Could it be? Is the Donald about to fire bankruptcy? That’s what our totally unfounded (and usually spot on) sources claim. I have to say, looking at that monstrosity of a tower on the river in Chicago, I am unsurprised. (Let’s not even start on the Atlantic City casinos). We’d love to say Donald is everything that’s wrong with this country, but at least the guy tries to pay off his debts in bankruptcy (all of which so far have been limited to corporate bankruptcy though he had a close shave in the ’90s) and he’s certainly had a lot of experience in the field, so things are looking up for his creditors (maybe). So really, when you think about it, it’s actually Donald’s hair that is everything that is wrong with this country.
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You’re Fired
Don(f)uld Trump?
The DOnald will say “Bankruptcy is just a means to make my company stronger. This has nothing to do with me, I personally am not filing for bankruptcy.”
See: 2004 Trump Taj Mahal bankruptcy
http://www.msnbc.msn.com/id/6556470/
“I don’t think it’s a failure, it’s a success,” he said in the interview. “In this case, it was just something that worked better than other alternatives. It’s really just a technical thing, but it came together.”
“We have one of the most powerful gaming companies the day it comes out (of bankruptcy). There’s no way we could have done that without the ’B’ word,” he said.
He said, “The future looks very good.”
Re Trump Tower in Chicago, did DB ever give him an extension on his loan? I think this was one of the few projects that he personally had a meaningful equity stake in (something like $40M) as opposed to just lending his name to a product.
How do you “fire bankruptcy”??
How do you “fire bankruptcy”??
You’re Filed!
No, you’re right, the only thing Trump has done for this world is produce a smokin’ hot daughter.
Why is he driving his sausage fingers into that poor child’s stomach? Does he hide diamonds in there?
@8 The daughter he produced looks nothing like the daughter the plastic surgeons created.
Say anything you want about me, really, I don’t care! Just.Don’t.Touch.The.Hair.
The Donald
I am sure it will be the greatest bankruptcy of all time not be outdone by any bankruptcy in the histpry of bankruptcies. This will be the most important bankruptcy of the 21st century and will be….Don King Trump
He gave Baron the same haircut…sick bastard.
Ivanka shows what can be accomplished. Not only with plastic surgery and a private trainer, but also appropriate hair , clothes, and makeup. Plus she had a nice shape to start with.
Ain’t pointin’ no fingers. With just Botox, fillers, and the odd peel, my 49 year-old wife has been carded twice the the last few weeks.
Ivanka shows what can be accomplished. Not only with plastic surgery and a private trainer, but also appropriate hair , clothes, and makeup. Plus she had a nice shape to start with.
Ain’t pointin’ no fingers. With just Botox, fillers, and the odd peel, my 49 year-old wife has been carded twice the the last few weeks.
“Posted by guest, Jan 21, 2009 1:16PM
How do you “fire bankruptcy”??”
I think you missed the joke. Or it wasn’t funny.
@15, make that 3 times if you include last night. Oh, wait, did I say that out loud?
When can I see the headline, “Layoff Watch ’09: Dealbreaker.com – Equity Private Shown the Door”
Too bankrupt, didn’t read.
When can I see the headline, “Layoff Watch ’09: Dealbreaker.com – Equity Private Shown the Door”
Isn’t Fortress involved with the Chicago tower?
Too much wig, didn’t
Toupée, didn’t bleed (out the ass).
@16 — are you trying to say the donald is Asian???
@18/20
I wouldn’t cross EP if I were you, but you don’t have to take my word for it…
Toupée, didn’t bleed (out the ass).
The problem with the Trump building isn’t the way it looks. It’s a very cool looking structure. The problem is, who the hell is going to live there? I’m certainly not going to pay north of a mil for a 1 BR with a view. It’s Chicago, who am I trying to impress?
I could get a place 3 times larger and with better views, in any other building in the city for the same price.
That building is going to ruin him.
DB is the senior lender (though they probably syndicated some to hedgies) and Fortress plus some other hedgies are the mezz lenders. Trump himself gave some sort of $-limited guarantee, I think. Not sure where it all stands now.
@26
On a much smaller scale, it get’s even worse. He’s doing the same thing in Stamford, CT. You know what your viewing options are? The boring ass University of Connecticut Bldg or the fucking GOODWILL located in the Stamford ghetto. (I.R.O.N.Y)
@28: Even better – it is the same complex, and right next to, Target. Apparently only half-sold.
Donald Trump will pull out of this and make even more money the next time around. The man is the ultimate comeback kid. Well, he used to be. He is getting a bit old now…but still. He’s not a coward. He is not one of those billionaires who will kill themselves rather than face re-invention even if it’s through “reorganization.” My money is on a major comeback for Trump – and for the Chicago albatross to become solvent by 2010.
Divorcesaloon
I ran into Ivanka in the line for the bathroom at Allegro’s when I was in college. Probably the only time I saw her in the 2 years we were both there, though I wasn’t in Wharton so I’m not too surprised. Anyway, my buddy goes up to her and goes “hey, do you wanna come watch me pee”. Unsurprisingly, she didn’t, but when I asked him why he would ask her that he said “well, it was probably my only chance to ever ask her that, and plus, what if she did want to watch me pee?” I had to agree with his logic.
@26,28
Same thing with Trump Towers in White Plains NY. Why would I want to pay $1 mil to be in White Plains? And by city law some of the rooms are rent controlled, so there’ll be some people caught living next to The Funk.
Real estate 101: each project is independent, a separate corporation. Each has equity from the Don – as little as possible – and a lot of debt. If a project goes bust, the Don loses whatever (little) equity he had in it. The major losses accrue to the lender. Its not like if the $100 million building in White Plains goes bust the Don looses $100 million.
Let me add that in some cases the Don doesn’t contribute equity, but instead gets assigned a piece of equity by the other investors in return for simply lending his name to the project. A kind of marketing fee. Heads he wins, tails he walks.
Chicago clarification:
DB was the senior and syndicated to many banks, most foreign since US banks can’t stand The Donald.
Fortress was mezz.
Donald put his own equity into it and signed a completion guaranty. DB is calling on payment of $40MM to satisfy his completion guaranty and he responded with a lawsuit claiming that the bank is holding up his sales by not letting him reduce the release prices. Great article in NY Times about this by the way.
The irony of all of this is the dumb fuck put himself into this position because he jacked up the asking prices of his condos to the point where only Rex Grossman bought a unit in all of 2008. Now that Rex is riding the pine, his unit is probably on the market too. Even worse, he tore up all of the “friends and family” contracts when the market values went up and now he has even more inventory to sell.
Trump projects suck.
Trump projects suck.
Trump projects suck.
28 32 The one that baffles me most is Trump New Rochelle. Its in the middle of streets filled with Mexican day laborers.
attention Al Qaeda – Trump Soho would make a great target.
yeah…i’d be scared to go in any Trump building because i’m sure they will be targets of terrorists since Trump is the worst of greedy, tacky, disgusting capitolism.