Column: A lengthy list of Trump's disastrous business deals — compiled by his newest business partners
Donald Trump, business genius? (Associated Press)
Donald Trump's business history has been so full of disastrous ventures that it has been difficult to keep track of them all.
No longer. Digital World Acquisition Corp., the special-purpose acquisition company, or SPAC, that makes Trump's "Truth Social" media platform public, conveniently listed them in a document that must be publicly filed before any stock can be sold. DWAC aims to raise at least $875 million.
Some Trumpworld supporters may find the S-4 registration statement, filed Monday in anticipation of the Trump-SPAC merger, to be hilarious reading. It is certainly thorough, although it is always possible that a business failure here or there escaped the notice of its draftsmen.
President Trump is involved in numerous lawsuits and other matters that could damage his reputation, distract him from business, or force him to resign from TMTG's board of directors.
Digital World Acquisition Corp. Form 2-4
The litany appears in a section of the S-4 headed "Risk Factors," specifically "Risks Associated with Our Chairman, President Donald J. Trump."
Since the combined company's success depends in part on "the reputation and popularity of its chairman, President Donald J. Trump," his background is obviously relevant.
The document also lists other more typical risks, including regulatory and antitrust issues and "fires, floods, earthquakes, power outages, telecommunications outages, burglaries and similar events," but don't worry about that now.
Instead, let's look at the risks associated with Trump.
"A number of companies associated with President Trump have filed for bankruptcy," the document said. "There is no guarantee that TMTG [i.e. Trump Media & Technology Group] will not also go bankrupt."
Let's start with Trump's casinos in Atlantic City:
“The Trump Taj Mahal, built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991. The Trump Plaza, Trump Castle, and Plaza Hotel, then all owned by President Trump, filed for Chapter 11 bankruptcy in 1992. THCR, founded by President Trump in 1995, filed for Chapter 11 bankruptcy in 2004. Trump Entertainment Resorts, Inc., the new name given to Trump Hotels & Casino Resorts after it filed for bankruptcy in 2004, declared bankruptcy in 2009.”
Then there is the list of “companies that had licensing agreements with President Trump [that] failed”:
“Trump Shuttle, Inc., founded by President Trump in 1989, defaulted on its loans in 1990 and ceased to exist in 1992. Trump Vodka, a brand of vodka manufactured by Drinks Americas under license from the Trump Organization, was launched in 2005 and discontinued in 2011.”
Also, “Trump Mortgage, LLC, a financial services company founded by President Trump in 2006, ceased operations in 2007. GoTrump.com, a travel website founded by President Trump in 2006, ceased operations in 2007. Trump Steaks, a brand of steak and other meats founded by President Trump in 2007, stopped selling two months after its launch."
The story goes on
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