Donald Trump Resigns From Trump Entertainment Ahead of Possible Bankruptcy

[marmar]

Trump Resigns Trump Entertainment as Deadline Looms (Update1)
By Beth Jinks


Feb. 14 (Bloomberg) -- Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as the company he founded faced a possible bankruptcy next week.

“I have nothing to do with it. I’m not in it, I’m not on the board,” Trump, who was chairman, said in a telephone interview. He said he had “no idea” whether there will be a bankruptcy filing.

Trump Entertainment faces a Feb. 17 deadline to make a $53 million bond payment, a target extended four times since the initial grace period ended Dec. 31. If an agreement can’t be reached this weekend the company may file for Chapter 11 early next week, or the bondholders may force it into involuntary bankruptcy, said a person familiar with the discussions.

Trump controls 28 percent of the stock, according to a March 21 regulatory filing. His daughter, Ivanka Trump, also quit the board, according to an e-mailed statement. Trump offered to buy the rest of the company and was turned down by bondholders, he said.

“I strongly disagree with the bondholders’ decisions and actions,” Trump said. “Part of the reason that these bondholders can’t make a deal is they’ve lost so much money on other deals, they’ve lost so much money on this deal, and they’re probably going to lose so much money on other deals, that my impression is they don’t care.” .........(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=akkzsjUlFmuU&refer=home

[CoffeeCat]

1. Wow, what a sign of the times...

Donald Trump, an icon of corporate wealth and excess, is a victim of our current economy.

It's like the Titanic going down.

Sign of the times.

[justgamma]

2. How many times has he gone bankrupt?

I know at least one other time. Funny, if we go bankrupt we lose everything. When the rich go bankrupt, they keep everything. Seems a little unfair to me.