You don't really think Donald Trump would be treated the same as an individual homeowner, do you? Of course not. While people at the low end of the real estate market continue to be scape-goated by the Republicans for the Wall Street implosion, Wall Street and big gamblers like Trump continue to game the system and get away with risky schemes. Instead of risking a few hundred thousand dollars, the serious players are working with billions, so the rules are different. The bigger the gamble, the more more leeway and forgiveness that's offered. Heck, they probably will give Trump a bonus check just for the stress of such a screw up.
Facing tough competition and sliding revenue amid the economic meltdown, Trump Entertainment Resorts will have to skip a $53.1 million interest payment scheduled for Monday on its 8.5% senior secured notes due 2015 in order to maintain sufficient liquidity.To be fair, casinos are not known for generating much revenue, so this could have happened to anyone.
The Atlantic City, N.J., casino operator, with about $1.25 billion worth of the notes outstanding, said late Friday that it has a 30-day grace period to pay up and will meanwhile seek talks with its lenders to revamp its capital structure and improve its liquidity.
