If Donald Trump files for bankruptcy, it certainly won't be the first time. For Trump Entertainment Resorts (NASDAQ: TRMP), the Donald has a deadline of today to renegotiated a $1.25 billion debt.
What's the big deal? It turns out that Trump Entertainment -- which owns the Trump Taj Mahal, Trump Plaza and Trump Marina in Atlantic City, missed a $53.1 million bond payment on December 1, and got a 30-day extension. The holders of 70% of Trump Entertainment's outstanding senior secured notes due in 2015 agreed to wait until today to exercise their rights related to the missed bond payment. And today is the day for coming to terms on another loan as well. The lenders involved in a $490 million loan agreement also agreed to wait until today to exercise their rights.
If Trump Entertainment files for bankruptcy today, it will only be the fourth time it's done so since 1991. The weak economy is not helping Trump Entertainment. In 2008, sales at The Taj Mahal fell 5.1%, those at Trump Plaza dropped 6.4% and Trump Marina sales fell 15.8%. One analyst thinks that Trump will get another extension on his payment.
If he does file for bankruptcy, it would be fitting for the Donald's board to sit him down in the board room and tell him he's fired. After all, the stock is down 93% in the last year. But that will never happen.
Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.











Reader Comments (Page 1 of 3)
1-21-2009 @ 5:54PM
Beltway Greg said...
And somewhere in this world Rosie O'Donnell is smirking herself half to death.
1-22-2009 @ 10:14PM
bt said...
Hey Donald,
If you need someone to pull the casino's out of the red, send me an email. How about I work the first 90 days free, and then if I turn it around, I get some compensation to be agreed upon at a future date?
1-21-2009 @ 9:00PM
Boba Gonoush said...
That would be HUGH!!!!!!!
1-21-2009 @ 7:55PM
davd said...
If you file bankruptcy 4 times in 18 years you should not be allowed to operate a business. It should be against the law.
1-21-2009 @ 8:12PM
house3 said...
i feel sooo bad for him lol
1-21-2009 @ 8:15PM
victor lexus said...
some not too bright people use donald trump name
to promote their business i will use this sob
to feed the lions hoping that they won't get
sick...
1-21-2009 @ 8:15PM
raidrmik67 said...
Trump is a fraud and anyone who loans this man money is a FOOL! I'm sorry but HOW successfull is a persons business if it's been in bankruptcy 3 times already??
1-21-2009 @ 8:22PM
jesup criest said...
brought to you by the fertittas, mafia family.
1-21-2009 @ 8:36PM
Frank said...
the Duck has said in the past that he believes in sticking to the smucks that are stupid enough to keep giving him money..... he isn't a good business man, but he is without a doubt one of the best con artist alive...and the sad part is he can open antother business with a different name and keep on doing it.. the old saying states,,, fool me once shame on you, fool me twice shame on me.. they should make him drive a 20 yr old ford and live in a run down trailer park for the rest of his life, and make him dig ditches so he can appreciate what little bit of scraps he would have.
1-21-2009 @ 8:45PM
fventerprises said...
Why the "high bussiness class" in this country respect this crock??? He's living a rich life at our expenses,let's finish this bull...t ! ! ! !
1-21-2009 @ 8:41PM
Frank said...
what a waste, the Duck is not a smart buisness man but he is by far one of the greatest con artist of all time. the saying fool me once shame on you fool me twice shame on me.. can't feel sorry for the idiots that keep giving him money. he has made statments in the past that its good buisness to run up bills and bail on them... they should force him to live in old run down trailer park, drive a 15 yr old clunker and dig ditches for the rest of his life...he is worthless, and Donald do sumtin with that hair. pleaseeeeee
1-21-2009 @ 8:45PM
fventerprises said...
He's getting ready to get on line to get some of the 750 billion cake, !!!!!! That;s enough ! ! ! ! ! ! ! Stop those white collar crocks !! ! ! !
1-21-2009 @ 8:51PM
chris said...
You would think with all his so called money, he would buy a wig, or shave his head or something!! The man is an idiot! Long live my Rosie!! I hope she gets a good laugh out of this, Lord knows she deserves one! She has a 10th of what the hairman has and she does more for the poor and the children then he EVER DID! His poor father must be so embarrased!
1-21-2009 @ 8:51PM
iphonerulez said...
Not all that unusual. He files for bankruptcy every few years or so. He just does that so he can keep in practice. Guys like him never go broke. He's got plenty of friends in high places. It's okay if he's a good con man. A man like him will never get conned. He's always waiting for the next sucker and never has to wait long. Babes love smooth guys like him. He can con their panties off. Of course, they don't mind because he's got plenty of money to give them whatever they desire.
Nobody will ever tell this man that he's fired. He'll be the boss until he dies and maybe even after that when he opens up a casino in the afterlife.
1-21-2009 @ 8:56PM
terry mcclimans said...
now you know whats the matter with this country.....
1-21-2009 @ 8:56PM
Dana said...
UR FIRED DONALD OLD BOY!
1-21-2009 @ 8:58PM
cryptoad said...
Casinos are a sleaze business on the par with drugs and prostitution even though they try to masquerade as good ole middle America by changing the term "gambling" to "gaming"
1-21-2009 @ 9:04PM
wp4088 said...
I hope he goes broke, he's a greedy little crook!!!!!!
1-21-2009 @ 9:07PM
teesiepie said...
Rosie O'Donnell was right--love her or hate it--she called this one waaay back!
1-21-2009 @ 9:11PM
lisa said...
Rosie O'Donnell called this one waaay back. Love her or hate her she saw right through the duck, I mean the Donald.