The challenges of being $421 million in debt
Saturday, 17 October 2020, 06:39:37
By Russ Buettner and Susanne CraigPresident Donald Trump painted a rosy picture of his financial condition during a televised town hall Thursday night, calling his hundreds of millions of dollars in debt coming due “a peanut” and saying he had borrowed it as a favor to lenders eager to take advantage of his financial strength.In fact, the loans, and the unusual requirement he had to accept to receive them, illustrate the financial challenges he faces and the long-standing reluctance of banks to deal with him.Trump had to personally guarantee $421 million in debt, a rare step that lenders only require of businesses that may not be able to repay. The commitment puts his assets on the line and could place his lenders, should he be reelected, in the position of deciding whether to foreclose on a sitting president.The personal guarantee also speaks to why, despite Trump’s assertion that banks are eager to lend him money, nearly all the money he borrowed in the last decade came from only two institutions.“When a bank asks for a personal guarantee, it is because the bank isn’t satisfied with the creditworthiness of the borrower,” said Richard Scott Carnell, who served as assistant secretary for financial institutions at the Treasury Department under President Bill Clinton and now teaches law at Fordham University. “If the captain gives a personal guarantee for the ship, he will be less likely to sink it.”Trump was asked about the debt in response to an investigation by The New York Times published last month based on a review of more than two decades of his tax-return data.
— Economic Times India
Vornado Completes $500 Million Refinancing of PENN11
Friday, 16 October 2020, 22:28:28
NEW YORK, Oct. 16, 2020 (GLOBE NEWSWIRE) — VORNADO REALTY TRUST (NYSE: VNO) announced today that it has completed a $500 million refinancing of PENN11,…
Global Private Wireless Networks Markets, 2020-2025: Evaluate 5G NR and the Market Outlook for MNO and VNO to Offer Private IoT Networks
Monday, 12 October 2020, 14:00:00
DUBLIN, Oct. 12, 2020 /PRNewswire/ — The “Private Wireless Networks by LTE, 5G, and Edge Computing in Enterprise, Industrial, and Government Solutions 2020 – 2025” report has been added to ResearchAndMarkets.com’s offering. This research evaluates 5G NR and the market outlook for MNO and…
— PR Newswire
New York City real-estate moguls who are pals with Trump are steering clear of reelection donations during a tight race
Friday, 4 September 2020, 14:00:00
Summary List Placement Few of President Donald Trump’s highly placed friends in the New York City real-estate industry are lavishing donations on his reelection campaign as it enters the final key months. Major supporters of President Trump, such as Steve Roth, the chief executive of Vornado Realty Trust, one of the city’s largest commercial landlords, haven’t given to the president in 2020, even as he trails Democratic challenger Joe Biden in the polls . Big-ticket donors have generally been reluctant to give to the president in recent months . Landlords in the city may be particularly reticent to donate out of fear of stirring controversy in the fragile business environment brought on by the pandemic, people familiar with their thinking told Business Insider . The Trump campaign did not immediately respond to a request for comment. Last summer, Stephen Ross, the billionaire New York City based real-estate developer and owner of the Miami Dolphins, drew withering criticism after he hosted a fundraiser for Trump at his Hamptons mansion.
— Business Insider
Inside the wild and tumultuous history of Toys R Us — a once beloved children’s brand in the middle of a comeback
Tuesday, 25 August 2020, 21:23:43
Toys R Us is still working toward a comeback after it was purchased by Tru Kids Brands in 2019, two years after the retailer filed for bankruptcy and permanently closed all of its stores. Efforts under Tru Kids Brands — including holiday pop-up shops and a relaunched website supported by Amazon — haven’t quite managed to embody the spirit of the iconic decades-old brand. We took a closer look at the tumultuous history of the company, from its swift rise and eventual downfall to its recent resurgence. Visit Business Insider’s homepage for more stories . Toys R Us has been trying to make a comeback for the past year. The beloved toy store seemingly rose from the dead in 2019 after it was purchased by Tru Kids Brands , which has since opened holiday pop-up shops and relaunched a website in the toy retailer’s name. The revitalization efforts came after Toys R Us filed for chapter 11 bankruptcy in 2017 and — after failing to find a buyer to help refinance the company’s mounting debt — ultimately shuttered and liquidated all 700-plus stores in an emotional farewell.
— Business Insider
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