Taj Mahal debt restructuring

1991-07-16

Taj Mahal debt restructuring

partly-kept

Promised: 2015-08-06Trump said corporate bankruptcy law had produced advantageous outcomes for his companies, himself, employees, and family.Open cited record · 1 source
The record: 1991-07-16Trump Taj Mahal Associates filed for Chapter 11 protection under a negotiated restructuring plan.Open cited record · 3 sources
Who paid: 1991-10-01Bondholders exchanged debt for ownership while the casino continued operating.Open cited record
Taj Mahal bondholders
Trump Taj Mahal Associates
Audit finding: partly kept
The restructuring contradicted the launch's financial-success promise, while the casino continued operating and Trump retained an ownership interest.
Causal strength: documented mechanism

Evidence chronology

promise2015-08-06documented
Trump said corporate bankruptcy law had produced advantageous outcomes for his companies, himself, employees, and family.
- The American Presidency Project: Republican Candidates Debate in Cleveland, Ohio2015-08-06 · Exchange about Trump-controlled companies' bankruptcy filings
Open underlying ledger entry
action1991-07-16documented
Trump Taj Mahal Associates filed for Chapter 11 protection under a negotiated restructuring plan.
- U.S. Bankruptcy Court for the District of New Jersey via CaseMine: In re Trump Taj Mahal Associates1993-10-20 · Bankruptcy filing date, plan, and case history
- The Washington Post: Trump's bad bet: How too much debt drove his biggest casino aground2016-01-18 · Financing, analyst warning, contractors, bankruptcy, and bondholders
- The New York Times via U.S. House Judiciary Committee record: How Donald Trump Bankrupted His Atlantic City Casinos, but Still Earned Millions2016-06-11 · Pages 2-9: financing, related transactions, bankruptcies, and outcomes
Open underlying ledger entry
affected group1991-10-01documented
Bondholders exchanged debt for ownership while the casino continued operating.
- U.S. Bankruptcy Court for the District of New Jersey via CaseMine: In re Trump Taj Mahal Associates1993-10-20 · Bankruptcy filing date, plan, and case history
- The Washington Post: Trump's bad bet: How too much debt drove his biggest casino aground2016-01-18 · Financing, analyst warning, contractors, bankruptcy, and bondholders
Open underlying ledger entry
limitation1991-10-01documented
The filing was corporate, not personal, and preserved the operating business.
- U.S. Bankruptcy Court for the District of New Jersey via CaseMine: In re Trump Taj Mahal Associates1993-10-20 · Bankruptcy filing date, plan, and case history
- The American Presidency Project: Republican Candidates Debate in Cleveland, Ohio2015-08-06 · Exchange about Trump-controlled companies' bankruptcy filings
Open underlying ledger entry

Responses, legal status, contrary evidence, and limitations

limitation
The filing was corporate, not personal, and preserved the operating business.