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Fourth echelon

What Trump didn’t say about his four big business bankruptcies

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When Republican front-
runner Donald J. Trump was pressed Thursday about his companies’ four bankruptcies in 18 years, the blustering business mogul called them routine corporate deals allowed by law and repeated by “many, many others on top of the business world.”

Yet missing from Trump’s retelling is that all four bankruptcies were high-profile embarrassments for his name-brand American empire. Amid some of the proceedings, the mogul poured in millions of dollars from his personal fortune to keep the restructurings alive.

To secure better deals or more time to pay off debts, Trump forfeited lucrative ownership stakes and allowed bankers, lawyers and bondholders to feast on his empire. In one deal involving hundreds of millions of dollars in debts he had personally guaranteed, he agreed to sell his airline and mega-yacht, and he allowed bankers to stipulate how much he could spend every month.

http://www.washingtonpost.com/business/economy/what-trump-didnt-say-about-his-four-big-business-bankruptcies/2015/08/07/bc054e64-3d12-11e5-9c2d-ed991d848c48_story.html?hpid=z1

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