Trump Entertainment Resorts (NASDAQ: TRMP) has been squeaking out forbearance agreements with its lender for months to avoid bankruptcy, but that game could finally be coming to an end.

The Wall Street Journal reports (subscription required) that "Bondholders to Trump Entertainment Resorts are planning to force the real-estate mogul's Atlantic City casino group into involuntary Chapter 11 bankruptcy early in the coming week, say several people familiar with the matter."

Just when you thought that Donald Trump could not come up with a new way to spin The Apprentice, he trumps you. That's because last night, Trump fired Trump from his role on the board of Trump Entertainment Resorts (NASDAQ: TRMP). The reason is simple -- Trump Entertainment bondholders are owed $53 million; the Donald stiffed them; and now the bondholders want Trump Entertainment to file for Chapter 11.

The Donald's self-firing is the latest salvo in a lengthy war between himself and his bondholders. A few weeks ago, I posted on the imminent deadline for a resolution of the matter. But Trump bondholders gave him a temporary reprieve until this coming Tuesday. And the Donald has mentally checked out of this mess boasting about how little it means to him -- "Moreover, the company has represented for quite some time substantially less than 1% of my net worth, and my investment in it is worthless to me now," according to the Wall Street Journal (subscription required).

Although he was a supporter of Senator John McCain during the election, author and reality television star Donald Trump says President Barack Obama has done well so far. "We hope Obama is going to be better," he said. "I think he is going to be better. He's off to a good start, and we have to see what happens with the stimulus."

He also had harsh words for Obama's predecessor: "I'm not a fan of George Bush," he said. "I think he has been the worst president maybe we've ever had. He's a total disaster. Frankly, when the economy cratered, that was the end, because the only thing he could say about his administration was that the economy was good. Well, it turned out that it was falsely good, not really good."

Yesterday, Peter Cohan wrote that Trump Entertainment Resorts (NASDAQ: TRMP) could be on the brink of its fourth bankruptcy filing since 1991.

Well it won't happen. At least, not until next month. In an 8-K filed with the SEC today, the company disclosed that "On January 21, 2009, the parties to the Noteholder Forbearance amended the Noteholder Forbearance to extend its term until February 4, 2009, unless certain events occur."

In other words, Trump will be back in this very situation in less than two weeks. The company failed to reach any kind of long-term restructuring.

Shareholders chose to notice that rather than the brief reprieve, and the stock has tumbled more than 10% today, to less than 25 cents per share. In 2006 it traded over $20.

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.

Ivanka Trump -- the "executive vice president of development and acquisitions" of her daddy's company -- appeared on CNBC on Friday to talk about New York City real estate and The Trump Organization's plans. Referring to the tough financing situation, she said that "We're waiting for that to open up and then we'll be ready to pounce," she said. "We are very well positioned to take advantage of great opportunities."

She also said that the company had been conservative in its financing over the past few years -- which doesn't exactly explain why Deutsche Bank is suing her father over issues relating to a loan on a building in Chicago. Meanwhile Trump Entertainment Resorts (NASDAQ: TRMP) is missing interest payments and staring down bankruptcy. Oh, by the way, Ms. Trump is on that company's board of directors, but there was no mention of the fact that as she spoke the company's stock was trading at about 26 cents per share. When she joined the stock was trading at more than 20 times that price.

Like her father, Ms. Trump is full of optimism about The Trump Organization and how much better positioned it is than similar companies, no matter how bad the headlines seem to be.

That's her schtick: But it's disappointing that CNBC's anchors didn't hold her feet to the fire a little more.

This post is part of our feature on Money Losers of 2008. See all 20.

Nothing gets the juices flowing like tales of celebrities in trouble. It lets people know that people we celebrate have problems just like we do. And when the economy goes sour, they occasionally have trouble paying their mortgages.

Take Wyclef Jean. The rapper/producer took out a $2.1 million mortgage to renovate a Miami Beach mansion. Then, according to media reports, he stopped making payments. Work on the property seems to have stopped midstream, as if the workman walked off the job. The house went up for sale on December 13. I could not tell if the sale occurred.

