Trump Entertainment Heading for Bankruptcy Hat Trick

The board of Trump Entertainment (TRMP), absent the lovely Ivanka Trump, is currently meeting to prepare a bankruptcy filing early Tuesday 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.

Comments

[If U Say So:]

Three times the charm. Hilarious to hear that Trump is the one that's frustrated. Could there ever be one so clueless. Time to put this one out of its misery. Chap 7 seems appropriate for a company living this long on borrowed time.

Feb 17 08:43 AM

[PROXIMO:]

Couldn't happen to a nicer guy. Not that Trump has a gigantic ego or a vastly inflated sense of self-worth. He inherits a fortune from Daddy and still almost bought the farm in the late eighties. If NYC real estate crashes, it would be a shame for many fine people. But at least THE DONALD would be caught up in it. I doubt the banks would bail him out this time.

Feb 17 02:56 PM

[User 358990:]

This does not hurt Trump in the least! He owns less than 1% of this particular company.

Feb 17 07:20 PM

[James Higgi...:]

Actually trump owns like 34% of the company, his holdings are a different class of stock than the common.

Feb 18 02:59 PM

[Teutonic Kn...:]

Seeing Mr. Trump appearing so often on TV on his famous "You're fired" shows, one wonders how he could have afforded devoting so much time and energy to these "distractions" for an otherwise busy, fully-occupied, and on-a-roll business man. Come to think about it, for an actor to make a weekly one-hour show production shedule with Hollywood, he literally would have to dedicate tens of hours - in reading the plot and scripts, in dressed up and reheersals, trave time, etc., you name it. Of late, seeing his advertisement of TV selling the Trump University on teaching people how to make money and to getting rich!! (Give me a break).

No wonder his empire is in trouble, as foretold by these signs of distress.

Feb 18 05:02 PM

[BHMTom:]

I just like how he is sounding off like a stick pig in the arse.
Slamming the banking industry for investing my tax money in overseas banks to shore up thier books. Alot of truth to that! How in God name will a poor sap behind in 3 morgage payment will ever get any of this bail out money? Maybe we all should just stop paying our morgages. The Donald got the hand out door slammed in his face and now crying like a child. Hate it! He tried to play both sides of the political fence, he just is not that important.
FYI you know trump has been a nd stil is very active buying property, Blood in the streets. He wants a tax payer bail out, they kicked him out of line.

Feb 19 01:01 AM