Despite Holding Huge Assets Trump Needs Money More Than His Presidential Predecessors Ever Did But He Faces Multiple Barriers Of His Own Making
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As Trump knows only too well, lawyers are expensive
What next for Donald Trump? World leaders dont, as a rule, go hungry upon leaving office. There are positions on corporate boards to take up, lucrative speaking engagements to be booked, handsome advances for books even if they dont sell quite as well as expected . The consulting opportunities are endless, as Tony Blair has proved. Theyre not always terribly savoury but that usually merits only passing attention.
Trump, however, is in the difficult position of needing the money more than any of his predecessors did, despite holding huge assets. He also faces barriers of his own making the insurrection he fomented the most obstructive of all to at least some of the perks former presidents typically enjoy. Many of the people who welcomed George W Bush and cut him a cheque when he wasnt painting wont want to associate with Trump.
His legal problems, meanwhile, are just beginning and legal experts consider the idea of Trump preemptively pardoning himself a non-starter. Besides, this would only cover federal, and not state, offences.
Trump Entertainment Resorts 2009
His most recent bankruptcy came in 2009, after the company missed a $53.1 million bond payment. That was pretty much the end of the road for Trump in Atlantic City. While his name remained on three casinos, he resigned from the board and gave up his remaining stake in the company.
“I had the good sense, and I’ve gotten a lot of credit in the financial pages, seven years ago I left Atlantic City before it totally cratered,” he said during the debate.
The two Atlantic City casinos that still had the Trump name filed for bankruptcy yet again in 2014. At the time Trump made sure people knew he was no longer running the company, and sued to have his name removed.
Famous People Who Filed Bankruptcy
And the list keeps growing.
They all used bankruptcy to get rid of debt,…and then got on with their lives.
Each of these famous people got the full benefit of filing bankruptcy…when they needed it.
Why not you?
Bad times come to all of us…even celebrities.
If someone that well off could get into financial trouble…it could happen to anyone.
If it could happen to anyone,…maybe you shouldnt be so hard on yourself.
These famous people were given a chance……to get rid of debt…to get rid of stress…to get back on track…and to start over fresh.
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Controversy Over Tax Returns
In October 2016, The New York Times published some tax documents from 1995. Trump claimed on his tax returns that he lost money, but did not recognize it in the form of canceled debts. Trump might have performed a stock-for-debt swap. This would have allowed Trump to avoid paying income taxes for at least 18 years. An audit of Trump’s tax returns for 2002 through 2008 was “closed administratively by agreement with the I.R.S. without assessment or payment, on a net basis, of any deficiency.” Tax attorneys believe the government may have reduced what Trump was able to claim as a loss without requiring him to pay any additional taxes. It is unknown whether the I.R.S. challenged Trump’s use of the swaps because he has not released his tax returns. Trump’s lawyers advised against Trump using the equity for debt swap, as they believed it to be potentially illegal.
After a protracted legal battle against subpoenas to release his tax returns, including two appeals to the United States Supreme Court, in February 2021 the high court permitted the records to be released to prosecutors and a grand jury.
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Further, the S-4 mentions other ongoing litigation involving President Trump related to the 2020 election, including a lawsuit filed by the NAACP Legal Defense & Educational Fund, and a criminal investigation launched by the Fulton County, Ga., district attorneys office … into President Trumps alleged interference in the presidential election.
Also, the U.S. House of Representatives Committee on Oversight and Reform is investigating President Trumps alleged destruction and removal of classified documents and White House records, as well as potential inaccurate financial statements filed by the Trump Organization in relation to the Trump Hotel in Washington, D.C. ”
The document continues, On April 25, 2022, a New York state court judge held President Trump in civil contempt for failing to comply with a subpoena for documents related to the New York attorney generals investigation of the Trump Organization. President Trump, along with his three eldest children , are defendants in a class-action lawsuit accusing them and the Trump Corp. of defrauding investors in exchange for secret payments from multiple companies.
Also, The Trump Organization recently paid $750,000 to settle a lawsuit filed by the District of Columbia accusing the organization of misusing nonprofit funds from the 58th Presidential Inaugural Committee.
Trump Contractors: ‘it Was The Beginning Of The End For Us’
Trump takes umbrage at the idea that he went bankrupt, always pointing out that he never filed personally and that he used the bankruptcy laws to get richer.
Connolly said taking his casinos into Chapter 11 was “reasonable and responsible” and the right decision for Trump and his bondholders.
“It looked like a fair deal and actually kept them going,” Connolly said.
But Mike D’Antonio, author of the book “Never Enough: Donald Trump and the Pursuit of Success,” said the bankruptcies shouldn’t come with bragging rights.
