10-06-2017, 09:55 PM
...into bankruptcy?
As the snopes link discusses, this club was troubled from its start in 2004, despite the PR government pouring money into it in an effort to jumpstart tourism. But the club was still losing money. So in 2008, someone presumably said, Hey, Trump does golf club management- he's got a big name, he's on TV, and is super successful (well, at least he says he is). Let's let him manage it.
And so the Coco Beach Golf & Country Club, which had been losing 5 million dollars a year, became the Trump International Golf Club Puerto Rico...and began losing 6.3 million dollars a year. Three years of Trump management later, it declared bankruptcy, with $78 mil in debt and only $9 mil in assets, leaving Puerto Rican taxpayers on the hook for $33 mil.
Don't feel too sorry for the Donald, tho. Not only did he not lose money (since he never put any in), his company pocketed over $600,000 for it's excellent management.
Now, THAT'S an artful deal!
As the snopes link discusses, this club was troubled from its start in 2004, despite the PR government pouring money into it in an effort to jumpstart tourism. But the club was still losing money. So in 2008, someone presumably said, Hey, Trump does golf club management- he's got a big name, he's on TV, and is super successful (well, at least he says he is). Let's let him manage it.
And so the Coco Beach Golf & Country Club, which had been losing 5 million dollars a year, became the Trump International Golf Club Puerto Rico...and began losing 6.3 million dollars a year. Three years of Trump management later, it declared bankruptcy, with $78 mil in debt and only $9 mil in assets, leaving Puerto Rican taxpayers on the hook for $33 mil.
Don't feel too sorry for the Donald, tho. Not only did he not lose money (since he never put any in), his company pocketed over $600,000 for it's excellent management.
Now, THAT'S an artful deal!
