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Title: Here comes Trump; will GOP embrace an outsider?
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URL Source: http://www.macon.com/2015/06/15/379 ... es-trump-will-gop-embrace.html
Published: Jun 16, 2015
Author: DAVID LIGHTMAN
Post Date: 2015-06-16 00:47:22 by A K A Stone
Keywords: None
Views: 15344
Comments: 101
WASHINGTON — Donald Trump’s dream of the White House is built on the belief that America will turn to a can-do outsider, particularly a successful business tycoon, to fix the mess that is Washington. It’s likely just a dream. Voters enjoy candidates full of outrage and without ties to the byzantine, polarized, money-saturated ways of the nation’s capital. Audiences flock to hear and cheer them in New Hampshire, Iowa and elsewhere. And then they usually vote for a more statesmanlike, experienced choice. Trump, 69, the brash New York City-based billionaire businessman and television show host, plans a “major announcement” Tuesday on his presidential intentions. He’s flirted with running before, but this time he appears to be taking the steps needed to formally enter the Republican race. He’d start as a clear underdog and wouldn’t even be the favorite among outsider candidates. Former neurosurgeon Ben Carson’s supporters have spent the last year raising money and building an organization, and former business executive Carly Fiorina has drawn friendly audiences in key primary and caucus states. Trump, like Carson and Fiorina, faces another challenge: No political experience. The last president who had never run for public office was Dwight Eisenhower. While never before elected , he WAS supreme commander of the Allied forces in Europe during World War II.
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Begin Trace Mode for Comment # 92.
#6. To: A K A Stone (#0)
Trump is a Schwarzenegger RINO. He openly supports and has been the beneficiary of crony corporatism. He even favored the 'Kelo' decision about using eminient domain to support private development . Kelo would've helped him in the 90's when he tried to force an elderly woman named Vera Coking from, her home so he could add limo parking for one of his casinos. When she turned down a $1 million offer ;he tried to strong arm her and forcibly evict her with the help of the New Jersey Casino Reinvestment Authority. She filed a suit and a judge ruled her home was not 'public space'. Had this decision been post-Kelo Trump may have won.
Maybe Trump did win. Coking sold her property for $530,000 in an auction on July 31, 2014. The reserve price was $199,000, a tenth of the offer Trump had made for the property eight years earlier. The owners of Trump Plaza expressed no interest in the auction. The adjacent Trump Plaza Hotel and Casino, the property for which Trump wanted Coking's property to begin with, closed on September 16, 2014 due to lack of business. I'll bet whoever bought the property for $530,000 wish they had known Trump was going to close the Trump Plaza Hotel and Casino. I'll also venture a bet that Coking now wishes she had taken Trump's offer.
Trump did not own it. He bailed out of it years ago. Trump received 5% stock in exchange for the use of his name and likeness. https://en.wikipedia.org/wiki/Trump_Entertainment_Resorts The casino group filed for bankruptcy for the third time in February 2009 owing $1.2 billion. Two sets of debt holders eventually proposed reorganization plans for the group in U.S. bankruptcy court. Trump initially made an agreement with banker/high-stakes poker player Andrew Beal, owner of Beal Bank, which held $500 million in the group's debt, to take over the resorts. However, citing concerns about the bank's experience with gaming, he dropped them in favor of the hedge fund Avenue Capital Management, a plan favored by other bond-holders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties. Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity.
Did he bail out,or was that some sort of plea agreement to get him out of there while they still had some money? It takes a rare talent to go bankrupt in the gambling business,where the house always has the odds on their side. IIRC,the people assigned by the court to that case had him on an allowance,and were limiting or refusing him the private jet and the other perks.
