Bob Chapman has served excerpts from
THE INTERNATIONAL FORECASTER 17, November 2001 (#3)
at
The Toulouse-Lautrec Table

"On November 1, Donald Trump missed a $73 million interest payment on Trump Atlantic City's $1.3 billion of first
mortgage notes, even though he had enough cash on hand
to pay it. Here comes the reason. Mr. Trump thinks he
is similar to Argentina and wants the same treatment
that is being requested by that nation and that is he
wants bond holders to reduce the debt's coupon, which
is 11.25%, push the maturity beyond 2006 and reduce the
amount of debt outstanding. On the face of the demands
it sounds like Trump Atlantic City is close to bankruptcy.
Trump personally doesn't have a stake. The bondholders
own the company. Business is off due to 9/11/01 and
because New York State has allowed casinos to operate in
the state for the first time, it means in 3-5 years
from now Atlantic City is history. Mr. Trump wants what
cash is left to develop casinos in New York. This is now
a game of chicken. Trump has until 12/1/01 to pay up
otherwise it could be Chapter 11."

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