Some insights into Trump's AC operations:
Facing the possibility of personal bankruptcy, Trump turned his attention to a $100 million line of credit he had with Bankers Trust. That line of credit would be key to Trump’s ability to survive in the coming years.
In an interview for “Trump Revealed,’’ the biography produced by The Post this year, Trump said he drained the account while his bankers were on vacation and could not block such a large transaction.
“I said, ‘Draw it down,’ ” Trump said. “I took everything out of the bank.”
When the bankers found out what had happened, they “went absolutely berserk.”
http://www.washingtonpost.com/inves...03423e-8b18-11e6-875e-2c1bfe943b66_story.htmlIn 1995, as part of his revival campaign, Trump launched Trump Hotels and Casino Resorts, his first publicly traded company. He billed it as the first chance for ordinary people to buy stock in a Trump enterprise. But it was also a way to cleanse himself of lingering debts.
From the outset, Trump planned to consolidate $1.7 billion in old casino debts inside the company, thus transferring responsibilities to his investors, documents show. Among other things, he was using it to “satisfy the indebtedness of Taj Associates under its loan agreement” with one bank and to make payments “to obtain releases of liens and guarantees” with another bank.
The new company bought all three of his casinos. It paid about $100 million more for the Castle than analysts said the casino was worth, guaranteeing Trump $880,000 in cash bonuses.
During Trump’s 14 years as chairman, the company lost more than $1 billion. Shares plunged from $35 to a low of 17 cents.
In a recent interview with The Post, Trump defended his stewardship of the company.
“All I can say is I wasn’t representing the country,” he said. “I wasn’t representing the banks. I wasn’t representing anybody but myself.”