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Synopsis of Trump's 4 bankruptcies, by Marco Rubio -


>>> Rubio Campaign Press Release - The Four Times Donald Trump Has Declared Bankruptcy

February 26, 2016


Bankruptcy #1: The Trump Taj Mahal, 1991:

The first Trump-tied bankruptcy, in 1991, was of Trump's biggest Atlantic City casino, the Trump Taj Mahal, whose $1 billion construction was financed by junk bonds at a staggeringly high interest rate of 14 percent. Its glitzy unveiling fell flat amid slumps in Atlantic City and the broader U.S. economy, leaving the Trump firm more than $3 billion in debt." (The Washington Post, 8/7/15)


Bankruptcy #2: Trump Plaza Hotel, 1992:

"Trump acquired the Plaza Hotel in New York for $390 million in 1988. By 1992, the hotel had accumulated $550 million in debt. As a result of the bankruptcy, in exchange for easier terms on which to pay off the debts, Trump relinquished a 49 percent stake in the Plaza to a total of six lenders, according to ABC News. Trump remained the hotel's CEO, but it was merely a gesture — he didn't earn a salary and had no say in the hotel's day-to-day operations, according to the New York Times." (PolitiFact, 9/21/15)


Bankruptcy #3: Trump Hotels and Casinos Resorts, 2004:

"Donald J. Trump's casino empire has filed for bankruptcy protection after months of negotiations with bondholders over restructuring a crushing debt. Trump Hotels & Casino Resorts Inc. and numerous related operations filed for protection from its creditors under Chapter 11 of the bankruptcy code on Sunday in U.S. Bankruptcy Court in Camden, N.J. The Trump casino business consists mainly of three Atlantic City properties and a riverboat casino in Indiana and are only a small part of Trump's overall real estate empire." (The Associated Press, 11/22/04)


Bankruptcy #4: Trump Entertainment Resorts, 2009:

"Trump Entertainment Resorts — formerly Trump Hotels and Casinos Resorts — was hit hard by the 2008 economic recession and missed a $53.1 million bond interest payment in December 2008, according to ABC News. After debating with the company's board of directors, Trump resigned as the company's chairman and had his corporate stake in the company reduced to 10 percent. The company continued to use Trump's name in licensing.So four Trump companies filed for Chapter 11 reorganization." (PolitiFact, 9/21/15)

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https://www.presidency.ucsb.edu/documents/rubio-campaign-press-release-the-four-times-donald-trump-has-declared-bankruptcy



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