Word: trumps
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Most important, Trump has eluded the specter of personal bankruptcy by whittling his debt down to more manageable proportions. The amount of debt that Trump guaranteed personally -- several hundred million dollars -- is breathtaking even by the standards of the '80s. In negotiations so far, the banks have agreed to secure some of that debt with the Plaza and other assets...
...Trump has bet his future most heavily on Atlantic City by holding on to his three casinos there: the billion-dollar Trump Taj Mahal, the Trump Castle and the Trump Plaza Hotel and Casino. Considering his present straits, the move may make sense. After all, he still must come up with millions in annual interest payments. As he once said of the casino business, "Most of all, I like the cash flow...
Even with the worst behind him, Trump will be forced to file for bankruptcy protection for the struggling Taj Mahal casino next month. Like a growing number of corporate debtors, though, Trump is not flying blind into bankruptcy court: he has already negotiated most of the terms of the Taj reorganization...
Financial wizards usually credited with ample common sense bought it all. Whatever Donald wanted, Donald got. Citibank loaned him $1.1 billion; Bank of America some $400 million; Bankers Trust about $164 million, much of it undersecured. Says a knowledgeable source close to Trump's bankers: "They ought to be shot. They didn't ask questions...
Like most ambitious developers, Trump often faced bigger loan payments than he could hope to come up with. But leverage is one thing, recklessness something else. As the loans flooded in, Trump the builder became Trump the financial playboy. Says a former top aide: "He overpaid for almost everything -- the Shuttle, the Taj, the Castle. But I'll say this for him, he fleeced the banks. He got them into a terrible position on lender liability...