Word: trumping
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Before making his fateful decision to sink $1 billion into the bejeweled Taj Mahal Casino in Atlantic City, Donald Trump should have done his homework on the ill fortune that befell the builder of the original Taj. The cost of constructing the 17th century Indian marvel, which took 20,000 laborers 22 years to complete, eventually exhausted the royal treasury of the Shahjahan and triggered the decline of the Mogul Empire. Nearly 350 years later, the Taj's modern namesake may have unleashed the grandiose downfall of Manhattan's self-styled King of the Deal...
...empire lay under siege last week, staggering beneath the burden of debt 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...
...prospect of his downfall set off a fresh round of amazement among Trump watchers, who only four months ago had savored the melodrama of his separation from his wife Ivana and his affair with the model Marla Maples. The distress of Donald, the biggest self-promoter of the past decade, was too poetic to resist. TRUMP IN A SLUMP declared the New York Daily News. UH-OWE! said the city's Post, which dubbed Trump's new casino "the eighth blunder of the world...
...26th floor of the gilded Trump Tower in Manhattan, the brash developer and his lieutenants barricaded themselves behind 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...
...Trump's search for cash is proving painful because the economic conditions that fueled his juggernaut have changed sharply. The slumping Northeast economy has undermined real-estate values, so that many of Trump's properties are worth far less than he estimated when he borrowed against them to make other purchases. Real-estate experts believe that if Trump were to sell the Plaza Hotel, which he bought in 1988 for $400 million and spent at least $25 million refurbishing, he could lose millions on the investment...