Given that his six corporate bankruptcies has since become a matter of public record, how could U.S. President Donald J. Trump “Make America Great Again”?
By: Ringo Bones
His supporters call it MAGA-nomics as in “Make America Great Again Economics, but given his six corporate bankruptcies is now a matter of public record, despite he has yet to make his tax returns public, can U.S. President Donald J. Trump really has the business acumen to make America greater than this predecessor – i.e. U.S. President Barack Obama? And another thing, given that some skilled entrepreneurs have managed to profit from their “skillful” declaration of Chapter 11s, is this an economically viable way to sustainably create wealth?
Trump has filed Chapter 11 Bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s around the time of the post-Operation Desert Storm euphoria, both of which contributed to hard times in Atlantic City, New Jersey’s gambling facilities. Trump also entered a Manhattan hotel and two casino holding companies into bankruptcy. Technically, Chapter 11 Bankruptcy allow companies to restructure their debt or wipe away much of their debt to other companies, creditors and shareholders while renaming in business but under the supervision of a bankruptcy court. Chapter 11 is often called “reorganization” because it allows the business to emerge from the process more efficient and on good terms with its creditors. One point of clarification though is that Trump has never filed personal bankruptcy, only corporate bankruptcy related to his casinos in Atlantic City.
Here is a list of Trump’s six corporate bankruptcies; The details of which are a matter of public record and have been widely published by the news media and even discussed by the president himself. The 1991 bankruptcy of the Trump Taj Mahal, the Trump Castle Hotel & Casino, Trump Plaza Casino and Trump Plaza Hotel in 1992, Trump Hotels &Casino Resorts in 2004 and Trump Entertainment Resorts in 2009. But can Donald J. Trump flip a profit by declaring Chapter 11 on America and share most of the proceeds to the American Taxpayer?