Donald Trump’s character is larger than life (as evidenced by his recent campaign for presidency), but he also tends to conduct business largely on the down-low - sticking with tried and true tactics that have worked well for him in the past. We’ve previously discussed Trump’s strategy regarding Chapter 11 bankruptcy and business, and now he’s at it again proving that this strategy does work when executed properly.
Puerto Rico’s Trump International Golf Club
The latest property that Trump has filed bankruptcy for is a Trump International Golf Club in Puerto Rico. Filing for Chapter 11 gives Trump time to restructure the inner-workings of the golf club without closing the property completely. Prior to Trump’s purchasing the club, it was called the ‘Coco Beach Golf and Country Club,’ and previous owners had filed for bankruptcy once before.
Now that Trump has purchased the property and filed for Chapter 11, it is possible that the club will be revamped and cleaned up, though his intentions with the property have not yet been publicly announced. Assets listed in the bankruptcy filing were around $9.23 million and debts were listed around $78.07 million. Trump’s filing for bankruptcy for this business entity will give his company time to restructure and determine whether or not the property will be lucrative.
As we’ve talked about before on this blog, filing for Chapter 11 does not mean that Donald Trump himself has filed for bankruptcy. Trump’s personal wealth is secure. This is a common misconception, and it’s important that the two types of bankruptcy remain separate and clearly understood. As Trump himself puts it, “it’s just business.”
Can You Do The Same?
Donald Trump has a habit of purchasing struggling properties, filing for Chapter 11, and then either restructuring and keeping those companies or selling them for a profit. This is a strategy that has worked well for Trump while helping him gain personal wealth. But how easy is it for you to use the same business strategy?
What’s not indicated in the many business books and articles about Trump is that he works with a team of lawyers that are dedicated to understanding and working with bankruptcy law. He does not act on his own. While he might be the brains behind the operation, he does not file bankruptcy proceedings without the help of his lawyers.
This is an important distinction to make since attempting to file for Chapter 11 without the help of a qualified attorney can be disastrous. Can it work for you? Absolutely, but you will need the right legal team on your side. That’s where we come into play. We have extensive experience with all kinds of bankruptcy filings, and we’re happy to give you a free case evaluation today. You can reach us at (800) 391-4337 or schedule online.