“Donald likes to say his bankruptcy filings were just a tool he’s been using for his businesses,” D’Antonio said. “He’s had a string of failures. And you’re not just talking about big investors. You’re also taking about bond holders, not big banks…people who invested their retirements.
“So, you can call it a legal tool that he’s using, but lots of people have been hurt along the way. Its been a badge of shame for him.”
Business Career Of Donald Trump
|This article is part of a series about
Donald Trump is an American businessman and television personality who served as the 45th president of the United States from 2017 to 2021. He began his real estate career at his father’s company, Trump Management, which he later renamed the Trump Organization. He rose to public prominence after concluding a number of highly publicized real estate deals in Manhattan, and his company now owns and licenses his name to lodging and golf courses around the world. Trump partly or completely owned several beauty pageants between 1996 and 2015. He has marketed his name to many building projects and commercial products. Trump’s unsuccessful business ventures have included numerous casinos and hotel bankruptcies, the folding of his New Jersey Generals football team, and the now-defunct Trump University.
After being inaugurated as U.S. president in January 2017, Trump resigned all management roles within the Trump Organization, and delegated company management to his sons Donald Jr. and Eric. However, Trump retained his financial stake in the work document, leaving ongoing concerns about possible conflicts of interest.
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Jocelyn Wildenstein Was Rumored To Spend $1 Million A Month On Lavish Purchases And $5000 A Month On Her Phone Bill In May 2018 The Socialite Declared Total Bankruptcy Saying She Had $0 In Her Checking Account
Once worth billions, Jocelyn Wildenstein is worth much less now, according to Money. In May 2018, the socialite and former wife of the late billionaire art dealer Alec Wildenstein filed for federal Chapter 11 bankruptcy protection.
The New York Post reported that in the filing, she said her monthly income was $0, and that she survived on $900 Social Security payments and assistance from her friends and family.
Much of her financial troubles, she said, are from a faulty divorce settlement. Despite spending most of the $2.5 billion she received in the divorce, Wildenstein told the New York Post that she was promised much more. She was given two paintings in the settlement, one by Diego Velázquez that turned out to be a forgery and another by Paul Cézanne that sold for a fraction of what it was originally appraised at.
In May 2018, the former billionaire told the New York Post she is on the lookout for a “top lawyer” to get her everything she feels she is “supposed to have for lifetime.”
A Certain Commander In Chief Has A Long History Of Being Accused Of Screwing Over The Little Guy
President Trump has long claimed to be a fierce defender of the “forgotten” American. In his unsettlingly dark inauguration address, for example, Trump declared: “The forgotten men and women of our country will be forgotten no longer. Everyone is listening to you now. … And I will fight for you with every breath in my body, and I will never, ever let you down.”
But Trump has long made a career of letting down just these sorts of Americans.
Despite his fiery rally rhetoric and over-the-top working-class bluster, Trump’s hypocrisy on this score has always been gobsmackingly obvious, since in his former life as a real estate tycoon he left a long trail of small businesses and independent contractors feeling bilked or burned.
Granted, fights between developers and contractors over payments are not uncommon in the construction and real estate business. But consultants and lawyers in the industry say that Trump’s tactics like using last-minute excuses to either refuse payment or renegotiate terms were especially cutthroat and petty.
Let’s take a brief tour of some of the Americans left burned by the president.
1. Trump’s personal driver
2. A Philadelphia cabinet maker
3. A paint seller and event workers in Florida
4. A drapery business in Las Vegas
According to court records, Walters never had a dispute with any other client.
5. A toilet maker in Atlantic City
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Use Of Bankruptcy Laws
Trump has never filed for personal bankruptcy, but hotel and casino businesses of his have been declared bankrupt four times between 1991 and 2009 to re-negotiate debt with banks and owners of stock and bonds. Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, “I do play with the bankruptcy laws â they’re very good for me” as a tool for trimming debt. These types of bankruptcies are common in the business world for restructuring to avoid having to close a business. In the case of Trump’s bankruptcies, three were tied directly to gaming industry, which as a whole had suffered during the time the bankruptcies were declared.
According to a report by Forbes in 2011, the four bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City: Trump’s Taj Mahal , Trump Plaza Hotel , Trump Hotels and Casino Resorts , and Trump Entertainment Resorts . Trump said “I’ve used the laws of this country to pare debt…. We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on The Apprentice. It’s not personal. It’s just business.” He indicated that many “great entrepreneurs” do the same.
Sean Quinn Was Once The Richest Man In Ireland Before He Lost It All Because Of Bad Investments In An Irish Bank Quinn Was Forced To Hand Over Most Of His $28 Billion Fortune In November 2011 Quinn Claimed His Assets To Be Less Than 50000 When He Applied For Bankruptcy
Sean Quinn acquired a great deal of success through his investments in industries such as plastic, glass, and hotels. He also held a 25% stake in Anglo Irish Bank, which had to be bailed out by taxpayers during the 2008 financial crisis. The bank was taken over by the government, and thus began a series of legal troubles between the Quinn family and the bank.
