Ray From Cleveland
Diamond Member
- Aug 16, 2015
- 97,215
- 37,440
I said he presided over 7 bankruptcies. Trump never filed for personal bankruptcy because he personally made money off the bankruptcies. Trump would invite people to invest with him to get rich like him. Trump pocketed those investments as "management fees", overvalued everything he did, piled on the debt, and danced away when he ran out of "investors". Trump bragged he made $40 million personally, off his first bankruptcy. After 4 bankruptcies, American banks realized he was running a scam, and refused to give him any more money.
Real estate developers create a company every time they make an offer to buy a property. If the offer falls through, they never use that corporate entity again. If the offer is successful, they create a second company to develop the property, and a third company to build on the property. Trump had 700 companies. Big whoop. Most of his businesses lost money and went under. Even those that didn't file for bankruptcy - like Trump Airlines, Trump Mortgage Company, Trump University, Trump Steaks, Trump Vodka. The list is endless.
I worked for the law firm whose entire real estate office existed to service the largest residential builder in North America. I was the corporate clerk at that office. This developer had over 200 active corporations at any given time. Not one of their over 1000 thousand corporations had EVER experienced a bankruptcy. Zero percent bankruptcies.
The only other big real estate operator I can recall going bankrupt was the Reichman Brother's Canary Wharf project in London. They were the 4th richest family in the world when they bought Canary Wharf and it was in financial trouble when they bought it The bankruptcy took down Olympia & York (their big real estate company).
The Trump Hotel in Toronto went bankrupt during the 2016 Presidential Campaign. It was the first condominium over 10 stories to go bankrupt in Toronto, in more than 30 years!!! Well done, Donald Trump!!!!!
Read and learn some truth:
Trump’s four bankruptcies were Chapter 11 reorganizations (named for its location in federal bankruptcy code), which are designed to restructure businesses without shutting them down completely. The purpose is to "save" the business, as opposed to other forms of bankruptcy which would liquidate the company, said Michael Venditto, a partner at the ReedSmith law firm who has extensive experience with Chapter 11.
Because they keep coming up, we decided to outline Trump’s four bankruptcies. We also talked to some finance experts, who told us Trump is correct that Chapter 11 reorganization is not always the result of bad business decisions.
![www.politifact.com](https://static.politifact.com/politifact/rulings/meter-mostly-true.jpg)
Fact-checking claims about Donald Trump's four bankruptcies
In an effort to take out frontrunner Donald Trump, Republican presidential candidates have pelted Trump with criticism o
![www.politifact.com](https://static.politifact.com/images/favicon.png)
And don't complain about the source. It's from a commie site.