Word: junks
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...last week but was forced to give his bankers financial control over his empire and his purse strings. A total of 77 lenders agreed in principle to give him a five- year, $65 million cash infusion to enable the overleveraged tycoon to meet a $43 million interest payment on junk bonds issued to finance Trump's Castle Hotel and Casino in Atlantic City. Failure to make the payment could have pushed the developer's holdings into a chain reaction of defaults. "This is a deal that will go down in the textbooks as the way banks and entrepreneurs should deal...
...Trump has accumulated in his insatiable buying spree of the past few years. The Grand Acquisitor never seemed to notice that the Roaring Eighties had ended until suddenly his cash started running out. So far, Trump has not missed any payments on his estimated $3 billion in loans and junk bonds. But his lenders and suppliers have begun to fear that Trump's domain is an overleveraged structure built on swagger and bluff. His creditors have suddenly demanded proof of his financial prowess, and he is coming up short. "He's a desperate man. Everywhere Trump is walking, there...
...closed doors last week to meet with a phalanx of worried lenders. Officials from four major banks, who have extended an estimated $2 billion to the developer, are negotiating with Trump to reduce his debt load by stripping down his empire. Investors who hold more than $1 billion in junk bonds that Trump issued to finance his three casinos have seen the market value of their securities plunge by as much as 50%. Bondholders of two Atlantic City properties, the Trump Castle and Trump Plaza Hotel and Casino, filed a lawsuit last week charging that the tycoon had diverted clientele...
...firm too rapidly in the 1980s. When the company's stock sank in early 1987, British publishing tycoon Robert Maxwell launched a hostile takeover bid. In a long and bitter fight, Jovanovich prevailed by recapitalizing HBJ with nearly $3 billion in debt, a large chunk of it in junk bonds. Maxwell, who called Jovanovich "a dumb Croat coal miner" who "killed" the company, has offered to buy some assets. "Maxwell is twisting the knife, and I think it really hurts Bill," says one HBJ insider...
...Kremlin-like fashion, refusing to talk to most reporters or Wall Street analysts. Son Peter promises more glasnost. His first task is to remake the company's board, which overflows with yes-man academics handpicked by his father. "Academicians are not accustomed to dealing with billion-dollar junk-bond problems," says Charles Elbaum, an industry consultant. Observes a current HBJ director: "Trying to get these people to focus on financial issues is difficult." Even Jovanovich seemed to sense 30 years ago that his times would inevitably change. In a rare interview with TIME in 1960, he remarked...