Valley Oak
01-04-2016, 07:50 AM
For most of the Wall Street Journal's online articles, you MUST have a subscription. But not for this story on Donald Trump...
Trump and His Debts: A Narrow Escape (https://www.wsj.com/articles/trump-and-his-debts-a-narrow-escape-1451868915)
<header>He cut deal with banks, took cash out of casinos to weather 1990s bind
</header>https://si.wsj.net/public/resources/images/BN-LU155_TRUMPL_J_20151218174338.jpg
Donald Trump opened the Taj Mahal casino in Atlantic City, N.J., in April 1990. It quickly ran into trouble paying its bond debt and filed for bankruptcy 15 months later.
PHOTO: CHARLES REX ARBOGAST/ASSOCIATED PRESS
By PETER GRANT and ALEXANDRA BERZON, Updated Jan. 4, 2016
On Labor Day weekend in 1990, as Donald Trump (https://topics.wsj.com/person/T/Donald-Trump/159) faced the worst crisis of his career, he and Wilbur Ross Jr. headed to Atlantic City, N.J., for talks at Mr. Trump’s opulent Taj Mahal casino, which had just opened but was already on the verge of missing a bond payment.
Mr. Ross, as an expert on distressed assets, represented bondholders. Mr. Trump brought him to the seaside town for talks, in a helicopter bearing the name “Trump” in giant red letters.
“The bondholders were obviously quite angry,” Mr. Ross says. “Their initial inclination was to throw the rascal out...”
Trump and His Debts: A Narrow Escape (https://www.wsj.com/articles/trump-and-his-debts-a-narrow-escape-1451868915)
<header>He cut deal with banks, took cash out of casinos to weather 1990s bind
</header>https://si.wsj.net/public/resources/images/BN-LU155_TRUMPL_J_20151218174338.jpg
Donald Trump opened the Taj Mahal casino in Atlantic City, N.J., in April 1990. It quickly ran into trouble paying its bond debt and filed for bankruptcy 15 months later.
PHOTO: CHARLES REX ARBOGAST/ASSOCIATED PRESS
By PETER GRANT and ALEXANDRA BERZON, Updated Jan. 4, 2016
On Labor Day weekend in 1990, as Donald Trump (https://topics.wsj.com/person/T/Donald-Trump/159) faced the worst crisis of his career, he and Wilbur Ross Jr. headed to Atlantic City, N.J., for talks at Mr. Trump’s opulent Taj Mahal casino, which had just opened but was already on the verge of missing a bond payment.
Mr. Ross, as an expert on distressed assets, represented bondholders. Mr. Trump brought him to the seaside town for talks, in a helicopter bearing the name “Trump” in giant red letters.
“The bondholders were obviously quite angry,” Mr. Ross says. “Their initial inclination was to throw the rascal out...”