TRUMP LAUNDRY IS OPEN FOR BUSINESS: Trump was in
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Posted On: 11/05/2019 8:10:03 AM
TRUMP LAUNDRY IS OPEN FOR BUSINESS:
Trump was in his mid-40s and only four years earlier had published the pure brand boost of The Art of the Deal, but now he was in trouble. He needed the licenses to keep his casinos open to have any shot at staving off personal bankruptcy and a potentially permanent reputational stain. No licenses would have meant no casinos would have meant less collateral for the banks as Trump tried to dig out from under billions of dollars of debt. And the regulators had overwhelming reason to question his financial stature and overall fitness to continue. In addition to Trump’s dismal individual straits, the cash flow at his debt-riddled casinos wasn’t enough to make them profitable as the industry sagged in the throes of a recession. Trump’s “financial viability,” Steven P. Perskie, the chairman of the commission, stated at a meeting in May, “is in serious peril.”
Trump was in his mid-40s and only four years earlier had published the pure brand boost of The Art of the Deal, but now he was in trouble. He needed the licenses to keep his casinos open to have any shot at staving off personal bankruptcy and a potentially permanent reputational stain. No licenses would have meant no casinos would have meant less collateral for the banks as Trump tried to dig out from under billions of dollars of debt. And the regulators had overwhelming reason to question his financial stature and overall fitness to continue. In addition to Trump’s dismal individual straits, the cash flow at his debt-riddled casinos wasn’t enough to make them profitable as the industry sagged in the throes of a recession. Trump’s “financial viability,” Steven P. Perskie, the chairman of the commission, stated at a meeting in May, “is in serious peril.”
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