The small business owners Trump never paid in full

nhboy

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"(CNN)"It was like we won the lottery," Beth Rosser remembers. Her dad, Forest Jenkins, had just secured a $200,000 contract to work at the biggest prize in Atlantic City: Donald Trump's Taj Mahal.

His company installed toilet partitions -- not exactly glamorous, but important nonetheless. It was 1988, and a six-figure contract was huge.

"It was a big job. It was great. We were all excited," says Forest's son Steven Jenkins. Jenkins spent a month working at the Taj. "I had the fuzz from those carpets on the wheels of my dolly for months after that job."

But what seemed like a winning ticket soon turned into a nightmare when the paycheck never came.

"We weren't this big company," remembers Rosser, who now runs the company with her brother, Steven. "We didn't have tons of money in an account somewhere to cover things."
Jenkins says his dad, who built the company from nothing, nearly lost everything. "

Continue reading here: http://www.cnn.com/2016/09/13/politics/trump-small-business-owners/index.html?sr=twCNN091416trump-small-business-owners0413PMVODtopLink&linkId=28779246
 

GURPS

INGSOC
PREMO Member
I guess Jenkins doesn't understand how bankruptcy works ......

http://www.inc.com/jeremy-quittner/...city-years-are-harbingers-for-presidency.html

But the Taj Mahal soon foundered under high-interest payments for loans on the $1 billion project, and it was forced into bankruptcy by 1990. The legal proceedings stretched on for 15 years and included 341 meetings involving thousands of creditors, as ever-mounting debt was restructured and Trump received a $500 million credit line from banks that assumed ownership of the property. Most creditors received pennies on the dollar of what they were owed, local experts said.


it wasn't a Trump Project .... he just bought into it


https://en.wikipedia.org/wiki/Trump_Taj_Mahal


Construction of the Taj Mahal was begun in 1983 by Resorts International, owner of the neighboring Resorts Casino Hotel, with an estimated budget of $250 million.[5][6] Resorts head James Crosby said it might be named the United States Hotel, in reference to the city's first major hotel.[7]

After Crosby's death in April 1986, Resorts International became a takeover target.[8] The Taj Mahal had encountered construction problems, and Crosby's heirs, lacking experience in large development projects, doubted their ability to complete it successfully.[9] Donald Trump, who owned two other Atlantic City casinos, beat out several other bidders to purchase a controlling stake in the company for $79 million in July 1987.[10] Trump was appointed chairman of Resorts International, and said he would complete the Taj Mahal in about a year.[10]

Because New Jersey law prohibited anyone from owning more than three casinos, Trump planned to close the original Resorts casino and operate it as a hotel annex to the Taj Mahal.[11][12]

As the total budget had ballooned to $930 million, Resorts sought to raise $550 million to complete the Taj Mahal, but struggled to find the financing.[13] With the company claiming to be near bankruptcy in early 1988, Trump made a tender offer to buy all outstanding stock for $22 a share, stating that he was willing to personally finance the construction, but only if he owned the entire company.[14] Television producer Merv Griffin made an unexpected offer to purchase the company for $35 a share,[15] sparking a highly publicized takeover battle,[16] with Trump and Griffin filing lawsuits against each other.[17] The two ultimately reached a settlement, which was executed in November 1988, with Griffin purchasing the company, and Trump purchasing the Taj Mahal from the company for $273 million.[18]

Trump raised $675 million to finance the purchase and completion of the casino, primarily through junk bonds with a 14 percent interest rate.[19][20]

The casino opened on April 2, 1990.[21] With 120,000 square feet (11,000 m2) of gaming space, it claimed to be the largest casino in the world (though this was disputed by the Riviera),[22] and billed itself as the "eighth wonder of the world."[23] An elaborate grand opening ceremony was held three days later.[24]

In 1991, the Taj Mahal went through a prepackaged bankruptcy, resulting in Trump giving a 50 percent stake in the business to its bondholders in exchange for lowered interest rates and a longer payoff schedule.[25][26]
 

Midnightrider

Well-Known Member
I guess Jenkins doesn't understand how bankruptcy works ......




it wasn't a Trump Project .... he just bought into it

what part doesn't she understand, that her company did work on the project or the part bout not gettin paid? or maybe it was the part about trump being in charge of the taj at the time......
 

Gilligan

#*! boat!
PREMO Member
what part doesn't she understand, that her company did work on the project or the part bout not gettin paid?..

Nope. She doesn't understand the bankruptcy part. A lot of people don't.

It's one of the biggest risks my company has always faced and had to deal with; shipyards (our customers) are almost as bad as restaurants when it comes to going bankrupt and leaving creditors/suppliers unpaid.
 

nutz

Well-Known Member
Nope. She doesn't understand the bankruptcy part. A lot of people don't.

It's one of the biggest risks my company has always faced and had to deal with; shipyards (our customers) are almost as bad as restaurants when it comes to going bankrupt and leaving creditors/suppliers unpaid.

