Word: roffman
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...living well is the best revenge, forcing your boss to fork over $750,000 has got to be a close second. That is the amount Philadelphia-based brokerage Janney Montgomery Scott must pay gambling-industry analyst Marvin Roffman, according to a decision last week by a New York Stock Exchange arbitration panel. Roffman's complaint: that Janney had fired him as a result of pressure from self-styled dealmeister Donald Trump...
When Trump launched his colossal Taj Mahal casino in Atlantic City a year ago, a Wall Street Journal article quoted a skeptical Roffman as saying that "once the cold winds blow from October to February, it won't make it." Trump threatened to sue Janney if Roffman did not apologize. The analyst refused, and Janney dismissed him, citing "violations of company policy." As for Trump, whose Taj Mahal has felt the cold wind and is flirting with insolvency, Roffman is suing him for $2 million...
Sweetest Revenge for a Naysayer Marvin Roffman, a gambling-industry analyst, was fired by his spineless firm, Janney Montgomery Scott, after Donald Trump threatened to sue the firm because Roffman predicted the demise of the high roller's $1 billion Taj Mahal casino in Atlantic City. Just eight months later, the Taj agreed to file for bankruptcy protection...
...Trump will have to struggle to clear the million dollars a day -- some say as high as $1.2 million -- he will need just to keep up payments on his $675 million debt. "I am concerned about the staying power of the Taj in the winter months," says Marvin B. Roffman, until last week a respected gaming analyst for Janney Montgomery Scott in Philadelphia. "In a slow economy, I have reservations of whether he can break even." Trump does not take kindly to such warnings. When Roffman offered his analysis to the Wall Street Journal, calling Atlantic City "an ugly...
...their civic responsibilities is that only five out of twelve posted a profit last year. Overall, the casinos earned just $14.7 million after expenses in 1988, a meager return on the $2.73 billion that gamblers lost in the slot machines and at the tables, according to Marvin Roffman, a casino analyst with Philadelphia's Janney Montgomery Scott. The reason is the debt the casinos have taken on in the past three years, much of it through junk bonds, either to fight off takeovers or engineer them. Atlantic City's casinos have incurred more than $2 billion in debt...