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Making the Right Call

Written by: Donald J. Trump

Article Overview: I was on Neal Cavuto’s show yesterday and we were discussing economic conditions and Atlantic City. I stepped down as chairman of the Trump Entertainment Resorts after my offer to buy the company was turned down by the bondholders. I was hoping that I might be able to reverse its fortunes.

Making the Right Call

I was on Neal Cavuto’s show yesterday and we were discussing economic conditions and Atlantic City. I stepped down as chairman of the Trump Entertainment Resorts after my offer to buy the company was turned down by the bondholders. I was hoping that I might be able to reverse its fortunes.

My holdings there represent substantially less than 1% of my net worth, and I am not involved in management. It has been tough going for awhile and brings to light the timing that is necessary in business to make the right decisions at the right time. These are very tough times in Atlantic City, and elsewhere. Almost every company is in serious financial trouble.

Fortunately, the Trump Organization continues to move forward. I recently bought an 800 acre parcel of land and golf club near Washington D.C. that fronts the Potomac River for three miles. I paid a lot for it, and it was worth it. Trump National Golf Club, Washington D.C. will be a destination point for high profile events, and the proximity to our country’s capitol was an important consideration for me.

Like most people, I am concerned about what is going on with the economy in this country. Neal asked me about Obama’s stimulus plan, and I said that something had to be done, but that there are no guarantees. We are in unmapped territory these days. We haven’t encountered this kind of situation before, and it is complex. We can only hope for the best.

Back to Atlantic City. More money will now be spent paying lawyers and consultants far more than would have been necessary, and I will be watching. At some point I may return, but until then, I’d prefer if my name was taken off the hotels.

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Article Tags: acre parcel, atlantic city, bondholders, calli, countrys, destination point, economic conditions, financial trouble, fortunes, national golf club, net worth, parcel of land, potomac river, profile events, right time, stimulus plan, tough times, trump national golf, trump national golf club, trump organization



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