Monday, November 22, 2004

You're Fired

As much as I'd like to respond to Jerry's last two posts, I'd better leave them alone...

Donald Trump's casinos filed for Chapter 11 Bankruptcy (Protection, as they call it) this week. Said Trump:

"I don't think it's a failure, it's a success. In this case, it was just something that worked better than other alternatives. It's really just a technical thing, but it came together."

I'm sure his unsecured creditors who are going to take pennies on the dollar are glad that this technical thing worked out too. Not to worry for the Donald. As a part of the settlement, his ownership share in the casino venture will be cut almost in half, from 47%, to 27%. However, he will still be the single-largest shareholder. Once he burns this debt, he can continue doing things his way.