Trump Entertainment Files Bankruptcy For Fourth Time: Even The Donald Is Embarrassed To Be Associated

Tyler Durden's picture

When it comes to the slow-motion cataclysm that is Atlantic City, where as we reported recently the Revel Casino recently filed its second and final liquidation bankruptcy, no other name has seen more bankruptcies than Donald Trump. Or rather Trump Entertainment, because nowadays the two are anything but synonymous. In fact, the Donald is so embarrassed of his namesake legacy that a month ago he filed a lawsuit demanding that his name be stripped from the hotels making up the former.

As the AP reported at the time, "the real estate mogul said he had sued Trump Entertainment Resorts, a descendant of a corporate entity he once controlled, because it has allowed its two Atlantic City casinos, the Trump Plaza and the Trump Taj Mahal, to fall into disrepair, tarnishing his personal brand and confusing customers. "I want it off both of them," Trump said Tuesday evening. "I've been away from Atlantic City for many years. People think we operate [the company], and we don't. It's not us. It's not me."

Well maybe not, although the entity known as Trump Entertainment Resorts, f/k/a Trump Hotels and Casino, certainly "was us, was he." 

It is this entity that filed for bankruptcy in 1991, then also in 2004 and again in 2009. It was at that point that the Don basically gave up and handed the keys over to the bank, or in this case Avenue Capital headed by Obama's favorite "French ambassador" Marc Lasry, following which the properties were sold for pennies on the dollar to the Meruelo Group, which has zero relation to DJT.

"Since Mr. Trump left Atlantic City many years ago, the license entities have allowed the casino properties to fall into an utter state of disrepair and have otherwise failed to operate and manage the casino properties in accordance with the high standards of quality and luxury required under the license agreement," Trump wrote in his lawsuit, filed in the name of Trump AC Casino Marks L.L.C.

 

Trump Entertainment Resorts CEO Robert Griffin declined to comment.

 

Trump appears particularly vexed at the impending closing of Trump Plaza on Sept. 16.

But while the closing was well-known, and a bankruptcy was speculated, as of moments ago it is now fact:

  • TRUMP ENTERTAINMENT SAID TO PLAN CHAPTER 11 BANKRUPTCY FILING

Which means the Trump Entertainment brand, or whatever it will be called soon, has filed for bankruptcy for record 4 times in its brief but volatile history. In fact, this may be that one unicorn in the bankruptcy business: a Chapter 44.

There certainly will not be a Chapter 55.

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Mr Pink's picture

Donald Trump...the country's biggest welfare queen

Mr Pink's picture

Actually thought of Buffet right after I hit save. Trump might be #2

kliguy38's picture

The Don does not like you to call him a Queen..... but I do

JRobby's picture

With that fuck indoor only hairdo he has, he's asking for it.

Shocker's picture

This is one heck of a Recovery ....

Layoff List: http://www.dailyjobcuts.com

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The Big Ching-aso's picture

He looks more like Donald Grump these days.

SilverIsKing's picture

Taking a page out of Prince's book, rather than rename the hotels, he should change his name to, "the Megalomaniac Formally Known As Donald Trump."

nope-1004's picture

So Rosie O'Donnell was right? 

mliu_01's picture

Soon, he will look like Donald Tramp.

Max Hunter's picture

He has a new gig . Joined Ancient Aliens.

mliu_01's picture

That will be a nice addition to the exsiting crowd.

The program might rename it to Modern Aliens.

logicalman's picture

I think his hairdresser should either ask for his money back from the hairdressing college, or admit he's just taking the piss!

Vampyroteuthis infernalis's picture

Chapter 11 keeping corporate dinosaurs alive since...... well about the time the Fed was born.

insanelysane's picture

Lesson 235 from Donald:  Don't use student loans to buy casinos because you can't file Chapter 11 even one time, let alone 4+x times.

Osmium's picture

You would think a man with that much money could afford some hair spray, or a better rug.

Postal's picture

One reason he has money is because he likely doesn't waste it on stupid shit.

insanelysane's picture

Like paying mortgages on underwater property.

Spitzer's picture

This crony doucgebag is the Gene Simmonds of finance.

JRobby's picture

that's pretty fucking funny and accurate.

blackholes's picture

Your comment forced me to sign in and up-vote you.

Magnix's picture

LOL I LOVE HIS CLASSIC HAIR!

Itchy and Scratchy's picture

'The Art of the Squeal'

Freddie's picture

I have a little job for Ivinka or Ivana or Marla Maples.

Kirk2NCC1701's picture
Is it related to the Job referred to by the SSA in (5194658)?

 

Freddie's picture

Frank Rizzo telling the illiterate not so good speaky englise receptionist at around 1:20.  He tells her he has a little job for her on the side.

https://www.youtube.com/watch?v=Fauwxi60uZs

goldhedge's picture

Hey donald go build another fucking golf course...this time up ur own backside.

Cacete de Ouro's picture

The Donald, you're fired!

Chupacabra-322's picture

Yore Fired, Douche Bag!

GrinandBearit's picture

Not surprised.  He really needs to shave that rats nest off his head.

JRobby's picture

Spray it with ether and light it on fire

hairball48's picture

NO No!!

He needs to let it grow out more so he can become the "white" Don King!!

q99x2's picture

He's a repeat offender. They can't stop until they are locked up.

10mm's picture

You or I do that, we have to jump thru hoops of fire.

Itchy and Scratchy's picture

I thought Chapter 11 meant you can file for bancruptcy 11 times?

the not so mighty maximiza's picture

at least the guy with an alien brain sucker on his head is not asking for a bailout. 

 

Spitzer's picture

What are you taking about ? This loser brokers his own bailouts.

the not so mighty maximiza's picture

i did not know that Mr. Governer

WillyGroper's picture

He's so embarrassed his hair is standing on end. LOL

LawsofPhysics's picture

Fourth time?  This is the fucking problem, let the bad businesses and bad managment fucking die already.

MalteseFalcon's picture

You can make money going bankrupt, if you plan properly.

SDShack's picture

I can see Donald doing an infomercial in the future, like flipping houses. Only this will be Flipping Bankruptcies.

Bangin7GramRocks's picture

Rich white guy rules are different. You know that!