<a href="http://tinyurl.com/5kmr8">
http://tinyurl.com/5kmr8</a>
LVSun - Trump Hotels to seek bankruptcy in agreement with bondholders
As a cabbie once told me, "if you're given a liscense to steal, and
lose money, you're either a theif or incompetant." I'm not sure
which Trump is, but how can a casino lose money for 8 years?
I guess this could make for a great version of the Apprentice. "Go
screw the bondholders, the team that jams them the best wynns!"
--- In vpFREE@yahoogroups.com, "worldbefree22001" <krajewski.sa@p...>
wrote:
As a cabbie once told me, "if you're given a liscense to steal, and
lose money, you're either a theif or incompetant." I'm not sure
which Trump is, but how can a casino lose money for 8 years?I guess this could make for a great version of the Apprentice. "Go
screw the bondholders, the team that jams them the best wynns!"
What I thought was odd about an earlier story I read that Trump
blamed his problems on some big time gamblers who got really lucky.
That seemed very unlikely to me, that his gambling bankroll would be
that slim (although it evidently was at Binions).
When I visited his casino in the Palm Springs area last spring
(Indio), it was virtually empty. That seemed like a real problem to
me, because of the overhead, plus he was sharing revenues with an
indian tribe there. I don't know if that casino is part of the
bankruptsy agreement, or a separate entity.
What I thought was odd about an earlier story I read that Trump
blamed his problems on some big time gamblers who got really
lucky.
That seemed very unlikely to me ....
Yeah, I don't think I'd buy that one either. Sorry to beat this off
topic post to death, but my understanding is that Mr T manages
almost every venture to his exclusive benefit and generally to the
detriment of any equity or debt holders. He gets his salary and
perks irrespective of the company's performance so he has little to
worry about.
He came through my town on a whirlwind tour some years back trying
to sell bonds in this dog. At the time there was an article in the
local press that warned this guy was prone to screwing his
investors. Looks like that happened again. How he can still sit
atop this company is beyond me. On one level I guess you can look
ยทยทยท
at investing as another form of gambling, but as PT barnum said ....