Trump Quits Trump Entertainment as Debt Payment Deadline Looms

[babylonsister]

Trump Quits Trump Entertainment as Debt Payment Deadline Looms

By Beth Jinks


Feb. 14 (Bloomberg) -- Donald Trump resigned from the board of debt-laden Trump Entertainment Resorts Inc. as bondholders weighed forcing the casino company he founded into involuntary bankruptcy next week.

“I have nothing to do with it. I’m not in it, I’m not on the board,” Trump, who was chairman, said in a telephone interview yesterday. He said he had “no idea” whether there will be a bankruptcy filing.

Trump’s departure comes ahead of a Feb. 17 deadline to make a $53 million bond payment first due on Dec. 1. The target has been extended four times since an initial grace period ended Dec. 31. Bondholders are planning to force Trump Entertainment into Chapter 11 bankruptcy early next week, the Wall Street Journal said, citing unidentified people familiar with the matter.

Trump controls 28 percent of the stock, according to a March 21 regulatory filing. His daughter, Ivanka Trump, also resigned, according to an e-mailed statement.

more...

http://www.bloomberg.com/apps/news?pid=20601087&sid=anV7LT.G5BnE&refer=home

[liberal N proud]

1. The chief rat jumps ship

[tanyev]

6. I guess the rat on top of his head jumped with him.

[Frustratedlady]

2. How is this different from selling your stock before a collapse?

I've always been curious if Trump works off paper alone? He seems to keeps his hands clean, but I've always wondered how he operates.

[Kingofalldems]

3. You're fired!---Donald Trump

[lonestarnot]

4. He will now use his hair for sweeps.

[TreasonousBastard]

5. This is hilarious-- after centuries of...

apoiled rich assholes losing their inheritances in gambling houses, we finally have one who blew it OWNING the gambling houses.

(Three times!)

[Wilber_Stool]

7. So what is this now?

Five bankruptcies?

[SammyWinstonJack]

8. That some great *personal responsibility* he's displaying.

:silly:

[Earth Bound Misfit]

9. NOT big enough to be

"Too big to Fail". Sorry Donnie, "daddy" Trump's not around to bail you out..........again.