- Aug 18, 2015
- Reaction score
March 5, 2018
PANAMA CITY — Escorted by police officers and a Panamanian judicial official, the owners of the Trump Panama City hotel have taken control of the property. A team of Trump Organization security officials abandoned the area on Monday.
The action by Panama's government resolves a 12-day standoff between President Donald Trump's family hotel business and Orestes Fintiklis, a private equity investor who boutgh a majority of the units in the Panama property and then sought to drop the Trump Organization's management company and brand. Though Fintiklis and other owners tried to fire Mr. Trump's company last year, the Trump Organization had refused to surrender physical possession of the hotel.
It was his hotel and it was seized from the international orange grifter.
All the links you give as "facts" are nothing more than sham opinion pieces. At least I have the balls to form my own opinions, and not just regurgitate the idiotic ramblings of other woke morons.
When is the last time an American bank gave trump a large loan?
good question. remember this? i do....
Quick: Who'd Have Trouble Living on $450,000 a Month?
By Kurt Eichenwald
- June 26, 1990
Donald J. Trump, who has lectured America about architecture, foreign policy and, most of all, how to do deals, may be about to learn a lesson of his own: how to live in Manhattan on $450,000 a month.
That scarcely onerous restriction is being imposed by Mr. Trump's bankers, who have insisted that the man who has made conspicuous consumption a personal trademark must curb his spending a bit.
Moreover, the $450,000-a-month allowance excludes some of the largest of Mr. Trump's daunting expenses, the bankers say. These extras, based on Mr. Trump's spending in May, include the costs of maintaining his personal 727 jetliner ($246,000) and his 282-foot yacht ($841,000). The yacht and the personal jet, to be sure, may be sold to trim the real estate developer's mountainous debts.
In May, Mr. Trump also paid interest of $2.1 million on his personal debt, while his legal, charitable and business expenses totaled $382,000. His interest payments and various expenses do not count as personal spending, either.
Still, the $450,000-a-month limit will require some belt-tightening on Mr. Trump's part. In May, his bankers report, Mr. Trump's personal spending amounted to $583,000 for day-to-day necessities of the ultrarich life style, which range from his $2,000 suits to the costs of maids, gardeners and chefs at his three homes.
So to meet the bankers' target, Mr. Trump must trim his personal expenses by more than $100,000 from the May level. If he can do that, the banks will agree to lend Mr. Trump even more money.
The terms are being required by the banks, which are attempting to structure a loan to Mr. Trump to keep his faltering empire out of bankruptcy court.
The personal spending limits agreed to by the banks, though a cutback for Mr. Trump, still come to $5.4 million a year. If the banks agree to the terms of the new loan, in the month of July, for example, Mr. Trump would have to hold his expenses to just $14,516.13 a day, or $10.08 every minute of the day and night.
'It's Just Phenomenal'
Even the truly wealthy found Mr. Trump's manner of spending, reduced circumstances or not, to be remarkable.
''I would have no idea how to spend $450,000 a month,'' said one billionaire, who asked not to be identified. ''It's just phenomenal.''
Financial planners for the well heeled agreed.
''We have handled a lot of entertainers, some of whom lived very extravagantly, but I have never come across anybody who spent that way,'' said Lawrence B. Eichler, president of Sentinel Asset Management. ''Donald Trump lives in strata few of us approach, or even want to approach.''
Even Mr. Trump, who declined to comment, once said: ''A little more moderation would be good.'' But he was quick to add, ''Of course, my life hasn't exactly been one of moderation.''
Deadline on a Payment
Mr. Trump's unfolding financial drama may reach a climax tonight as the developer faces a deadline to make a payment on a high-yield ''junk bond'' issue. No matter what the outcome, the glimpse of Mr. Trump's spending habits is certain to add another layer to the high-spending lore to the 1980's.
Mr. Trump's new allowance may be absorbed easily, given the style of living to which he has become accustomed. The developer owns three homes, including Mar-a-Lago, in Palm Beach, Fla. That home, which was willed to the State of Florida by Marjorie Merriweather Post, was sold to Mr. Trump because the state could not afford to pay for its upkeep. Scores of household staff members are paid to help keep up the 118-room residence.
Mr. Trump will also have to continue to maintain his 50-room penthouse triplex in Manhattan's Trump Tower, which comes complete with an 80-foot living room, bronze-edged floor-to-ceiling windows overlooking Central Park, and a 12-foot waterfall.
Quick: Who'd Have Trouble Living on $450,000 a Month?
The only bank on the planet willing to go near him was Deutsche, and now THEY'RE even backing away.
The rubes aren't told about that in their universe, of course.
It doesn't matter when the reporters themselves have an axe to grind and people in their industry won't hold them to the fire.
Are you really so clueless that you don't recognize that's a small number of bankruptcies for an individual who's had hundreds of businesses over decades? Bankruptcy isn't a sin...it's something that's commonplace when someone has multiple businesses. Some make a profit...some don't. The ones that don't you declare bankruptcy and reorganize or you close. It's that simple.Trump has filed Chapter 11 bankruptcy for his companies six times. Three of the casino bankruptcies came during the recession of the early 1990s and the Gulf War, both of which contributed to hard times in Atlantic City, New Jersey's gambling facilities. He also entered a Manhattan hotel and two casino holding companies into bankruptcy.
Donald Trump Business Bankruptcies: List and ... - ThoughtCo