Donald Trump
- Kirk
- radiodude
- Lawhawk
- radiodude
- Kirk
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» Kirk - Trump Hotels to Reorganize
.Did "The Donald" fire himself in this deal?
Trump would continue to serve as the company's chairman, although under a new contract. He's currently the company's chairman, CEO and president.
http://www.thestreet.com/_htmlbtb/market...
Trump Hotels to Reorganize
By TSC Staff
8/10/2004 8:13 AM EDT
Trump Hotels (DJT:NYSE - news - research), the publicly traded operating company that owns three Atlantic City hotels and an Indiana riverboat casino named after Donald Trump, plans a prepackaged chapter 11 filing that will transfer control of the company to an investment subsidiary of Credit Suisse First Boston.
The recapitalization, expected for months amid the intensifying competition between Atlantic City casinos, is intended to cut Trump Hotels' total outstanding debt to $1.25 billion from its current $1.8 billion. The bankruptcy petition, which is expected to be filed before the end of September, will not result in the impoverishment of Mr. Trump, whose primary asset is a real estate development company called The Trump Organization.
The main instrument of the reorganization would be a $400 million equity infusion from Mr. Trump and DJL Merchant Banking Partners, the CSFB unit. Trump's end would be about $71 million, including $55 million in cash plus the contribution of mortgage notes he currently holds on the company's assets. The rest of the investment would come from CSFB.
According to an SEC filing, Mr. Trump's current ownership stake in Trump Hotels will be reduced to roughly 25%, from its current level of more than 50%. CSFB's private equity arms would rise to a diluted 55%. Trump would continue to serve as the company's chairman, although under a new contract. He's currently the company's chairman, CEO and president.
Through the so-called prepackaged filing, Trump Hotels would see the interest rate on its publicly held debt fall to roughly 7.9% from 12%, see its annual interest expense fall by about $110 million, see the maturity of its public debt extended to 10 years, and see its ability to tap additional financing vehicles expand.
Regarding the existing stock, the company said, "Each of the existing stockholders of the company, including Mr. Trump, would either keep their existing shares or, under certain circumstances, exchange their existing shares for new shares with the same economic terms as the company's current shares."
-- posted by Kirk
» radiodude - Re: Trump Hotels to Reorganize
In response to message posted by Kirk:You beat me to it, I was just going to start a Donald thread.
Wow, interesting guy. I watched a little of his reality TV show, and he comes across as the man who never makes a mistake, and as a result can and should guide others.
In my mind, he's just like everyone else -- he does some good, and makes some mistakes along the way.
He even has some type of leadership minute on the radio over the noon hour just after Paul Harvey news.
one word: Arrogant.
-- posted by radiodude
» Lawhawk - Re: Re: Trump Hotels to Reorganize
In response to message posted by radiodude:Trump's casinos have had numerous problems in the past, and his casino debts have caused Trump to declare bankruptcy in the past. This latest restructuring is similar to previous restructurings, which reduced interest and payments, but differs in that the banks took a larger chunk of the ownership this time.
Trump's other real estate dealings are in far better financial shape and are unaffected by the restructuring.
I read his latest book and it contains an anecdote about how he was walking in NYC during the winter when he declared bankruptcy the first time - more than 1.7 billion in debt IIRC, and saw a homeless guy with a couple of coins in the guy's collection cup and that Trump thought to himself - this guy is $1.7 billion richer than I am.
-- posted by Lawhawk
» radiodude - Re: Re: Re: Trump Hotels to Reorganize
In response to message posted by Lawhawk:...........saw a homeless guy with a couple of coins in the guy's collection cup and that Trump thought to himself - this guy is $1.7 billion richer than I am.
wow, I don't know much about Trump, but how did he recover from this to become one of the richest guys in America? (or did he recover???)
-- posted by radiodude
» Kirk - Trump New Book: How to Get Rich
.<img align=left src=http://images.amazon.com/images/P/1400063272.01._PE30_PI_SCMZZZZZZZ_.jpg width=112 height=169>Trump: How to Get Rich
by Donald J. Trump (Author), Meredith McIver
Now only $15.36 with the above link that supports Suite101.com
Product Details
- Hardcover: 272 pages ; Dimensions (in inches): 1.10 x 9.60 x 6.42
- Publisher: Random House; 1st edition (March 23, 2004)
- Language: Published in English
Editorial Reviews
From Publishers Weekly
With a central role in NBC’s The Apprentice, Trump’s star is soaring. In his fifth book (after The Art of the Deal, he offers a cursory glance behind the scenes of the hit reality show, but the bulk of the text consists of business advice ("Be Tenacious"; "Play Golf"; "Be Optimistic, but Always Be Prepared for the Worst") with illustrative details culled from his real estate and media dealings. (The glimpses he presents of his transformation of 40 Wall Street hint at a story that might deserve a more serious book all its own.) There are some surprises; at times, the quintessential New Yorker sounds almost like a California New Ager as he recommends up to three hours of quiet reflection a day along with the writings of Carl Jung. But he’s soon back in recognizable form, advising readers to "screw enemies back" and explaining why various people (including former governor Mario Cuomo and talk-show host Joy Behar) are dead to him. Trump appears comfortable with himself, and he even makes light of potentially touchy subjects, such as his hair: "My hair is one hundred percent mine. No animals have been harmed in the creation of my hairstyle." There are occasional missteps, like an imitation of the New York Post’s iconic gossip column "Page Six," which reads more like an annual Trump Christmas letter. But Trump’s books have done an effective job of capturing his grand personality in print, and this volume is no exception. B&w photos throughout.
Inside Flap Copy
First he made five billion dollars.
Then he made The Apprentice.
Now The Donald shows you how to make a fortune, Trump style.
HOW TO GET RICH
Real estate titan, bestselling author, and TV impresario Donald J. Trump reveals the secrets of his success in this candid and unprecedented book of business wisdom and advice. Over the years, everyone has urged Trump to write on this subject, but it wasn't until NBC and executive producer Mark Burnett asked him to star in The Apprentice that he realized just how hungry people are to learn how great personal wealth is created and first-class businesses are run. Thousands applied to be Trump's apprentice, and millions have been watching the program, making it the highest rated debut of the season.
In Trump: How to Get Rich, Trump tells all -- about the lessons learned from The Apprentice, his real estate empire, his position as head of the 20,000-member Trump Organization, and his most important role, as a father who has successfully taught his children the value of money and hard work.
With his characteristic brass and smarts, Trump offers insights on how to:
* invest wisely
* impress the boss and get a raise
* manage a business efficiently
* hire, motivate, and fire employees
* negotiate anything
* maintain the quality of your brand
* think big and live large
One way to get rich is use OPM (Other People’s Money) and convince them you are smart enough to draw a huge salary.
He sure has the think big and live large part right!
-- posted by Kirk
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