After years of financial problems, Trump Entertainment Resorts (NASDAQ: TRMP) has filed for bankruptcy for the third time in its history. The company's last bankruptcy came in November of 2004.
The company reported assets of less than $50 million and debts of less than $500 million. Nine affiliates of the company also filed for bankruptcy, including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associate. Including all affiliates, the company said it had consolidated assets of $2.1 billion and debt of $1.7 billion as of December 31st of 2008.
True to form, Trump extricated himself from the company a few days before the bankruptcy filing and, in spite of all the cash he collected at shareholders' expense, doesn't seem to accept any responsibility. Instead he has publicly blamed the company's creditors.
Shares of Trump Entertainment Resorts are now essentially worthless. In 2006, the stock traded at more than $20 per share.