How Trump saved his financial empire - From the Wall Street Journal
"He (Trump) also squeezed money out of his casino empire and shifted it to struggling properties. He ran all three of his casinos through bankruptcy court.
He continued drawing cash even then. In 1992, when Trump Castle casino was in chapter 11, it paid Mr. Trump $1.5 million for guiding it through the process. In all, he took more than $160 million out of Atlantic City between 1990 and 1996 through fees and other payouts, according to a Wall Street Journal review of a wide array of documents from New Jersey gambling regulators and the Securities and Exchange Commission.
“For many years I took money out of Atlantic City,” Mr. Trump said in an interview. “The money I made in Atlantic City fueled a lot of projects.”
Those who entrusted him with their funds or labor, including employees, vendors and bond and stockholders, often fared less well. Taj Mahal contractors were told to take less than they were owed. Workers lost their jobs.
Between 1990 and 1996, Mr. Trump persuaded creditors to revamp his original restructuring agreement again and again. According to a person familiar with his dealings, he intentionally made them as complicated as possible to keep others from fully understanding what he was doing.
His struggle involved fights and litigation. He sued partners and verbally attacked people who crossed him, including securities analysts, costing one his job. Colleagues, friends and business partners interviewed described a man whose combativeness could verge on the vindictive. In a GOP debate, when candidates were asked about their weaknesses, Mr. Trump said, “I never forgive.”
Mr. Trump says his tough tactics have always been justified by disloyalty or provocation. “What am I supposed to do, roll over?” he asks. “The harder I’ve fought, the more money I’ve made.”
wsj.com
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