Five Dumbest Things on Wall Street: Feb. 20
Trump Dumps Self
Try to duck it, Donald. You got fired.
Trump Entertainment Resorts (TRMP) filed for Chapter 11 bankruptcy protection Tuesday. The casino operator had assets of about $2.1 billion and total debts of about $1.74 billion on Dec. 31, 2008, it said in its filing with the U.S. Bankruptcy Court in New Jersey. Nine affiliates of the casino operator, including Trump Plaza Associates, Trump Marina Associates and Trump Taj Mahal Associates also sought protection, according to the filing.
As for Trump himself, the real estate mogul stated Friday that he had decided to resign from the board of the company. Trump also claimed he recently offered to purchase the casino company, which he once controlled before surrendering his grip as part of a previous bankruptcy restructuring.
"If I'm not going to run it, I don't want to be involved in it," a petulant Trump told The Associated Press last Friday. "I'm one of the largest developers in the world. I have a lot of cash and plenty of places I can go."Trump's name will remain on the company's three Atlantic City casinos for now, although Trump said he may sue to have it removed."I don't like that my name is still going to be on it," said The Donald, who was the company's largest shareholder as of September with 1.3 million shares, now trading around 16 cents each. Get over yourself, Donald, if that's possible. It's not like your name boosted the brand enough to keep it from going under anyway. And it's not like you are a stranger to bankruptcy court, having been there twice already with the casino company. With your latest catastrophe, we wish you luck in the upcoming season of your reality show The Celebrity Apprentice. What you have left to teach your potential protégé, however, is beyond us.
Dumb-o-meter score: 90 -- "Trump's next book: The Art of Denial."
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