Word: trumping
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...Trump knows he must part with some of his crown jewels. He is trying to sell the Trump Shuttle airline, but his timing is unlucky. Reason: the rival Pan Am shuttle is up for sale as well. Because the Trump Shuttle has failed to dominate the market as he had hoped, Trump is unlikely to sell it at a profit. And real-estate agents in Palm Beach say Trump has been offering Mar-a-Lago, his 118-room Palm Beach estate, for an asking price of $30 million...
...most part, Trump has steadfastly denied his difficulties, perhaps observing a lesson from his own book. "The worst thing you can possibly do in a deal is seem desperate to make it," Trump wrote in his 1987 best seller, The Art of the Deal. "That makes the other guy smell blood, and then you're dead." But Trump's arrogant business style is haunting him now that he needs understanding. "Trump's personality works against him," says a top investment banker. "His own behavior created a level of scrutiny about his judgment, his ability to pay and his 'high moral...
...Trump built his empire on rising land values. New York City was flirting with bankruptcy in 1976, when, at 30, Trump and hotel magnate Jay Pritzker bought the run-down Commodore Hotel at Grand Central Terminal for $10 million. The partners tore down the Commodore and built the Grand Hyatt luxury hotel in its place. The city recovered, and the hotel's value (current estimate: $70 million) soared with it. Borrowing against his stake in the Hyatt, Trump parlayed his first success into more and more prime real estate...
...seed of his current trouble was planted in 1987, when Trump got tangled in a bruising takeover battle with another tycoon, Merv Griffin, for control of Resorts International. In a deal they both claimed as a victory, the two split up the company, with Griffin taking most of Resorts and Trump getting the uncompleted Taj Mahal. Griffin's older, debt-laden properties went into bankruptcy only two years later. Trump had to borrow an estimated $1 billion to finish the monstrous Taj. Ominously, the city's casino business, which had grown pell-mell during the '80s, abruptly stagnated...
...same time, Trump began to suffer from management problems. Last October his casino operations suffered a tragic loss, when three of Trump's top-notch casino executives died in a helicopter crash. Among them was Stephen Hyde, 43, chief executive of Trump's gaming operations. "Steve knew how to force Donald to listen," says Jack O'Donnell, who headed the Plaza Hotel and Casino until he resigned in April. "Once Steve was gone, Donald had to get more involved in the business. He started operating the budget based on his ego, not on reality." As the opening...