Trump blames Wilbur Ross for being so close to bankruptcy

Filed In

Recently Updated

Top Folders

Dates on Trump File reflect when something happens, not when it's first reported.

Donald Trump ends negotiations with Trump Taj Mahal bondholders to take on more of his debt so he can avoid bankruptcy. In a statement about ending the talks, Trump blames Wilbur Ross — his future Commerce secretary who’s currently representing the bondholders.

According to Trump, the bondholders want to work with him, but Ross is standing in the way.

“We saw no point in going forward,” Mr. Trump said in the statement. “Unfortunately, this case will be in court for many years to come. Numerous individual bondholders have called us wanting to deal directly with us, but we are unable to make a deal with Mr. Ross and his group.”

The New York Times – Nov. 14, 1990

Ross calls the announcement a publicity stunt and reiterates earlier statements that bondholders will benefit more financially from the Taj Mahal’s bankruptcy than from additional bonds. Bondholders hold a first mortgage on the casino and would likely take control of the business in bankruptcy court.

Trump has two days to make a $47.3 million interest payment on his Taj Mahal debt, then he has a 30-day grace period to avoid certain bankruptcy. His lawyers have already prepared bankruptcy papers, just in case.

The failed dealmaker reopens negotiations with Ross and his firm the next day, providing fuel to claims that today’s events are a publicity stunt.

External Sources

NYT – Bankruptcy Papers (Archived)

NYT- Trump Statement (Archived)

NYT – Negotiations Continue (Archived)

Photo: Ron Galella

Note From TF

Some Trump File posts are incomplete as the site is still young and Trump world moves fast. Please use the source links to read further if a topic interests you or if you doubt its authenticity. If a post does not have source links, it is an early draft and will be updated soon. I plan to go back and build on every post in the future.

If If there is content you'd like to add context to or something that should be corrected, please contact TF by clicking here or email us at trumpfile@protonmail.com. You can also find us on Twitter.

Support The Site:

Keep Reading

Recommended

Dates on Trump File reflect when something happens, not when it's first reported.

Donald Trump ends negotiations with Trump Taj Mahal bondholders to take on more of his debt so he can avoid bankruptcy. In a statement about ending the talks, Trump blames Wilbur Ross — his future Commerce secretary who’s currently representing the bondholders.

According to Trump, the bondholders want to work with him, but Ross is standing in the way.

“We saw no point in going forward,” Mr. Trump said in the statement. “Unfortunately, this case will be in court for many years to come. Numerous individual bondholders have called us wanting to deal directly with us, but we are unable to make a deal with Mr. Ross and his group.”

The New York Times – Nov. 14, 1990

Ross calls the announcement a publicity stunt and reiterates earlier statements that bondholders will benefit more financially from the Taj Mahal’s bankruptcy than from additional bonds. Bondholders hold a first mortgage on the casino and would likely take control of the business in bankruptcy court.

Trump has two days to make a $47.3 million interest payment on his Taj Mahal debt, then he has a 30-day grace period to avoid certain bankruptcy. His lawyers have already prepared bankruptcy papers, just in case.

The failed dealmaker reopens negotiations with Ross and his firm the next day, providing fuel to claims that today’s events are a publicity stunt.

External Sources

NYT – Bankruptcy Papers (Archived)

NYT- Trump Statement (Archived)

NYT – Negotiations Continue (Archived)

Photo: Ron Galella

NOTE FROM TF

Some files are incomplete as the site is still young and Trump world moves fast. Please use the source links to read further if a topic interests you or if you doubt its authenticity. I plan to go back and build on every file in the future.

If there is content you'd like to add context to or something that should be corrected, please contact us by clicking here or email us at trumpfile@protonmail.com

Support The Site:

Keep Reading

Recently Added & Updated

Keep Reading