Lets not dismiss the fact that often the GC gets paid and the subs don't. Not always the property owner at fault.


But boys headline wouldn't look as good if the facts were laid out.
 

seekeroftruth

Well-Known Member
Lets not dismiss the fact that often the GC gets paid and the subs don't. Not always the property owner at fault.


But boys headline wouldn't look as good if the facts were laid out.

And Trump as GC got paid. What a guy! We should all look up to the Donald! :doh:

:coffee:
 

vraiblonde

Board Mommy
PREMO Member
Patron
If CNN et al would inspect Hillary even one tenth as thoroughly as they niggle and pick over Donald Trump's every move since the day he was born, I might care about this story. As it stands...meh. :coffee:
 

Midnightrider

Well-Known Member
Nope. She doesn't understand the bankruptcy part. A lot of people don't.

It's one of the biggest risks my company has always faced and had to deal with; shipyards (our customers) are almost as bad as restaurants when it comes to going bankrupt and leaving creditors/suppliers unpaid.

sure she does. she understands that she didn't get paid because trump's company chose to use bankruptcy laws to avoid his debts. There is nothing at all that is difficult to understand. Well except for the excuses people keep making for it
 

Hijinx

Well-Known Member
sure she does. she understands that she didn't get paid because trump's company chose to use bankruptcy laws to avoid his debts. There is nothing at all that is difficult to understand. Well except for the excuses people keep making for it

I cannot understand people who go into contracts without putting a time limit on payments.

When my son built his home he had to draw money every so often to pay those building.
Why did this guy ask for a draw at intervals?
 

GURPS

INGSOC
PREMO Member
She understands that she didn't get paid because trump's company chose to use bankruptcy laws to avoid his debts.

what debt was this exactly ....


in 1988 Trump came to and agreement with Merv Griffin - who bought Resorts International [builders of the Taj Mahal] and who sold Trump the Hotel.
what isn't stated is where the debt went From Resorts Int.


Trump raised $675 million to finance the purchase and completion of the casino, primarily through junk bonds with a 14 percent interest rate.

In 1991, the Taj Mahal went through a prepackaged bankruptcy, resulting in Trump giving a 50 percent stake in the business to its bondholders in exchange for lowered interest rates and a longer payoff schedule.


Trump gave up 50% ownership for a LONGER Payoff Period .... sounds like the debt got paid off



bottom line, trump lost ownership in bankruptcy whoever owned the Taj after that was the company making the deals settling the debt.
 
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vraiblonde

Board Mommy
PREMO Member
Patron
sure she does. she understands that she didn't get paid because trump's company chose to use bankruptcy laws to avoid his debts. There is nothing at all that is difficult to understand. Well except for the excuses people keep making for it

Perhaps your issue should be with the laws themselves and not the Americans who legally take advantage of them, which is the whole purpose of enacting laws in the first place.
 

Midnightrider

Well-Known Member
Perhaps your issue should be with the laws themselves and not the Americans who legally take advantage of them, which is the whole purpose of enacting laws in the first place.

I cant have an issue with both? the purpose of enacting banckruptcy laws was to keep people from going to the poor house or to jail for not being able to pay their debts. It was not to allow companies to avoid paying their debts by serial bankruptcy.

It is fun watching you guys defend stiffing small businesses for work they did perform becasue it was technically legal to do so. I can only imagine the OUTRAGE if you had heard hillary had done something similar
 

Midnightrider

Well-Known Member
what debt was this exactly ....


in 1988 Trump came to and agreement with Merv Griffin - who bought Resorts International [builders of the Taj Mahal] and who sold Trump the Hotel.
what isn't stated is where the debt went From Resorts Int.







Trump gave up 50% ownership for a LONGER Payoff Period .... sounds like the debt got paid off



bottom line, trump lost ownership in bankruptcy whoever owned the Taj after that was the company making the deals settling the debt.

hey idiot, small vendors are not bond holders. they are not the people whose payments were extended.

your last sentence shows you are talking out of your ass
 

Midnightrider

Well-Known Member
did Trump retain 'ownership' after the bankruptcy dickhead

bwhahahahaha
who cares who owned it after the bankruptcy. the debts were settled (or not) in bankruptcy court. try reading an article you freaking dolt

the article in the OP said:
The bankruptcy meant companies like Triad Building Specialties didn't get paid.

After years of fighting through bankruptcy court, the Jenkins ended up with just 30 cents on the dollar. Their company was owed $231,000, according to the bankruptcy claim filed in the case. The Jenkins family received $70,000.

did the contractor get paid? how about the one who installed the pianos?
 

Hijinx

Well-Known Member
You really are stupid. When the new owners got the place the debts had already been litigated in bankruptcy court. The contractors had already been screwed

If I were a small businessman and had an investment that was straining me I would get my money or leave the work undone.
 
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