Politics Trump, Self-Proclaimed Outsider, Was New Jersey Political Insider Pomerantz said investors lost big while Trump claimed the tax benefits for himself: 'By doing that kind of very risky business - by being a gambler, if you will - he took an inappropriate risk for other people's money.' He was personally on the hook for more than $800 million. His judgment was wrong.'Īt one point, Trump owed $3.4 billion. 'All the assets that he bought - the shuttle, his real estate - he believed he could make a lot of money on them,' said Alan Pomerantz, a lawyer who represented dozens of banks in negotiations with Trump in the early 1990s.

'I was able to use the tax laws of this country and my skills as a businessperson to dig out of the real estate depression when few others were able to do that,' Trump said.īut former employees and business associates say Trump himself was also to blame. But he blamed the recession of the early 1990s for his financial problems. The resort will have more than 650 guestrooms and suites a 75,000 square-foot conference and convention center two golf courses and a full-service spa.All the assets that he bought - the shuttle, his real estate - he believed he could make a lot of money on them.Īlan Pomerantz, lawyer who represented banks negotiating with Donald TrumpĪt a rally in Colorado on Monday, Trump did not dispute the broad strokes of the story. The $250 million, 80,000 square-foot nautical-themed casino development in French Lick is scheduled to open in late 2006. 'The complete restoration of the two historic hotels, the Donald Ross Golf Course combined with a state-of-the art gaming facility will make this the premier resort destination of the Midwest.'

'I look forward to the opportunity to join this exceptional project,' said Leininger, in a press release from Blue Sky, one of the partners developing the project. In addition to working for Trump, Leininger was vice president of finance for Harrah's Casino and Hotel in East Chicago and part of the team that opened Blue Chip Casino in Michigan City. A former general manager of the Trump Casino and Hotel in Gary, Ind., has been named general manager for the French Lick Springs Resort and Casino.Ĭhris Leininger's first day on his new job was Monday.

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