He CAN actually win... We elected a peanut farmer who everyone said "could never win" in 1976... then a "way too old" former actor who everyone said "could never win" in 1980. No one thought Truman could beat Dewey... they were so sure Dewey would win they printed the papers up!
Trump says he is actually polling better than he thought he would at this point. He's polling better than I would have thought as well. Of course, there is a lot of campaigning left to go, debates... we've not even had a caucus or primary yet. And of course, all the left wing loons will undoubtedly be ridiculing me and others if Trump doesn't win as if my heart is set on it... but like I say, I don't know if he can win or not. He's not my first or second choice, but I'll vote for him if my guys are not in the hunt come primary time. I'd take Trump any day over Hillary and I think most people would.
I'm starting to hear a lot of people who don't like that he went bankrupt so many times.
Just tell those low information bozos that "he went bankrupt so many times" isn't true. Then sit back and watch them make fools of themselves.
That's true he never declared bankruptcy. His corporations have filed for Chapter 11 bankruptcy four times.
Bankruptcy is fairly common among real estate developers. When a developer faces a really bad law suit from property owners or creditors they declare bankruptcy, bailout, and reorganized leaving owners and creditors holding the bag. The condo I am living in right now was built by such a developer. He's developed at least four properties with severe defects and each time escaped law suits by declaring bankruptcy. I understand he's now in business again trying to develop commercial property. I'm not familiar with Trump's corporation, but I would run not walk away from any developer with a string of bankruptcies.
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If you don't like our bankruptcy laws, tell your senators and congressmen. Trump did nothing illegal.
Now, would you like to talk about the GM bailout that was done solely to save the UAW, using taxpayer money?
Didn't you want to credit Vanity Fair for source material ??
Donald Trump Bankruptcy: A Breakdown Ahead of the 2016 Elections
By
Tara Clarke, Associate Editor, Money Morning •
@TaraKateClarke • July 7, 2015
On June 16, lightning rod entrepreneur Donald Trump became the twelfth Republican to announce candidacy for his party's nomination in the 2016 U.S. presidential election.
The move thrust the multibillionaire's finances into the spotlight — Trump fired off this Tweet the same day:
You see, Donald Trump's net worth currently stands at $4.1 billion, according to a June 18, 2015,
Forbes estimate.
Yet Trump has filed for bankruptcy in the past — multiple times.
The Donald Trump bankruptcy count is as follows:
- Zero personal
- Four corporate
The strength (or weakness) of Trump's financial track record going into the 2016 election comes down to the difference between these two types of bankruptcies.
Let's take a look…
Donald Trump Bankruptcy: Personal vs. Corporate Bankruptcy
Bankruptcy is a tool that allows debtors relief from their debt when they cannot pay it back. Through bankruptcy, a debtor can get a "financial fresh start."
However, there are six different types of bankruptcy under the Bankruptcy Code (the federal laws of U.S. bankruptcy): Chapters 7, 9, 11, 12, 13, and 15. These chapters mainly differ in terms of who the debtor is. For example, farmers and fisherman can file for debt relief under Chapter 12 bankruptcy. Municipalities can file for Chapter 9 bankruptcy.
When it comes to the issue of Donald Trump's bankruptcy, we are only concerned with Chapters 7 and 11.
That's because a Chapter 7 filing is indicative of poor financial management skills on behalf of the debtor — a red flag for voters evaluating a presidential candidate. But a Chapter 11 filing doesn't necessarily indicate poor management. In fact, it can be seen as a tool that improves a company's value for investors.
Here's the difference:
- Chapter 7 bankruptcy: Allows an individual to be freed of most debt in exchange for a ruined lined of credit for 10 years.
- Chapter 11 bankruptcy: Allows a corporation to stay in business while it restructures its business and attempts to reduce its debt.
When Trump tweeted, "I never went bankrupt," he was being truthful. The real estate magnate has kept good order of his personal finances.
You see, all four of Donald Trump's bankruptcies were the Chapter 11 type. Each resulted from over-leveraged casino and hotel properties in Atlantic City.
"I've cut debt — by the way, this isn't me personally, it's a company," Trump clarified to
Forbes in April 2011. "Basically I've used the laws of the country to my advantage and to other people's advantage just as Leon Black has, Carl Icahn, Henry Kravis has, just as many, many others on top of the business world have."
Trump emphasized that many "great entrepreneurs" have used bankruptcy to restructure debt, free up capital, and improve their businesses.
Reed Smith partner Michael Venditto, who has represented clients in high-profile Chapter 11 cases (including bankrupt airline TWA), added in the same article that "to the ordinary person in the street, [four corporate bankruptcies] may seem surprising, but certainly not to me. Chapter 11 is how you reshape and restructure a company that has problems. It doesn't indicate anything nefarious or even bad management."
Donald Trump Bankruptcy A Breakdown Ahead of the 2016 Elections
No one is going crazy, just an intelligent view being presented.
You are a fear monger who hears bankruptcy and begins to spin your hyperbole.
Perhaps if you understood bankruptcy and how the financial community view them you would not appear to be ignorant.