Donald Trump and the Trump Organization, LLC were not in danger. The Trump Organization, LLC is the principal holding company for the Trumps. It is not the company at issue regarding the hotel/casino chapter 11. Regarding the hotel/casino 2010 Chapter 11 restructuring of debt, Trump Entertainment Resorts, Inc. (“TER”) is a publicly held company whose predecessor entity was Trump Hotels & Casino Resorts, Inc. (“THCR”). TER took over from THCR in 2005 after a chapter 11 restructuring. Donald Trump resigned from the TER Board of Directors in February 2009 and abandoned his limited partnership interest. The Trump Marina was sold to Landry's Restaurants. Carl Ichan held the mortgage on the Trump casinos. In 2014, Trump asked that his name be removed as he neither owns nor controls TER. https://en.wikipedia.org/wiki/The_Trump_Organization The company serves as the principal holding company for Trump's business ventures and investments. With investments within the United States, Europe, Asia, and other parts of the world, The Trump Organization is primarily involved in real estate, construction, hospitality, and entertainment but has maintained a presence in a wide variety of industries including book and magazine publishing, media, model management, retail, financial services, board game development and video game publishing, food and beverages, business education, online travel, airlines, and beauty pageants. In addition to real estate, other business operations within the company include restaurants, a modeling agency and beauty pageants; public skating rink management; and a television production company that produces television programs which include the reality television hit, The Apprentice. Furthermore, the company engages in retailing providing high quality fashion apparel, home furnishings, jewelry and accessories, books, chocolate bars, furniture, lighting products, bath textiles and accessories, bedding and home fragrance products, small leather goods, crystal stemware, barware and gifts, and bottled spring water. The organization is owned and managed by the Trump family with Donald Trump as its CEO and three of his eldest children —Donald Trump Jr., Ivanka Trump, and Eric Trump— serving as Executive Vice Presidents (EVP) within the organization. https://s3.amazonaws.com/s3.documentcloud.org/documents/1302409/trump2010confirmationruling.pdf In TCI Holdings, LLC, et al., U.S. Bankruptcy Court, Dist of NJ, Case 09-13654-JHW (04/12/2010), Doc 1434, total 121 pp. At 7, footnote 2: At 8, footnote 5: https://en.wikipedia.org/wiki/Trump_Entertainment_Resorts Post-bankruptcy In February 2013, the company agreed to sell the Trump Plaza for $20 million to the Meruelo Group, a California-based company whose holdings include the Grand Sierra Resort in Reno. The proceeds would be used to pay down the company's debt to a level of $270 million. CEO Robert Griffin said TER would consider also selling the Trump Taj Mahal for the right price. However, in 2013, Carl Ichan, who held the mortgage on the Trump Casinos, would reject the sale of the Trump Plaza. In early August 2014 Donald Trump filed a lawsuit requesting his name be removed from the Trump Plaza Hotel and Casino and the Taj Mahal facilities since he no longer runs or controls Trump Entertainment Resorts. 2014 bankruptcy Trump Entertainment Resorts filed again for bankruptcy in September 2014, a fourth time. http://www.sec.gov/Archives/edgar/data/943320/000119312504053673/dex211.htm EX-21.1 11 dex211.htm LIST OF SUBSIDIARIES OF TRUMP HOTELS & CASINO RESORTS, INC. http://www.sec.gov/Archives/edgar/data/943322/000119312508058770/dex211.htm EX-21.1 3 dex211.htm LIST OF SUBSIDIARIES OF TRUMP ENTERTAINMENT RESORTS, INC.
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#7. To: tomder55, A K A Stone (#6)
(Edited)
Kelo would've helped him in the 90's when he tried to force an elderly woman named Vera Coking from, her home so he could add limo parking for one of his casinos. When she turned down a $1 million offer ;he tried to strong arm her and forcibly evict her with the help of the New Jersey Casino Reinvestment Authority. She filed a suit and a judge ruled her home was not 'public space'. Had this decision been post-Kelo Trump may have won.
#53. To: Gatlin, tomder55, A K A Stone (#7)
2009 bankruptcy and restructuring
#68. To: nolu chan (#53)
Trump did not own it. He bailed out of it years ago.
#92. To: sneakypete (#68)
Did he bail out,or was that some sort of plea agreement to get him out of there while they still had some money
The Trump Organization is a limited liability company conglomerate based in Trump Tower in Manhattan, New York. Donald John Trump Sr. worked for his father's firm, Elizabeth Trump & Son, while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company. He was given control of the company in 1971 and renamed it The Trump Organization. The organization is a global leader in real estate development, sales and marketing, and property management. The company owns, operates, invests, and develops residential real estate, hotels, resorts, residential towers, and golf courses in different countries, as well as owning several pieces of high-end real estate in New York City. The organization also has a stake in Trump Entertainment Resorts, which owns and operates the Trump Taj Mahal, the Trump Plaza, and the Trump Marina casinos in Atlantic City, New Jersey. Together with NBC, the Trump Organization additionally owns the Miss USA, Miss Teen USA, and Miss Universe franchises.
Trump Entertainment Resorts, Inc. (“TER”) is a publicly held company and general partner of TER Holdings, which owns the three casinos. The predecessor entity to TER was Trump Hotels & Casino Resorts, Inc. (“THCR”). THCR, along with its various affiliates and subsidiaries, filed voluntary petitions under Chapter 11 of the Bankruptcy Code of November 21, 2004, jointly administered under case number 04-46898/JHW, and emerged with a confirmed plan on April 5, 2005, with an Effective Date of May 20, 2005.
By letter dated February 13, 2009, Trump resigned from the debtors’ Board of Directors and notified TER that he was abandoning his 23.5% direct limited partnership interest in TER Holdings and relinquishing his limited partnership rights.
In 2011, TER sold the Trump Marina to Landry's Restaurants, which also operates the Golden Nugget in Las Vegas.
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