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Date: 17 Feb 2009 04:54:51
From: Irish Mike
Subject: Trump's AC casinos file for bankruptcy
Trump Entertainment files for Chapter 11
a.. (Reuters) - Trump Entertainment Resorts Inc, Donald Trump's casino
group, filed for Chapter 11 bankruptcy protection on Tuesday, court
documents show.
The casino operator had assets of about $2.1 billion and total debts of
about $1.74 billion on December 31, 2008, it said in its filing with the
U.S. Bankruptcy Court for the District of New Jersey.

Nine affiliates of the casino operator including Trump Plaza Associates,
Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal
Associates simultaneously sought protection, according to the filing.

The company missed a $53.1 million bond interest payment due on December 1
as a sharp downturn in consumer spending hit casino revenues.

Donald Trump said on Friday that he had decided to resign from the board of
the company due to disagreements with bondholders who wanted the casino
group to file for bankruptcy.

(Reporting by Ajay Kamalakaran in Bangalore; editing by Simon Jessop)



Irish Mike







 
Date: 17 Feb 2009 04:38:55
From: Schmedley
Subject: Re: Trump's AC casinos file for bankruptcy
On Feb 17 2009 4:54 AM, Irish Mike wrote:

> Trump Entertainment files for Chapter 11
> a.. (Reuters) - Trump Entertainment Resorts Inc, Donald Trump's casino
> group, filed for Chapter 11 bankruptcy protection on Tuesday, court
> documents show.
> The casino operator had assets of about $2.1 billion and total debts of
> about $1.74 billion on December 31, 2008, it said in its filing with the
> U.S. Bankruptcy Court for the District of New Jersey.
>
> Nine affiliates of the casino operator including Trump Plaza Associates,
> Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal
> Associates simultaneously sought protection, according to the filing.
>
> The company missed a $53.1 million bond interest payment due on December 1
> as a sharp downturn in consumer spending hit casino revenues.
>
> Donald Trump said on Friday that he had decided to resign from the board of
> the company due to disagreements with bondholders who wanted the casino
> group to file for bankruptcy.
>
> (Reporting by Ajay Kamalakaran in Bangalore; editing by Simon Jessop)
>
>
>
> Irish Mike


AC numbers are gruesome

Here's another link:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aPdB1t9zUEUA&refer=home

2008 was down something like 8%, then January 09 was down another 8 from
last year.

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Date: 17 Feb 2009 10:03:35
From: Irish Mike
Subject: Re: Trump's AC casinos file for bankruptcy

"Schmedley" <schmegegel@yahoo.com > wrote in message
news:vnnq66x3f4.ln2@recgroups.com...
> On Feb 17 2009 4:54 AM, Irish Mike wrote:
>
>> Trump Entertainment files for Chapter 11
>> a.. (Reuters) - Trump Entertainment Resorts Inc, Donald Trump's casino
>> group, filed for Chapter 11 bankruptcy protection on Tuesday, court
>> documents show.
>> The casino operator had assets of about $2.1 billion and total debts of
>> about $1.74 billion on December 31, 2008, it said in its filing with the
>> U.S. Bankruptcy Court for the District of New Jersey.
>>
>> Nine affiliates of the casino operator including Trump Plaza Associates,
>> Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal
>> Associates simultaneously sought protection, according to the filing.
>>
>> The company missed a $53.1 million bond interest payment due on December
>> 1
>> as a sharp downturn in consumer spending hit casino revenues.
>>
>> Donald Trump said on Friday that he had decided to resign from the board
>> of
>> the company due to disagreements with bondholders who wanted the casino
>> group to file for bankruptcy.
>>
>> (Reporting by Ajay Kamalakaran in Bangalore; editing by Simon Jessop)
>>
>>
>>
>> Irish Mike
>
>
> AC numbers are gruesome
>
> Here's another link:
>
> http://www.bloomberg.com/apps/news?pid=20601087&sid=aPdB1t9zUEUA&refer=home
>
> 2008 was down something like 8%, then January 09 was down another 8 from
> last year.

They've been in trouble for a while. I think part of the problem is that
Trump was taking money from the casinos to pay off some of his other debts.
I really don't care what happens to Trump but I feel sorry for any of his
employees who may be losing their jobs.

Irish Mike
>
> _______________________________________________________________________
> * kill-files, watch-lists, favorites, and more.. www.recgroups.com
>




   
Date: 17 Feb 2009 21:44:36
From: Schmedley
Subject: Re: Trump's AC casinos file for bankruptcy
On Feb 17 2009 10:03 AM, Irish Mike wrote:

> "Schmedley" <schmegegel@yahoo.com> wrote in message
> news:vnnq66x3f4.ln2@recgroups.com...
> > On Feb 17 2009 4:54 AM, Irish Mike wrote:
> >
> >> Trump Entertainment files for Chapter 11
> >> a.. (Reuters) - Trump Entertainment Resorts Inc, Donald Trump's casino
> >> group, filed for Chapter 11 bankruptcy protection on Tuesday, court
> >> documents show.
> >> The casino operator had assets of about $2.1 billion and total debts of
> >> about $1.74 billion on December 31, 2008, it said in its filing with the
> >> U.S. Bankruptcy Court for the District of New Jersey.
> >>
> >> Nine affiliates of the casino operator including Trump Plaza Associates,
> >> Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal
> >> Associates simultaneously sought protection, according to the filing.
> >>
> >> The company missed a $53.1 million bond interest payment due on December
> >> 1
> >> as a sharp downturn in consumer spending hit casino revenues.
> >>
> >> Donald Trump said on Friday that he had decided to resign from the board
> >> of
> >> the company due to disagreements with bondholders who wanted the casino
> >> group to file for bankruptcy.
> >>
> >> (Reporting by Ajay Kamalakaran in Bangalore; editing by Simon Jessop)
> >>
> >>
> >>
> >> Irish Mike
> >
> >
> > AC numbers are gruesome
> >
> > Here's another link:
> >
> > http://www.bloomberg.com/apps/news?pid=20601087&sid=aPdB1t9zUEUA&refer=home
> >
> > 2008 was down something like 8%, then January 09 was down another 8 from
> > last year.
>
> They've been in trouble for a while. I think part of the problem is that
> Trump was taking money from the casinos to pay off some of his other debts.
> I really don't care what happens to Trump but I feel sorry for any of his
> employees who may be losing their jobs.
>
> Irish Mike
> >

There are a couple of books around that detail the development of the Taj
during the 1980s - it basically bankrupted Resorts, then Trump came in and
finished the project with borrowed money. The amazing cashflow of the
property has never been able to keep up with the interest on the bonds,
and it has been in bankruptcy twice. After the second filing, Trump's
equity share was reduced to something like 28%. This time around Trump
has resigned from the holding company and his equity is going to get
zeroed out.

The biggest problem in AC now is that slot income is way down due to the
economy and Pennsylvania slots. Why anyone would voluntarilly play PA
slots is beyond me, the state rake is 50% gross income, and the machines
are tighter than tight.

At this point the three Trumps are in court, Resorts is one step from
foreclosure, the Resorts/Hilton holding company is near default, Trop is
STILL in receivership. That leaves Borgata and the Harrahs properties
still standing. It is not pretty, to say the least.

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