From Bankruptcy To Presidency

Before Pres. Trump became president, he filed for business bankruptcy four times: the Trump Taj Mahal in 1991, Trump Plaza Hotel in 1992, Trump Hotels and Casinos Resorts in 2004 and Trump Entertainment Resorts in 2009 [1].  Also, Trump settled all three fraud lawsuits relating to Trump University in November 2016 for a total of $25 million after being elected president [2].

Despite the bankruptcy and lawsuits, Trump became president and still have the courage to run for the November 3, 2020 election.  Trump was not the only President who filed bankruptcy, Abraham Lincoln, Thomas Jefferson, William McKinley and Ulysses S. Grant also filed for bankruptcy.  William McKinley declared bankruptcy while serving as the Governor of Ohio. Less than three years later, he was elected President of the United States [3].

For entrepreneurs who are losing hope due to the pandemic crisis, especially to my friends who are struggling to save their companies and their employees, remember that Pres. Trump became president despite all the challenges, bankruptcies and lawsuits.

It is not the end of the world.  As long as you can wake up and breathe there is hope. There is always a solution.

 

REFERENCES:

  1. “Examining Donald Trump’s Chapter 11 Bankruptcies”.  American Bankruptcy Institute.  https://www.abi.org/feed-item/examining-donald-trump%E2%80%99s-chapter-11-bankruptcies
  2. Carroll, Rory.  “Donald Trump settles fraud lawsuits relating to Trump University for $25m”.  The Guardian.  November 18, 2016.  https://web.archive.org/web/20180531004725/https://www.theguardian.com/us-news/2016/nov/18/donald-trump-university-settles-president-lawsuit-25-million
  3. Mack, Adam.  “US Presidents Who Filed Bankruptcy – Part I”.  Mack & Associates.  https://www.kansasjustice.com/bankruptcy/blog/us-presidents-filed-bankruptcy

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