Quote:
Originally Posted by dyna mo
you got this entirely wrong, just like your pal rochard.
A Federal bankruptcy judge yesterday approved a prepackaged bankruptcy plan for Donald J. Trump's Plaza Hotel, giving a 49 percent stake in the luxury hotel to Citibank and five other lenders. Under the plan, Mr. Trump will still be employed as chief executive but he will not be paid and will not have a role in day-to-day operations, said Matthew Feldman, a lawyer representing the Trump Organization.
The hotel was unable to meet its debt service payments and filed for bankruptcy protection on Nov. 2. Lawyers said Mr. Trump would continue to work on marketing plans for the Fifth Avenue hotel, which overlooks Central Park in midtown Manhattan. The lenders, which include the Industrial Bank of Japan, will take control of the hotel in exchange for giving more favorable terms to Mr. Trump on more than $550 million in debt on the hotel. The plan was approved by United States Bankruptcy Judge Prudence Abram.
COMPANY NEWS - TRUMP'S PLAZA HOTEL BANKRUPTCY PLAN APPROVED - NYTimes.com
ahahahahahahahah |
So let me get this straight. You went to exact same source, found castrated version of very same article "for dummies" thus proving me, pal rochard and NY Times wrong?
I'm no graduate of Trum's University but let take a look.
Here's quick summary
Trump NY Plaza | Trump Plaza Hotel
Long version for those who can read:
http://www.nytimes.com/2016/01/17/bu...house-bid.html
8. The Plaza lost $74 million the first year into Trump’s ownership.
9. In the meantime, Trump racked up some $900 million of debt by personally guaranteeing building loans.
10. Trump signed over nearly all of his properties, including the Plaza, his yacht and his jet, in exchange for more favorable terms on his personal guarantees.
ahahahahahahahahahahahahahaha
So he lost equity, control of plaza and more equity..
Great Success
Under terms of an agreement reached late in 1992, that consortium agreed to forgive overdue interest payments on some $300 million in loans in return for a 49 percent stake in the Plaza.
So he sold 49% of plaza for "interest payments" on 300 mil loans. INTEREST PAYMENTS !!!!!!
