Bankruptcies #7 and #8 for Donald J. Trump
5 November 2023
Within the next few years, I predict that Donald J. Trump will file bankruptcy again, both personally and for his business.
To date, Trump has filed for bankruptcy six times:
Bankruptcy No. 1: The Trump Taj Mahal, 1991
Bankruptcy No. 2: Trump Castle, 1992
Bankruptcy No. 3: Trump Plaza and Casino, 1992
Bankruptcy No. 4: Plaza Hotel, 1992
Bankruptcy No. 5: Trump Hotels and Casinos Resorts, 2004
Bankruptcy No. 6: Trump Entertainment Resorts, 2009
I have no insider information, but believe Donald J. Trump is likely to file for bankruptcy again soon because:
He is a terrible businessman and his business skills appear to be getting worse.
It is becoming increasingly difficult for him to get additional financing from reputable sources.
His ongoing civil litigation is likely to require him to pay substantial damages.
1. Donald J. Trump is a terrible businessman and his business skills appear to be getting worse.
Trump has been called the worst businessman in America. He regularly fails to pay his bills and engages in excessive litigation, with over 4,000 lawsuits before he became President. He told over 30,000 lies or misleading claims as President. His recent social media posts are filled with anger, CAPITAL LETTERS and incoherent thoughts. His four pending criminal cases with 91 felony counts (classified documents case in Florida, election interference case in D.C., hush money case in New York and racketeering case in George) will further damage his “brand”, particularly if he is convicted.
2. Donald J. Trump is unable to get additional financial from reputable sources.
Trump is unable to get additional financing from major banks. Saudi Arabia may invest with him in the hope that he becomes President again, but probably not if he is convicted. Without additional financing, he will have trouble maintaining his declining business empire.
3. Donald J. Trump’s ongoing civil litigation is likely to require him to pay substantial damages.
Trump has a long list of lawsuits targeting him and his businesses (outside of his Presidential actions), with the most important cases listed below (contact me for errors or omissions).
New York civil fraud case: he has already been found guilty of fraud with possible damages of $250 million or more. The Judge has also threatened to dissolve his businesses in New York. The trial continues this week with Trump testifying on Monday.
Doe et al. v. Trump Corporation et al.: this case in the U.S. District Court for the Southern District of New York was filed in October 2018 by anonymous plaintiffs against the Trump Corporation, Donald Trump, Donald Jr., Eric and Ivanka, alleging racketeering and of fraudulently encouraging unsophisticated investors to give large amounts of money to organizations connected to the Trumps. The trial is scheduled for 29 January 2024; no damage amount has been specified.
Carroll v. Trump: defamation and battery litigation by E. Jean Carroll, who alleges that Trump sexually assaulted her in the mid-1990s and that his denials of her accusation harmed her professionally. There are two cases. The second case was tried first, and Trump was ordered to pay $5 million. The first case is scheduled for trial on 15 January 2024 and will focus primarily on additional damages Trump will owe Carroll.
In February 2021, U.S. Representative Bennie Thompson filed a lawsuit against Donald Trump, Rudy Giuliani, the Proud Boys and the Oath Keepers for conspiring to attack the Capitol, with unspecified damages. In February 2022, a federal judge ruled that the lawsuit could proceed. To my knowledge, no trial date has been set.
In March 2021, U.S. Representative Eric Swalwell filed a lawsuit in the US District Court for the District of Columbia against Donald Trump, Donald Trump Jr., Rudy Giuliani and U.S. Representative Mo Brooks for their actions on 6 January 2021, with unspecified damages. In February 2022, a federal judge ruled that the lawsuit could proceed. To my knowledge, no trial date has been set.
In March 2021, two Capitol Police officers filed a lawsuit against Donald Trump related to the 6 January 2021 insurrection, with unspecified damages. In February 2022, a federal judge ruled that the lawsuit could proceed (this decision also applied to the Swalwell case above). To my knowledge, no trial date has been set.
In January 2022, two additional Metropolitan and one Capitol Police officer filed separate suits against Trump in the US District Court for the District of Columbia, alleging wrongful conduct by Trump in inciting the 6 January 2021 insurrection, with unspecified damages. To my knowledge, no trial date has been set.
In November 2021, James Savage, a voting machine warehouse custodian in Delaware County, filed a defamation lawsuit against Donald Trump, Rudy Giuliani and Jenna Ellis, with unspecified damages. To my knowledge, no trial date has been set.
The civil cases could certainly do their fair share of damage as well, directly or indirectly. If Trump falters in one of his business-related suits, his companies may be subject to massive penalties, or worse. Even apart from such sanctions, his empire is reportedly struggling under looming debt obligations and reduced revenues, a slump that could worsen if his reputation continues to deteriorate. Just Security.
As an attorney (now retired) for 20 years and a business owner for 45 years, I believe it is dangerous financially to enter into a business relationship in any manner with Donald Trump or his businesses, due to possible bankruptcy, failure to make payments, frivolous litigation or other bad outcomes.
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