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Michael Hiltzik: A lengthy list of Trump's disastrous business deals -- compiled by his newest business partners

Michael Hiltzik, Los Angeles Times on

Published in Political News

Donald Trump's business history has been so filled with disastrous ventures that it's been hard to keep track of them all.

No longer. Digital World Acquisition Corp., which is the special purpose acquisition company, or SPAC, taking Trump's "Truth Social" media platform public, has conveniently listed them in a document it is required to file publicly before selling stock. DWAC is aiming to raise at least $875 million.

Some followers of Trumpworld may find that the S-4 registration statement filed Monday in anticipation of the Trump-SPAC merger makes hilarious reading. It's certainly thorough, though there's always the chance that a business failure here or there escaped its drafters' notice.

The litany appears in a section of the S-4 headed "Risk Factors," specifically "Risks Related to our Chairman President Donald J. Trump."

Because the success of the merged company depends in part on "the reputation and popularity of its Chairman, President Donald J. Trump," his background is obviously pertinent.

The document also lists other more typical risks, including regulatory and competitive issues and "fires, floods, earthquakes, power losses, telecommunications failures, break-ins, and similar events," but never mind them now.

 

Let's delve instead into the Trump-related risks.

"A number of companies that were associated with President Trump have filed for bankruptcy," the document states. "There can be no assurances that TMTG [that is, Trump Media & Technology Group] will not also become bankrupt."

Let's start with Trump's casinos in Atlantic City:

"The Trump Taj Mahal, which was built and owned by President Trump, filed for Chapter 11 bankruptcy in 1991. The Trump Plaza, the Trump Castle, and the Plaza Hotel, all owned by President Trump at the time, filed for Chapter 11 bankruptcy in 1992. THCR, which was 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 its 2004 bankruptcy, declared bankruptcy in 2009."

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