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Seems that "the Donald" lately is hearing the words, "You're fired." Not exactly like that, but he did resign from the board of Trump Entertainment Resorts last week. Mr Trump owns 28 percent of that company which has just filed for Chapter 11 bankruptcy. Donald had tried to convince the rest of the board that he wanted to take Trump Entertainment private, but failed to convince them. The filing came as the group missed its last deadline on a $53m interest payment. This is not the first time the group has filed for Chapter 11: four years ago, an earlier incarnation of Trump Entertainment also sought bankruptcy protection from its creditors. The filing reveals that the company has assets of $2bn and total debts of $1.7bn. Its biggest creditor is US Bank, which is acting as agent for the bondholders in the group. The group of bondholders could not be reached for comment but they are owed $1.3bn, according to the filing.
Trump Tower
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