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Now even Donald Trump has fallen victim to the credit crunch. Trump Entertainment Resorts Inc., Mr Trump's casino group, filed for Chapter 11 bankruptcy protection today, court documents show. The company missed a $53.1 million bond interest payment due on December 1 as a sharp downturn in consumer spending hit casino revenues.

Donald Trump’s heavily disputed golf development in Scotland may now be in some doubt as with his Dubai project. Despite claims from the Trump camp that financing is not an issue, problems in several other areas of Mr. Trump’s business interests may have an effect. The gaming industry is suffering a far larger downturn that was expected & Trump Entertainment Resorts defaulted on a $53 million interest payment last week in Feb 2009 so the legal suits will start. Trump recently fired one of his own at Deutsche bank, accusing the bank of wrongly refusing to extend the loan and that Deutsche bank was in some way responsible for the current economic crisis, and should pay damages. Deutsche bank are seeking to have this lawsuit dismissed and are demanding Mr. Trump pays the $40 million personal guarantee related to the construction loan. At least 2009 will see more legal battles raging & Trump spending more time in front of the Judge n\instead of judging would be employees on TV..

Donald Trump did sell his $100 million Palm beach mansion. Mr. Trump purchased the property back in 2004 for $41.35 million. He then lavished loads of money refurbishing the buildings, and the current yearly tax bill is close to $1 million, so the profit would have been minimal as he dropped $25m. The new owner wants to demolish the buildings & he hates them???

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Its wake up time America. These bailouts are not helping the American people just Companies who have reaped millions in rewards and done nothing to change their strategies over the years. None of them deserve bailouts and the US government cannot run these joints??? so the underlying question is how much of thise bail out money will be spent on themselves---- most of it so watch.

BANKRUPTCY UNDER CHAPTERS 7 & 11

Chapter 11 of the Bankruptcy Code means to "reorganize" the company and try to become profitable. Management continues to run the day-to-day business operations but business decisions must be approved by a bankruptcy court.

Under Chapter 7, the company stops all operations and goes completely out of business. A trustee is appointed to "liquidate" (sell) the company's assets and the money is used to pay off the debt, which may include debts to creditors and investors.

The investors who take the least risk are paid first. eg secured creditors take less risk because the credit that they extend is usually backed by collateral, like a mortgage or other company assets. They know they will get paid first if the company declares bankruptcy.

Bondholders have a greater potential for recovering their losses than stockholders, because bonds represent the debt of the company and the company has agreed to pay bondholders interest and to return their principal. Stockholders own the company, and take greater risk. They could make more money if the company does well, but they could lose money if the company does poorly. The owners are last in line to be repaid if the company fails. Bankruptcy laws determine the order of payment.