The proxy statement for flailing Atlantic City casino operator Trump Entertainment Resorts (NASDAQ: TRMP) is out. Just for fun, I'm including below the stock chart the company showed investors in its 10-K filed with the SEC -- which provides evidence of what a destroyer of value this company has been since its predecessors reorganized in 2005.
And yet its namesake, Donald J. Trump, has made quite a bit of money as it bleeds red.
Mr. Trump was paid $2 million for serving as chairman in 2007 -- a sum that I would say is completely undeserved, given the company's lack of performance while he devoted his time to sparring with Rosie O'Donnell on daytime talk shows. And then there's this gem:
In the normal course of business, we engage in various transactions with other entities owned by Mr. Trump, including $78,000 for leasing certain office space in Trump Tower in Manhattan, $17,000 for the periodic use of Mr. Trump's airplane and golf-courses to entertain high-end customers and $336,000 for costs to pilot Mr. Trump's airplane. Additionally, in the ordinary course of business, we purchased $653,000 of Trump labeled merchandise, including $498,000 for Trump Ice bottled water served to our customers, from third party vendors. While we do not directly pay royalties on such merchandise to Mr. Trump, he may be entitled to royalties from these third party vendors . . .
It's hard to imagine a real billionaire like Warren Buffett entering into deals like this with a company he owns. This latest proxy statement is further evidence of what a clown Donald Trump is.
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Reader Comments (Page 1 of 1)
3-25-2008 @ 3:30PM
tim said...
Right on, Sweet post!
Tim
http://www.timothysykes.com
3-25-2008 @ 4:57PM
BARRY COLEMAN said...
HE RANKS WITH "SWIFTBOAT " PICKENS AS A SELF DESCRIBED CELEBRITY, WITHOUT CHARACTER OR INTEGRITY.