*Real estate developer Donald Trump, who owned two Atlantic City casinos, beat out several other bidders to purchase a controlling stake in the company from Crosby's family for $79 million in July 1987.[26]*
Sigh ... let me correct you again. Donald did not purchase a majority stake in Resorts International from Merv Griffin. James Crosby, of the Mary Carter Paint Company of New Jersey owned Resorts International. The paint business was failing so they diversified and acquired 1,200 acres of land near Freeport, Bahamas in 1962, followed by a 75 percent interest in Paradise Island in 1966. The company built a bridge to the island and developed it with hotels and restaurants, and opened the Paradise Island Casino there in 1967. In 1968, Mary Carter sold its paint division and changed its name to Resorts International. In 1986 Crosby died. Trump beat out several other bidders for just a controlling stake for $79 million. Trump drove the company to near bankruptcy, and he offered $22 dollars a share for the remaining stock in the company to try and salvage it.
Merv Griffin came along and offered $35 a share. Trump and Griffin actually sued each other, and eventually came to an amicable agreement where Griffin got Resorts International including the Bahamas and Trump bought the Atlantic City Taj Mahal for $270 from Resorts International. Trump went on to raise $500 million to finish the casino and bankrupted it and sold it to Carl Icahn who was forced to close it.
Griffin continued to own Resorts International when he started defaulting on the junk bonds that he issued to finance it. He put up PI for sale with no takers. In 1994 Griffin underwent bankruptcy again and Sol Kerzner bought the Paradise Island property.
At the time Trump owned controlling interest in Resorts International, the PI property was never valued at anything more than $25 million. Trump's focus was Atlantic City, and that is why Merv ended up with Paradise Island. Both Merv and Trump were financed by shyster Mike Milliken's junk bonds from Drexel Burnham Lambert which disastrously flamed out for both Trump and Griffin causing bankruptcy. Milliken went to jail.
Donald thought that PI was not worth his while. He did not buy anything from Merv Griffin.
Yes, chairs are holding up the opening. Nothing more, just chairs. Can't open the hotel because dey won't ship the chairs. You can't open without a thousand chairs. Heavens. That will make 4 missed openings. But it won't be the end. They will miss the fifth opening due to the fact that they can't get paper clips. Dammit, who knew it would this hard to open a hotel complex. The fooking chairs !!
Let me paint a scenario for you. Suppose you built the building to be sold as a shell for "foreign hedge". Suppose the building was built solely as land and building on commercially zoned land. Suppose that you knew certain foreign buyers, from say an Asian country with a large population and an autocratic government who one day decides that you business empire is getting too big for its britches. It would behoove you to have some capital parked in a far off place, even though you paid x for it and have to sell if for 0.5x. Doesn't matter, you have safe money and a safe landing. So, you engineer large empty buildings to be sold to foreign investors. That way the hard currency doesn't even enter the country.
Sigh ... all PLP's are fungible. The characteristic that makes them fungible is their love of living in virtual and real excrement with no moral compass.
The theater could fizzle right at opening. IMAX shares are at a 5 year low. The parent corporation has negative earnings estimate revisions. Share price has dropped over 7% this month alone. There are not enough IMAX film offerings to keep people coming back. There is theater fatigue in the market place and it doesn't bode well.
The rest of this post is just an exercise in speculative financial engineering.
Now, if you did this project to ... ummm ... "wash some capital holdings" and say, .... as an example .... convert a non-convertible currency to something of value that can be sold for hard-currency, then it makes a lot sense, even though you know that it is going to fail.
One of my foreign colleagues tells of going into a pizza place in a manufacturing city in his country. This pizza joint had 3 or 4 stores in the city. One day, as he walked in, there were a bunch of louts drinking beer. One of the guys growled "We're closed" even though there were a bunch of guys there. Almost every time that he drove by one of their locations, there were no pizzas coming out the door. It was a business meant to fail, for a very specific reason.
Not to worry. Christie just confirmed what a number of us said, including myself, on the convention piece here a little while ago -- ie he had a TIA or mini stroke. Christie already had a major one of those -- hence the damaged headvalves. There is a tickling time bomb in his head, and one day she gern blow !!
banker says...
Please read the following link and stand corrected:
https://en.wikipedia.org/wiki/Resorts_I…
*Real estate developer Donald Trump, who owned two Atlantic City casinos, beat out several other bidders to purchase a controlling stake in the company from Crosby's family for $79 million in July 1987.[26]*
On CCA fearing Baha Mar completion miss
Posted 3 July 2017, 9:03 p.m. Suggest removal
banker says...
Sigh ... let me correct you again. Donald did not purchase a majority stake in Resorts International from Merv Griffin. James Crosby, of the Mary Carter Paint Company of New Jersey owned Resorts International. The paint business was failing so they diversified and acquired 1,200 acres of land near Freeport, Bahamas in 1962, followed by a 75 percent interest in Paradise Island in 1966. The company built a bridge to the island and developed it with hotels and restaurants, and opened the Paradise Island Casino there in 1967. In 1968, Mary Carter sold its paint division and changed its name to Resorts International. In 1986 Crosby died. Trump beat out several other bidders for just a controlling stake for $79 million. Trump drove the company to near bankruptcy, and he offered $22 dollars a share for the remaining stock in the company to try and salvage it.
