimed "[Trump] has the Sword of Damocles hanging over our heads." On October 21, 2004, Trump Hotels & Casino Resorts announced a restructuring of its debt. The plan called for Trump's individual ownership to be reduced from 56 percent to 27 percent, with bondholders receiving stock in exchange for surrendering part of the debt. Since then, Trump Hotels has been forced to seek voluntary bankruptcy protection to stay afloat. After the company applied for Chapter 11 Protection in November, 2004, Trump relinquished his CEO position but retained a role as Chairman of the Board. In May, 2005 the company re-emerged from bankruptcy as Trump Entertainment Resorts Holdings

+++++++++++++++++++++++++++

Trump Entertainment Resorts Inc., real estate tycoon Donald Trump's casino group, filed for Chapter 11 bankruptcy Tuesday morning, court documents show.

The petition listed less than $50 million in assets and nearly $500 million in debt, according to a petition filed today in U.S. Bankruptcy Court in Camden, New Jersey.

The company's board was scheduled to meet late Monday night to decide whether to authorize the filing. It is believed the casino operator would have otherwise been forced into bankruptcy involuntarily by creditors.

The filing marked the third appearance in bankruptcy court for Trump Entertainment, which most recently emerged from bankruptcy proceedings in 2005.

The board meeting follows months of negotiations between the real-estate mogul and his casino group's bondholders, who had given the company several waivers to delay an interest payment due late last year. Late last week, the bondholders told the company they would seek an involuntary bankruptcy proceeding to force the company into Chapter 11.

Trump, founder of the company, resigned as chairman of the board late Friday night, saying he disagreed with the actions of bondholders, many of which backed the casino when it exited bankruptcy last time. His daughter, Ivanka Trump, also resigned from the board.



Trump holds 28 percent of the company's stock, according to a recent filing. Shares of Trump Entertainment Resorts trade at around 23 cents, down from more than $4 a year ago.

"Some time ago, I made an offer to buy the company in the hopes that I might be able to reverse its fortunes, but the bondholders turned me down," said Trump, in a statement.

"Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company. , These are very tough times in Atlantic City. Almost every company is in serious financial trouble. Despite this, I will be watching closely and at some point in the future, I hope to return," Trump added.

Trump Entertainment Resorts missed a bond payment of $53 million due earlier this year saying it needed to conserve cash. The latest waiver from bondholders expires Tuesday morning.


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The casino operator isn't related to Trump's real-estate holdings in New York, Chicago and elsewhere. But the casinos can continue to use Trump's name, despite his departure and any bankruptcy proceedings.

The company operates the Trump Taj Mahal Casino Resort and Trump Plaza Hotel & Casino on Atlantic City's Boardwalk, and the Trump Marina Hotel Casino in Atlantic City's Marina District. It agreed to sell Trump Marina Hotel Casino last May but the deal still hasn't closed.

A spokeswoman for Trump Entertainment declined to comment.

Trump Entertainment has a total of $1.25 billion in bond debt. It also has about $500 million in bank debt.

Most of the casino industry is laboring under heavy debt, as consumers have cut back on casino visits and spending in the past year. Major Las Vegas casino companies like Harrah's Entertainment Inc., MGM Mirage and Las Vegas Sands Corp. have been forced to sell properties at big discounts, cut thousands of employees and halt planned development. At least one operator, Station Casinos Inc., is contemplating bankruptcy protection.

But Atlantic City has been struggling much longer. It has been battered by competition and a fading image as new casinos have emerged and expanded in neighboring states like Pennsylvania, New York and Connecticut.

Atlantic City posted the biggest drop in gambling revenue in its history in December, with an 18.7 percent decline from a year earlier. According to state regulators, the city's casinos posted a 9.4 percent decline in January.

Several Atlantic City casinos are in severe distress. The Tropicana is up for sale in bankruptcy court, and Resorts Atlantic City is facing foreclosure.

Atlantic City's older casinos have had a tough time competing against new luxury properties. One exception: Trump's Taj Mahal, which recently added a luxury tower. The casino posted a revenue increase of nearly 10 percent in January, compared with a year earlier.

Trump Entertainment has hired the law firm of Weil Gotshal & Manges LLP as bankruptcy counsel and Lazard Ltd. as financial advisers.

Bondholders have hired the law firm of Stroock & Stroock & Lavan LLP as bankruptcy counsel. They also have hired the investment-banking firm of Houlihan Lokey Howard & Zukin as financial advisers.

The Wall Street Journal contributed to this report.


Read more: http://www.foxnews.com/story/0,2933,494146,00.html#ixzz1KlLKtA00

Huh!, Whatcha ya talking about Dingo

stay in your lane, braindead african

If all reasonable African leaders can come together and stand against neo-colonialism it will be a giant leap towards freedom from bondage.

True!

Obama is a figurehead of global thieft.

ivory coast must have oil. Because we already know they after Libya because Quadaffi wants to nationalize his oil for his people and America/France wants it.

That's gangstering.

WOW!!!!

he laid it all out. He is not like them soft a/r/se professors that pervade the American landscape. He broke it down and spoke truth to power.

SO WHAT!

he should have stayed his white a/rse home.

YT think they can go everywhere.

NOT

You getting tired of the monologue are ya?

It is clear to me he's not using his D. I/CK

cause when a man bust nut/ts he become nice sometime.

This mofo STAY on some militant rant sh/it.

Life IS to be Enjoyed, INSPITE of this bull/sh/it fugged up world.

Have you ever posted anything with a "smiley face"

or

Positive positioning toward life?

I'm just asking,

Damn man! why must everything be a spear and dagger battle?

u bum muthafugger need to find a common ground

Stop JUDGING people and concern yourself with your own 170 million PLUS lazy a/s/s citizens.

THEY ARE OPPRESSED

and because YOU KNOW NOTHING ABOUT THE PSYCHOLOGY OF OPPRESSION you started this thread.

sometimes oppressed people get tired of being oppressed and they GIVE UP!!!!

you see this everywhere in oppressed societies.

that is the aim of the OPPRESSOR/DEVIL

THe only reasonable response to the above would be;

HA!

I can still shut your a.rse up.

https://media.tumblr.com/tumblr_ljf45tEhwl1qgw0qh.gif


you still my nikka mayne.

Muthafugga you got me twisted.

I chase MONEY & KNOWLEDGE.

you on the other hand  chase after s/hit that boost your damaged Ego.

I've since grown past that level.


EVOLVE mutthafugga EVOLVE!!!