to lose that kind of money. Poof, it's gone! Not one casino, not two, but three? But hey, here's some more money!
Trump Has a Half Billion in Loans Coming Due. They May Be His Biggest Conflict of Interest Yet.
“It’s highly disconcerting.”
RUSS CHOMAJULY/AUGUST 2020 ISSUE
Trump’s biggest creditor is Deutsche Bank, which in the late 1990s took a gamble on the real estate developer whose history of corporate bankruptcies made him untouchable by most other lenders. Although Trump and the Frankfurt-based bank pulled off several profitable deals, eventually Deutsche’s commercial lending division learned the hard way one reason why other banks considered him persona non grata: If pushed by his creditors on payments, Trump shoves back.
In 2008, after he defaulted on a loan for his Chicago hotel and condo development, he filed a multibillion-dollar suit accusing Deutsche Bank and others of contributing to the recent financial meltdown, which he blamed for his inability to repay the loan.
https://www.motherjones.com/politics/2020/06/donald-trump-loans-deutsche-bank/
Donald Trump’s Business Failures Were Very Real
https://www.newyorker.com/news/our-columnists/donald-trumps-business-failures-were-very-real
By John Cassidy
May 10, 2019
How do we know this? Trump’s financial troubles were public knowledge at the time. Things came to a head in the summer of 1990, when his businesses—which by then included three casinos in Atlantic City, the Plaza Hotel, and the Trump Shuttle airline—were so strapped for cash that they couldn’t meet their interest payments. Some of the dozens of banks that had lent money to Trump were threatening to foreclose on their loans, which could have caused a cascading chain of bankruptcies, including one for Trump personally.
Rather than allowing this, which would have forced them to recognize large losses on the loans they had extended to Trump, the banks eventually agreed to keep him afloat by extending another sixty-five million dollars in credit. “Wrapping up a hard-fought deal with bankers yesterday, Donald J. Trump narrowly avoided missing a payment deadline that could have led to personal bankruptcy,” the Times reported, on June 27, 1990. “But for the developer, who once seemed nearly invincible, the deal comes at a humbling cost: He has been forced to cede management control over his multibillion-dollar empire, at least temporarily, to the bankers who came to his rescue.” The article went on to say that “the banks hope the new cash will give Mr. Trump time to oversee the orderly sale of many of his assets at prices that would allow him to meet his obligations.”
The financial reprieve that Trump’s businesses received turned out to be temporary. In 1991, his Taj Mahal casino, in Atlantic City, filed for bankruptcy protection, and, not very long after, so did his other two casinos—the Trump Plaza and the Trump Castle. In 1992, the Plaza Hotel filed for bankruptcy, and Trump agreed to turn over many of his remaining assets, including Trump Shuttle, to his creditors. With the help of the banks and his father, who repeatedly gave him money, Trump managed to escape the humiliation of personal bankruptcy, but his days as a swashbuckling entrepreneur were done. For a decade, or more, he largely confined himself to licensing deals, entertainment ventures, and minority investments that cashed in on his personal brand, which somehow survived his dramatic fall.
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