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From Bankruptcy to Multi-Millions in 7 Years
Donald Trump has become infamous for telling business mogul wannabes "You're fired! Yet, after Trump's casino operations filed bankruptcy for the second time this past November, many have wondered if it isn't time for board members to give Trump a pink slip. First, Trump doesn't get personally involved. He knows how to protect his personal finances. In both instances, Trump's corporations have filed for bankruptcy; Trump personally has not. Hence, when his casino fell into about a billion dollars in debt, the corporation filed for Chapter 11 bankruptcy.
Trump only made the decision to do so once he had spoken to his banks and bondholders. But, by filing, he gave his business the opportunity to regroup and reduce his business debt. It didn't hurt however that it would also reduce his personal debt, as Trump is likely the one every creditor would look to if the Taj Mahal couldn't pay up. So, in fact, Trump avoided potential lawsuits from credits and he may have also avoided personal bankruptcy by keeping his own bank account insulated. Trump, it appeared, had triumphed. His company had dire financial problems but seemed to rise just as quickly from those bankruptcy ashes.
Just three years later, he combined the hotels into the publicly held Trump Hotels and Casino Resorts. For several years, the new company enjoyed double digit stock prices. His personal fortune in turn also skyrocketed. And the man who came close to losing it all leapt onto Forbes' most wealthy list. Yet, Trump's public company would eventually fall Within a few years of soaring high prices, the company stock had fallen into single digits. Trump claimed that the properties were unable to make the improvements necessary for keeping up with its flashier competitors.
These financial troubles led to Trump's second trip into filing bankruptcy. It's in this second bankruptcy that Trump demonstrated the other quality that helps him stay on top. He knows how to create a win-win situation. This past November, Donald Trump filed for Chapter 11 a second time.
Again, Trump asked to be able to restructure his company's debt and overhaul its aging casinos. But this time around the Donald proposed that reorganizing the company would provide him the cash to upgrade his properties.
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By making these changes, he could help keep the casinos competitive. The second benefit: bondholders would receive stock in exchange for forgiving the debt owed. In other words, it would increase their ownership of the company by roughly two-thirds. The chances of making the money back and even a bit of profit will dramatically increase when the casino emerges from the reorganization. Well, vendors will be paid.
But best of all, Trump got to keep his job and his rather hefty salary. If all goes as planned, Trump's Atlantic City properties will be able to actually turn a profit and even potentially expand into new markets like Las Vegas. Research your judge.
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All judges are different! Each judge has their little nitpicky items.
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Some judges are pro-creditor, some judges are pro-debtor. Pro-debtor means they tend to side with ones who filed bankruptcy, pro-creditor means they tend to side with the ones that you owe money. This information is immensely important for knowing what obstacles lay before you and how you can overcome them. My first judge was pro-debtor, and he retired halfway through the case.
My second judge was very pro-creditor, which made my life a living hell. Sit down and figure out a plan that would work for you.
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This can be fairly complex, so have your attorney walk you through it. Make sure you have your plan completed as quickly as possible.
13 celebrities who have struggled with money - Insider
The court, believe it or not, is there to protect you. Make sure you treat it with the respect it deserves.
Always be honest and forthcoming with the courts. Everything has a lifespan. Plain and simple. You know never when the next economic collapse could happen. So far, bankruptcy has been the most valuable yet difficult time in my life. My advice is to learn from your mistakes and do your best to not repeat them. Use your mistakes to become a better you. Plan better, and stay ahead. Bankruptcy can be one of the most valuable tools in business.
Regardless of its negative connotation, it has helped build and reconstruct some of the largest financial empires to date. Entrepreneur Media, Inc. In order to understand how people use our site generally, and to create more valuable experiences for you, we may collect data about your use of this site both directly and through our partners.
They are obviously not doing well in marketing or sales. Contact them and tell them you'll help them to market their products and services. Take note not to fall prey to Get-Rich-Quick Schemes and end up losing everything due to ignorance. Make affirmations to yourself every day. Don't think of stuff like "why am i not promoted? Instead, ask, "what can i do to get promoted? If you feel that way, you will never change for the better.
Work with others. Learn to think out of the box, do sales and marketing, build a team, surround yourself with right people, understand strengths and weakness of staff, create a system etc. You will go through a rough time in the initial period but once you pass that difficult phase, you will never ever want to turn back.