A new, in-depth article by the Washington Post details Donald Trump's role in the bankruptcy filing of the Taj Majal casino in Atlantic City, New Jersey — but the Republican presidential hopeful never wanted the story to see the light of day.
In fact, in an interview with the Washington Post, Trump said he was willing to sue to keep the information out of national headlines.
This 2011 photo shows the exterior of the Trump Taj Mahal Casino Resort in Atlantic City, N.J. (AP Photo/Wayne Parry)
“I didn’t want to have any personal liability, so I used junk bonds. I accept the blame for that, but I would do it again," Trump said while explaining his company's decision to file for Chapter 11 bankruptcy protection nearly three decades ago. But at the same time, the billionaire businessman denied that the move reflected negatively on his personal wealth or success and instead claimed the deal was strictly business.
Then came the moment, according to the Post, when Trump stated just how far he'd be willing to go to keep the newspaper from publishing its story. “If you write this one, I’m suing you," Trump reportedly told the newspaper.
The article, which focuses on Trump's role in the Atlantic City project, stated that in 1987, four years before the bankruptcy filing, Trump testified under oath at a licensing hearing in front of the New Jersey Casino Control Commission, making the case for why he was the best person to finance the casino.
“It’s easier to finance if Donald Trump owns it,” he said, according the Post's report.
“With me, they [the banks] know there’s a certainty they would get their interest. I get it done, and everybody is happy and it turns out successfully," the real estate mogul added.
When asked if there was anything that could possibly go wrong with the project, Trump responded, hypothetically. “We can have a depression. The world could collapse. We could have World War III. I mean, a lot of things can go wrong," Trump said. But, he added, "I don’t think they will.”
The Taj Majal casino opened in Atlantic City opened three years later in 1990, but by 1991, it had already filed for bankruptcy.
As the Post reported, Trump was the sole owner of the casino at the time. He later sold off half his stake in three more casinos and some other assets, including a 282-foot yacht.
For months, Trump has made the case for why he believes he is uniquely positioned to turn the country around as the 45th president of the United States. The billionaire often cites his enormous wealth to appeal to likely voters.
“That is what I could do for the country,” Trump said at a Republican presidential debate in October. “We owe $19 trillion. Boy, am I good at solving debt problems. Nobody can solve it like me.”
According to a list of the world's richest individuals by Forbes, Trump's estimated net worth is around $4.5 billion, although the businessman himself claimed during his presidential candidacy announcement that he was worth up to $9 billion.
(H/T: Mediaite)