Merv Griffin came along and offered $35 a share. Trump and Griffin actually sued each other, and eventually came to an amicable agreement where Griffin got Resorts International including the Bahamas and Trump bought the Atlantic City Taj Mahal for $270 from Resorts International. Trump went on to raise $500 million to finish the casino and bankrupted it and sold it to Carl Icahn who was forced to close it.
Griffin continued to own Resorts International when he started defaulting on the junk bonds that he issued to finance it. He put up PI for sale with no takers. In 1994 Griffin underwent bankruptcy again and Sol Kerzner bought the Paradise Island property.
At the time Trump owned controlling interest in Resorts International, the PI property was never valued at anything more than $25 million. Trump's focus was Atlantic City, and that is why Merv ended up with Paradise Island. Both Merv and Trump were financed by shyster Mike Milliken's junk bonds from Drexel Burnham Lambert which disastrously flamed out for both Trump and Griffin causing bankruptcy. Milliken went to jail.
Donald thought that PI was not worth his while. He did not buy anything from Merv Griffin.
On CCA fearing Baha Mar completion miss
Posted 3 July 2017, 7:48 p.m. Suggest removal
banker says...
Yes, chairs are holding up the opening. Nothing more, just chairs. Can't open the hotel because dey won't ship the chairs. You can't open without a thousand chairs. Heavens. That will make 4 missed openings. But it won't be the end. They will miss the fifth opening due to the fact that they can't get paper clips. Dammit, who knew it would this hard to open a hotel complex. The fooking chairs !!
On CCA fearing Baha Mar completion miss
Posted 3 July 2017, 1:17 p.m. Suggest removal
banker says...
Let me paint a scenario for you. Suppose you built the building to be sold as a shell for "foreign hedge". Suppose the building was built solely as land and building on commercially zoned land. Suppose that you knew certain foreign buyers, from say an Asian country with a large population and an autocratic government who one day decides that you business empire is getting too big for its britches. It would behoove you to have some capital parked in a far off place, even though you paid x for it and have to sell if for 0.5x. Doesn't matter, you have safe money and a safe landing. So, you engineer large empty buildings to be sold to foreign investors. That way the hard currency doesn't even enter the country.
On $42m IMAX developer eyes 800k client base
Posted 3 July 2017, 11:36 a.m. Suggest removal
banker says...
Sigh ... all PLP's are fungible. The characteristic that makes them fungible is their love of living in virtual and real excrement with no moral compass.
On Govt 'working assiduously' to complete anti-corruption legislation
Posted 1 July 2017, 7:50 p.m. Suggest removal
banker says...
The PLP have a built-in excuse now. It was all BJ's fault.
On Fyre Festival promoter arrested on wire fraud charge
Posted 1 July 2017, 7:48 p.m. Suggest removal
banker says...
The theater could fizzle right at opening. IMAX shares are at a 5 year low. The parent corporation has negative earnings estimate revisions. Share price has dropped over 7% this month alone. There are not enough IMAX film offerings to keep people coming back. There is theater fatigue in the market place and it doesn't bode well.
The rest of this post is just an exercise in speculative financial engineering.
Now, if you did this project to ... ummm ... "wash some capital holdings" and say, .... as an example .... convert a non-convertible currency to something of value that can be sold for hard-currency, then it makes a lot sense, even though you know that it is going to fail.
One of my foreign colleagues tells of going into a pizza place in a manufacturing city in his country. This pizza joint had 3 or 4 stores in the city. One day, as he walked in, there were a bunch of louts drinking beer. One of the guys growled "We're closed" even though there were a bunch of guys there. Almost every time that he drove by one of their locations, there were no pizzas coming out the door. It was a business meant to fail, for a very specific reason.
On $42m IMAX developer eyes 800k client base
Posted 1 July 2017, 10:28 a.m. Suggest removal
banker says...
Look in the mirror. Also see in the same image: evil, prevaricator, mentally challenged, and non-patriotic.
On Christie denies claims on spending
Posted 1 July 2017, 10:12 a.m. Suggest removal
banker says...
Not to worry. Christie just confirmed what a number of us said, including myself, on the convention piece here a little while ago -- ie he had a TIA or mini stroke. Christie already had a major one of those -- hence the damaged headvalves. There is a tickling time bomb in his head, and one day she gern blow !!
On Former PM tells of last talk with Nottage
Posted 30 June 2017, 2:09 p.m. Suggest removal
banker says...
Christie is a lawyer. Law firms include: Christie & Davis; Ingraham, Christie & Davis; Ingraham & Christie.
On Former PM tells of last talk with Nottage
Posted 30 June 2017, 2:06 p.m. Suggest removal