Post-bankruptcy Trump services agreement

2005-05-20

Post-bankruptcy Trump services agreement

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: 2005-05-20The reorganized company entered a services agreement with Trump as part of the confirmed restructuring.Open cited record · 2 sources2005-05-20Trump retained compensation and a promotional role while control shifted toward creditor investors.Open cited record · 2 sources
Who gained: Donald Trump
Who paid: Reorganized casino-company stakeholders
Audit finding: partly kept
The restructuring preserved an income stream and public role for Trump even after existing investors and creditors absorbed the reorganization's consequences.
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
action2005-05-20documented
The reorganized company entered a services agreement with Trump as part of the confirmed restructuring.
- U.S. Securities and Exchange Commission: Trump Hotels & Casino Resorts 2004 Form 10-K2005-03-31 · Restructuring, bankruptcy plan, services agreement, and signatures
- U.S. Securities and Exchange Commission: Trump Entertainment Resorts 2007 Form 10-K2008-03-14 · Corporate history, ownership, risks, and related transactions
Open underlying ledger entry
outcome2005-05-20documented
Trump retained compensation and a promotional role while control shifted toward creditor investors.
- U.S. Securities and Exchange Commission: Trump Hotels & Casino Resorts 2004 Form 10-K2005-03-31 · Restructuring, bankruptcy plan, services agreement, and signatures
- 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
limitation2005-05-20documented
The agreement was disclosed and formed part of a court-confirmed reorganization plan.
- U.S. Securities and Exchange Commission: Trump Hotels & Casino Resorts 2004 Form 10-K2005-03-31 · Restructuring, bankruptcy plan, services agreement, and signatures
Open underlying ledger entry

Responses, legal status, contrary evidence, and limitations

limitation
The agreement was disclosed and formed part of a court-confirmed reorganization plan.