The Donald Gets Trumped

The Donald's former flagship gambling concern, Trump Entertainment Resorts Inc, will be delisted from the Nasdaq after the company's Chapter 11 bankruptcy filing this week. Yesterday the stock was down to 10 cents. Meanwhile following the bankruptcy, The Donald, who is the largest individual shareholder, with a 28 percent stake in Trump Entertainment, relinquished a large chunk of stock. Trump has disclosed in a securities filing on Wednesday that he had "abandoned" nearly 9.4 million shares. He has failed to explain why. The Trumpster still owns about 1.2 million shares of common stock.

What does all this mean in corporate terms and how does it affect the building of 'the world's greatest golf course'. Well back in November 2006 the Trump Resort shares were trading at over $23, making that the value of the Donald's shares that he has 'relinquished' worth over $223 million. The shares that he still owns were worth close to $29 million in November 2006; those same shares are now worth $120,000

No doubt this will in no way affect the Menie project. Meanwhile another of the Donald's project has suffered a blow. The $400 million Trump International Hotel & Tower in New Orleans (a Trump project that doesn't cost a billion? Surely some mistake - Ed) is on hold until the markets recover from the recession.

On a happier note the Donald has just had a grandson. . .his name? Donald Trump III. No pressure at all then.