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?
