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In reply to the discussion: Trump declared bankruptcy in Puerto Rico, defaulting on municpal bonds, teacher pensions... [View all]vkkv
(3,384 posts)I HATE THE DOTARD - but LET'S BE ACCURATE HERE.
""" Unfortunately, Trump borrowed $26.4 million in municipal bonds for new construction. He defaulted on a payment of $119,814 to the bondholders in August 2014, then declared bankruptcy on July 13, 2015, due to “financial difficulties.” """ ARE YOU POSITIVE ??
http://www.politifact.com/florida/statements/2017/may/04/florida-democratic-party/did-bankrupt-trump-golf-course-puerto-rico-leave-t/
The resort was built with support from the Puerto Rican government through the Puerto Rico Tourism Development Fund.
The fund issued about $25 million in bonds in 2000 and 2004, according to a 2016 BuzzFeed article that included documents about the golf resort’s bankruptcy.
The tourism development fund is paid for by tax dollars. If a private entity defaults on its obligations -- as the golf resort did in this case -- the fund has to make good on the principal and interest.
The resort suffered amid the recession that hit Puerto Rico a few years before Trump got involved.
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