Once considered to be the richest man in Ireland, Quinn lost a majority of his $2.8 billion fortune. At one point, the Irish Bank Resolution Corp., which took over Anglo Irish Bank, said Quinn owed the bank more than 2 billion.
Soon after, he was charged with contempt of court for attempting to hide his property assets from the bank in an effort to avoid paying back his debts. Financial Times reported that in November 2011, Quinn claimed his assets to be less than £50,000 and said he had applied for bankruptcy.
Kevin Lunney, a close associate of Sean Quinn and a director of Quinn Industrial Holdings, was abducted and beaten in September 2019, showing that there remains a lot of ill will towards Quinn and his company.
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Inheritance And Further Acquisitions
In 1996, Trump acquired a vacant, 70-story office building at 40 Wall Street in Manhattan, renovated it, and branded it as The Trump Building. In 1998, Conseco and Trump purchased the General Motors Building for $878 million from Corporate Property Investors. The group received a $700 million loan from Lehman Brothers for the purchase and Trump reportedly only committed $15 to $20 million of his own money to the deal. Trump raised the controversial sunken plaza where few pedestrians had ventured, which had been criticized by Huxtable, and installed his name in four-foot gold letters. In 2003, Trump and partners sold the building for $1.4 billion, then the highest price paid for a North American office building, to Macklowe Organization.
After his father died in 1999, Trump and his siblings received equal portions of his father’s estate valued at $250300 million.
In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters. Trump also began construction on Riverside South, which he dubbed Trump Place, a multi-building development along the Hudson River. He continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use tower on Columbus Circle which he acquired in 1996, and also continued to own millions of square feet of other prime Manhattan real estate.
Donald Trump’s Companies Filed For Bankruptcy 4 Times
Trump still touts his business sense and wealth as qualifications for president.
Trump has built an American empire from Las Vegas to New York with towering hotels and sparkling casinos. Forbes estimates he’s worth $2.7 billion. But not all of Trump’s business ventures have been constant money-makers. In 1991, 1992, 2004, and again in 2009, Trump branded companies or properties have sought Chapter 11 protection.
“I’ve used the laws of this country to pare debt. … We’ll have the company. We’ll throw it into a chapter. We’ll negotiate with the banks. We’ll make a fantastic deal. You know, it’s like on ‘The Apprentice.’ It’s not personal. It’s just business,”Trump told ABC’s George Stephanopoulos last Thursday.
A business declaring bankruptcy is nothing new in corporate America, where bankruptcy is often sugar-coated as “restructuring debt.” But it might seem alarming to everyday Americans who can’t get a bank to restructure their home loans. If you want to get Donald Trump hot under the collar, accuse him of declaring bankruptcy.
Doug Heller, the executive director of Consumer Watchdog, said Trump is the “most egregious, almost comical example” of the disparity between what the average American faces when going through bankruptcy and the “ease with which the very rich can move in and out of bankruptcy.”
“I’m a much bigger businessman. I mean, my net worth is many, many, many times Mitt Romney’s,” Trump said.
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How Often Has Donald Trump Declared Bankruptcy
Donald Trumps business record seems riddled with unfortunate events. Despite never having filed for personal bankruptcy, reports state that he filed for business bankruptcy at least four times. But, according to Trump, businesses file for bankruptcy often, and it was a financially intelligent move. He added that hundreds of companies have done the same thing he did.
Personal Vs Corporate Bankruptcy
One point of clarification: Trump has never filed personal bankruptcy, only corporate bankruptcy related to some of his business interests. I have never gone bankrupt, Trump has said.
Here is a look at the six Trump corporate bankruptcies. The details are a matter of public record and have been widely published by the news media and even discussed by Trump himself.
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Nevada Early Voting Latino Turnout Controversy
On November 8, 2016, Trump filed a lawsuit claiming early voting polling places in Clark County, Nevada, were kept open too late. These precincts had high turnout of Latino voters. Nevada state law explicitly states that polls are to stay open to accommodate eligible voters in line at closing time. Hillary Clinton campaign advisor Neera Tanden says the Trump campaign is trying to suppress Latino voter turnout. A political analyst from Nevada, Jon Ralston tweeted that the Trump lawsuit is “insane” in a state that clearly allows the polls to remains open until everyone in line has voted. Former Nevada Secretary of StateRoss Miller, posted the statute that states “voting must continue until those voters have voted”. Miller said: “If there are people in line waiting to vote at 7 pm, voting must continue until everyone votes…. We still live in America, right?”