Monday, February 16, 2009

Trump Entertainment To File Chapter 33 Early Tuesday

The board of Trump Entertainment, absent the lovely Ivanka Trump, is currently meeting to prepare a bankruptcy filing early tomorrow morning according to the WSJ. This filing will be the charm for the Donald, who on Friday did the noble and brave thing by resigning from the board days ahead of bankruptcy, as TRMP has filed for bankruptcy twice before, and emerged most recently in 2005.

While the listed bondholders on Trump's 8.5% notes are predominantly mutual funds, specifically Northeast Investors, Franklin Mutual, John Hancock and Putnam, it would be criminal if there were no vulture hedge fund investors among the bondholders who got played the last two times the Donald filed, and are now just waiting to get equity control of the company and rub it in Trump's face. Unfortunately, they will also be getting 3 casinos in Atlantic City, where monthly gaming revenues have been dropping at a rate suggesting in 5 years there will be exactly 4 retired slot machine gamblers in all of AC. Sphere: Related Content
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G.W. said...

Will this mean that common opinion will finally incorporate the fact that this "magnate's" businesses have gone BK five times (and that's just to date, give it a few months).

Think my pilot for renovating and flipping house boats is going to get an ear at NBC anytime soon>