Trump Entertainment Resorts Inc, the company that owns three casinos in Atlantic City (the Trump Taj Mahal, Trump Plaza and Trump Marina), filed for Chapter 11 bankruptcy protection on Tuesday February 17.
On paper Trump Entertainment has assets of $2.1 billion and debts of $1.74 billion which means that on paper it can cover its debts. The company missed a $53.1 million interest payment due on Dec 1 and the company has decided to declare itself Bankrupt before the people that are owed the $1.74 billion ask for all their money back.
Donald Trump was against the company declaring itself bankrupt even though he had managed to increase his personal fortune during the debt restructuring that occurred during the two previous times the same Trump company had declared itself bankrupt.
Donald threatened to resign from the Board of Directors on Friday 13th in advance of the Bankruptcy declaration although he still hasn't publicly confirmed his resignation.
Press reports indicate that Donald's daughter Ivanka ...
