Wednesday, November 09, 2016

from Wikipedia--

Although Trump has never filed for personal bankruptcy, hotel and casino businesses of his have been declared bankrupt six [79] times between 1991 and 2009 due to its inability to meet required payments and to re-negotiate debt with banks, owners of stock and bonds and various small businesses (unsecured creditors).[80][81] Because the businesses used Chapter 11 bankruptcy, they were allowed to operate while negotiations proceeded. Trump was quoted by Newsweek in 2011 saying, "I do play with the bankruptcy laws—they're very good for me."[82][83]
The six bankruptcies were the result of over-leveraged hotel and casino businesses in Atlantic City and New York: Trump Taj Mahal (1991), Trump Plaza Hotel and Casino (1992), Plaza Hotel (1992), Trump Castle Hotel and Casino (1992), Trump Hotels and Casino Resorts (2004), and Trump Entertainment Resorts (2009).[79][84][85] Trump said "I've used the laws of this country to pare debt. ... We'll have the company. We'll throw it into a chapter. We'll negotiate with the banks. We'll make a fantastic deal. You know, it's like on The Apprentice. It's not personal. It's just business."[74]

Inheritance and further acquisitions

Trump acquired an old, vacant, 70 story office building at 40 Wall Street in Manhattan in 1996. After a complete renovation, it became the Trump Building.[86] After his father died in 1999, Trump and his siblings received equal portions of his father's estate valued at $250–300 million.[87]
In 2001, Trump completed Trump World Tower, a 72-story residential tower across from the United Nations Headquarters.[88] Trump also began construction on Trump Place, a multi-building development along the Hudson River. He continued to own commercial space in Trump International Hotel and Tower, a 44-story mixed-use (hotel and condominium) tower on Columbus Circle which he acquired in 1996,[89] and also continued to own millions of square feet of other prime Manhattan real estate.[90]
Trump acquired the former

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