Other musicians having trouble keeping up with their mortgage payments include Fantasia Barrino, winner of Season 3 of American Idol, and Aretha Franklin, the Queen of Soul.

TMZ.com reports that Barrino bought the six-bedroom, 6,000-square foot mansion for $1.3 million in 2007. The county will auction the home off on January 12. Even if she loses the house, fans should not fret because she has got another one nearby, TMZ said.

Franklin, one of the legends of pop music, ran into trouble with the tax man in her hometown of Detroit, according to Reuters. Earlier this year, she owed a total of $19,192 in back taxes and fees on the property through 2007. It was not clear if this debt had been settled.

When Donald Trump isn't busy getting sued for defaulting on loans, he occasionally finds time to sue other people.

The Los Angeles Times reports that The Donald is suing Rancho Palos Verdes for $100 million for thwarting his efforts to maintain his precious "Trump Image" at the country club he built there five years ago. TMZ chimes in that "Trump is particularly pissed that he's been blocked from building a clubhouse terrace and a row of 12-foot ficus trees to block what he thinks are unsightly houses -- the last thing his putters want to see."

The poster boy of nepotism and grandiosity is accusing the town of fraud and, get this, civil rights violations.

But before you get out that Rosa Parks plaque to bestow on Trump for his battle against prejudice, the city and its residents have a few things to say. Mayor Larry Clark told the Times that the city has tried very hard to work with Donald Trump and he fears the lawsuit is going to anger many residents. One retired citizen added that "I think he just feels rules aren't made for him. He expects them to say he can do it because he's Donald Trump."

Trump has been the victim of an endless litany of atrocities. For instance, they wouldn't let him rename a road after himself. Hello? Haven't these people heard of the Civil Rights Act?

Donald Trump hates to appear the loser, at anything. It damages his reputation as a business superman. It may prevent him from getting a fourth wife. He could lose his TV series. Success is Trump's way in the front door and always has been.

One place where Trump has stumbled is his gaming and gambling business. He is not alone. Many casino companies, including MGM Grand (NYSE: MGM), have been hurt by too much debt, over-building and the recession.

Trump Entertainment Resorts (NASDAQ: TRMP) has already missed a $53 billion debt payment. According to the FT, "The group, which operates three properties in Atlantic City, is saddled with $1.7bn of debt, of which about $1.2bn is bond debt." The paper says that one of Trump's options is to take the company private and give creditors stock in the new business. In the midst of a credit crisis they may rather do that then get pennies on a dollar in Chapter 11.

Who gets screwed? Why the common shareholders, of course. Two years ago, Trump shares were above $23. Now they trade at 21 cents.

Trump may get out of this without it costing him a dime to restructure the debt. People who bought the stock, perhaps because his name was attached to the company, will get zilch.

Douglas A. McIntyre is an editor at 247wallst.com

It seems that just about everyone has an opinion about how to solve the Big Three problem these days, so it was just a matter of time before Donald Trump, one of the great flapping jaws of all time, opined.

Speaking on CNBC's Squawk Box, Trump suggested that each company should be put into Chapter 11 bankruptcy protection, with the federal government providing debtor-in-possession financing. The company could then renegotiate its legacy costs. Trump disagreed with the notion that people would not buy a car because the company is in bankruptcy and pointed out that numerous airlines continued to operate while they were in bankruptcy.

Trump said that Chapter 11 would give tremendous power to a federally-appointed "auto czar" and added that he believes that Jack Welch is the man for the job. Trump also said that General Motors (NYSE: GM), Ford (NYSE: F) and Chrysler can be great again.

As much as it pains me to agree with Trump, I think he's probably right that the flexibility that would be provided by bankruptcy filings outweighs the potential negative impact on consumer confidence in the industry -- which doesn't have much farther to fall anyway.

Deutsche Bank AG (NYSE: DB) has sued Donald Trump, demanding that he pay a $40 million personal guarantee that was part of a $640 million construction loan that Deutsche Bank originated in 2005. The loan came due on November 7th with an outstanding balance of $334 million.

