jt512
Philosopher
- Joined
- Sep 24, 2011
- Messages
- 5,087
The way they work is a business takes out loans and obligations which they determine they can't pay, so they go to a bankruptcy court for the creditors to get at least some of their money back.
Trump lost so much money running casinos that they had to file bankruptcy, twice. People who invested in his brand, along with people who were hired to work for him, lost bigly.
The claim I was disputing was that, since many of Trump's corporations have declared bankruptcy, Trump must no longer be a billionaire. But that conclusion doesn't follow from the premiss because corporate bankruptcy does not ordinarily affect the shareholder's assets (other than one's shares in the corporation).