So today I ran a quick search of Bankruptcies with Trump names in it and I hit a Delaware case where both Ivanka and Donald were listed as Creditors. As I poked around I saw the case has something to do with Carl Icahn. Remember the Trump administration early shake down from Icahn? I think he was involved in a drive by insider trading scandal and was gone in day. Anyway, I also found this old mortgage file. I didn’t know where the collateral was. So I used Google Earth to walk this description.
767 Fifth 1
That’s it in the middle. The GM building. FAO Schwarz used to be there.
That’s looking north on Fifth with the Plaza on the left and 767 Fifth on the right. Why did I look at that mortgage? I don’t know. But I may have been doing what I do for a living: Hunt hidden assets in Bankruptcy cases.
Here is a LINK to the $200 million Lehman Second Mortgage that evidences the Lehman First was also $500 million.
This property appears to have been acquired after the Atlantic City-based Trump failure that lead to a pare of separate bankruptcies, one for the Trump Taj Mahal in 1991 and two for the Trump Plaza in 1992. These cases eventually led to the reorganized Trump Hotels & Casino Resorts in 1995. And I guess he apparently acquired the GM property three years later.
Trump then went through several debt restructuring efforts including private placements in an attempt to refinance a total $1.9 billion owed and in 2004 Trump filed his third Bankruptcy.
When Trump’s fourth trip to Bankruptcy court came it was after the great recession in 2009. Carl Icahn led the lender group that took over Trump’s operations in a failed effort to save it. The fifth bankruptcy came in 2014.
There is a special type of Racketing scam known as a credit bust out. The more I look at Trump’s finances and history it appears he may have devised a hybrid. Sort of a Ponzi/Bustout scheme that is evidenced by serial bankruptcies and complicit lenders. I wonder how the $700 million worked out for Lehman? We know how they ended.
And, I still can’t remember why I cared enough to look at this in May 2016. Guess I’ll have to keep looking.
But I remain almost certain, that Trump is broke. He is living off of money he begs from Putin that he gets for selling the US secrets to the Russians to save his sorry hide. And the key to stopping him may come from the mother of all Bankruptcies. Where we bring Trump and all his Russia and Saudi conspirators down in one giant world war sized Bankruptcy case.