The loan is related to the development of the The Trump International Hotel & Tower in Chicago. The building is expected to be finished in early 2009, and the lower floors are already open for business. According (subscription required) to The Wall Street Journal, the building will be the second largest in the United States. Last month, Trump sued Deutsche Bank for an extension on the loan, claiming that the financial meltdown had triggered the force majeure clause of the contract that normally applies to wars, riots and acts of God.

A New York State Court rejected Trump's argument, but apparently he still hasn't coughed up the money. Now he's being sued for it.

It appears that Trump is back in trouble with lenders. Last week, Trump International Resorts (NASDAQ: TRMP) disclosed that it had missed an interest payment.

Trump Entertainment Resorts (NASDAQ: TRMP) disclosed on Friday that it would delay making a $53.1 million interest payment on its senior secured notes due 2015 as it looks to restructure.

The company owns and operates the Atlantic City's Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and the Trump Marina Hotel Casino. The Donald serves as the nonexecutive chairman of the board and his daughter Ivanka is also a director.

The company's results have suffered along with the broader tourism economy, but the Trump properties in Atlantic City have also been hurt by their dated feel and the company's lack of cash that has made necessary updates difficult.

As I wrote back in March, Donald Trump has continued to loot this sinking ship: In 2007 he was paid $2 million for serving as chairman of the board in addition the company's purchases of Donald Trump-branded water and other goodies.

The stock closed at 31 cents per share on Friday.

The real estate market is as bad as it gets, so lenders are getting cold feet about big projects. Even Donald Trump, who can usually work magic filling his buildings with tenants, is running into problems. (It should be noted he has never been good at the casino business and spends too much time doing TV junk like The Apprentice).

Trump may not have much of an argument. He wants an extension to the loan for his residential tower in Chicago, which means a portion of its has lapsed. Why the banks involved, including Germany's largest bank, Deutsche Bank (NYSE: DB), would do that is unclear.

According to The Wall Street Journal, "The suit demands -- among other things -- that an extension provision in the original loan agreement be triggered because of the unprecedented financial crisis in the credit markets now prevailing, in part due to acts Deutsche Bank itself participated in." In other words, the financial crisis almost rises to the level of being an "act of God." Not quite, but getting close.

Trump's real problem is not the banks. Since everyone in the U.S. is poor, no one wants to buy his expensive Chicago condominiums. A lawsuit won't solve that.

Douglas A. McIntyre is an editor at 24/7 Wall St.

In an interview with the Associated Press, Donald Trump and his daughter Ivanka opined on the meltdown in the financial markets. The Donald advised viewers to keep as much cash as they could so they would have the opportunity to take advantage of the terrific opportunities.

Should you care what Donald and Ivanka have to say about the financial crisis? Probably not, because it's just a bunch of cliches. And why exactly should we care what Ivanka says? Because she won the ovarian lottery and now works for her dad? Watch the video below and be sure to note The Donald's appearance.

Quick: think of a hypothetical idea for a really stupid television show that would have absolutely no chance of succeeding.

If you're like most people, the first thing that popped into your head was "a Donald Trump mixed martial arts reality show." And yet, hilariously, someone is actually bankrolling this train wreck in the making. The Los Angeles Times reports that "Donald Trump and Affliction Entertainment announced today they will begin filming in April for a reality mixed martial arts series called 'Fighting Fedor'. The series, to be filmed in St. Petersburg, Russia, will open with 16 MMA fighters who will compete in a tournament that will ultimately pit the winner against heavyweight Fedor Emelianenko, considered by some as the best pound-for-pound MMA fighter in the world."

Wow. It's not yet known what network will pick up the show, but I stand ready to short as many shares of the parent company as I can whenever it's announced. If I had to guess, I would say that SPIKE TV would be one of leading contenders. I can't imagine that this will end up on network television.

Here's a reality show I'd like to see: Rosie O'Donnell strapping The Donald into a chair and beating him with her bare hands.