Trump was fired today - Who got to tell him? I hope it was videotaped!

[papau]

Seems Trump Hotels and Casinos filed a prepackaged Chapter 11 today, which will of course be accepted, that fires the Donald (he gets to remain on the Board of his former company - but his billions in equity value get marked down to mere millions - and low millions at that - but no more draw on the company assets, and no authority).

Irony - some days are just full of irony ..... :-)

[HysteryDiagnosis]

1. Who got to tell him?

One of the people he fired on his show.....

[papau]

3. I hope so - the story just hit the wires - link and story below

http://story.news.yahoo.com/news?tmpl=story&cid=530&ncid=530&e=5&u=/ap/20040810/ap_on_bi_ge/trump_casinos

Trump Casinos to File for Bankruptcy

ATLANTIC CITY, N.J. - You could call it Trump: The Art of the (Bankruptcy Restructuring) Deal.

Donald Trump's casino businesses, which have failed to share in his highly publicized successes in other realms in recent years, are being restructured under a bankruptcy protection plan that would strip The Donald of his majority stake.

Under the plan, announced late Monday, Trump Hotels & Casino Resorts plans to enter Chapter 11 bankruptcy next month, emerging within a year. <snip>

[indepat]

5. When too much is paid for an asset or the cost is too high, the inevitable

(shit) happens. Many of Trump's arrogant acquisitions/business deals have been as misguided as was Pickett's charge" at Gettysburg as Robert E. Lee sadly found out.

[jmowreader]

2. Why do people keep hiring this bozo?

Name one thing Donald Trump has run that he hasn't run into the ground. The guy's the worst businessman in America--even worse than Dubya Bush.

[TreasonousBastard]

4. Again?

But we knew this was coming. His casinos were bleeding money and didn't have the cash to put new carpets in, much less upgrade to compete with the new players in AC.

The last time, he had to go to the family trusts and hit them for $500 million. He also had to hire the retired General Electric CFO to handle his checkbook-- no bullshit grand schemes without approval first.

Maybe there is something to this atheism thing-- a just God would have seen this blowhard in a homeless shelter years ago.

[russian33]

6. He's not hurting...he still got his real estate

Most of his money comes from owning real estate...he'll manage

[Beetwasher]

7. How The Hell Can Someone Mismanage a Casino So Badly

that it loses money? I mean, that's Bush level mismanagement! Casino's SHOULD make money hand over fist, unless they are grossly mismanaged...

[Dover]

8. But his investors were left holding the bag....

gee, where have we seen that scenario before.

[DinahMoeHum]

9. Jim Hightower saw the writing on the wall back on June 4. . .

Link:
http://www.jimhightower.com/air/read.asp?id=11382

"It couldn't happen to a more deserving guy. What a fraud."

(snip)
...book, Donnie poses as a very rich, successful businessman. He is rich, but he didn't get there himself. Instead, he got rich the old fashioned way: He inherited a New York City real estate fortune from his daddy. And as for being a business success, you might want to ask investors in his struggling casino empire about that.

Trump Hotels and Casino Resorts is the one business venture that he launched on his own––his claim to corporate success. It's crumbling. Worse, it's about to crash. Only two weeks after signing a new contract with NBC to pose as a business mogul on "The Apprentice" for another season, his real-life corporation announced a quarterly loss of $49 million. Indeed, Trump Hotels has never been profitable in its decade-long history, and it is stuck so deeply in some $2-billion of debt that Trump's own auditors say there is "substantial doubt" about whether it can survive.
(snip)


Tee hee.


:evilgrin: