Wednesday, May 17, 2017

Trump Entertainment Resorts, Inc. Filed 10-K Annual Reports With the SEC For the 17 Years From 1995 Through 2011 ...................................................................................... There Were Net Losses in All 17 Years of 10-K SEC Filings: I've Never Seen That Before .................................................................................... The Total Net Losses For All 17 Years Were $1.854 Bil

All I can say is Whoa!  Let me explain, there's an awful lot of salient information here.

Trump Entertainment Resorts Wikipedia in the below link provides an excellent historical overview of Trump Entertainment Resorts, Inc and its related companies:

Now let me quantify some amounts on just how significant these financial activities of Trump Entertainment Resorts were.  To get to these Trump Entertainment 10-K Annual Reports you go first to the Company Search.  Below here is the link:

Once there, in the Company Name box you insert Trump Entertainment Resorts and click on Search.

Or below here's the direct link:

In its March 2, 2012 SEC 10-K Filing Under Item 6, here is how Trump Entertainment Resorts, Inc (TER) reported its Most Recent Five Years Selected Financial Data Related to Key Income Statement Items for each of the Five Years 2007 to 2011:





Continuing Net Net

Operations Income Income

Before Net (Loss) (Loss)

Reorganization Reorganization From From Net

Net Gain Gain Continuing Discontinued Income

Revenues (Loss) (Loss) Operations Operations (Loss)

 $ 000s  $ 000s  $ 000s  $ 000s  $ 000s  $ 000s


Year Dec 31 2011      473,351               (7,083)
        (7,083)             916         (6,167)
7-16-10 to 12-31-10      256,371             (17,812)
      (17,812)         (8,436)       (26,248)
1-1-10 to 7-15-10      314,070             (41,012)          729,049      688,037          2,502      690,539
= Year Dec 31 2010      570,441             (58,824)          729,049      670,225         (5,934)      664,291
Year Dec 31 2009      636,362           (469,064)          (37,518)     (506,582)     (193,246)     (699,828)
Year Dec 31 2008      713,483           (228,993)            (1,443)     (230,436)       (60,745)     (291,181)
Year Dec 31 2007      757,231           (108,903)               (910)     (109,813)     (139,119)     (248,932)

Total all Five Years   3,150,868           (872,867)          689,178     (183,689)     (398,128)     (581,817)

Yeah, just disastrous financial results, with Annual Net Revenues dropping markedly in each year and 2011 Net Revenues of $473 Mil being 37% below that of $757 Mil four years earlier in 2007.

For all five years 2007 to 2011 combined, Total Bottom Line Net Losses were $582 Mil, but actually much worse since there were Total Net Reorganization Gains of $689 Mil predominately due to the Chapter 11 bankruptcy filing in 2010 which were included in these reported Bottom Line Net Losses.

At December 31, 2009, TER had a Negative Stockholders Equity, or in other words a Deficit, of a huge $682 Mil. It had Total Assets then of $1,397 Mil and Total Debt then of a much higher $1,740 Mil.

Predominately as a result of filing for bankruptcy in 2010, its Total Debt was dramatically slashed by $1,389 Mil, or by 80%, from $1,740 Mil at December 31, 2009 to only $351 Mil at December 31, 2010.

To be more precise, there is an Audited Fresh-Start Reporting Footnote as part of TER's audited financial statements.  It shows that as a result of TER's Bankruptcy filing in 2010 that its Total Stockholders' Equity was increased by a massive $1.626 Bil, most of which also was included in Net Reorganization Gain, predominately related to the elimination of a substantial portion of its debt.  In addition there were Fresh-Start Asset Reductions, mostly related to TER's Property being reduced by $640 Mil, which reduced Total Stockholders Equity as well as reducing the Net Reorganization Gain.

But there's more to this story.

For all 17 Years (1995 Through 2011) it filed its 10-K Annual Report with the US SEC, TER and its predecessor company Trump Hotels and Casino Resorts Inc. generated Annual Net Losses From Continuing Operations Excluding Net Reorganization Income or Losses resulting from Bankruptcy Filings and the related Fresh-Start Accounting.

The chart below show these Annual Net Losses for each of these 17 years, which totalled a massive $1.854 Bil:












 $ 000s

Year Dec 31 2011                        (7,083)
Year Dec 31 2010                      (58,824)
Year Dec 31 2009                    (469,064)
Year Dec 31 2008                    (228,993)
Year Dec 31 2007                    (108,903)
Year Dec 31 2006                      (24,686)
Year Dec 31 2005                    (100,170)
Year Dec 31 2004                    (167,627)
Year Dec 31 2003                    (108,009)
Year Dec 31 2002                      (40,629)
Year Dec 31 2001                      (53,366)
Year Dec 31 2000                      (58,824)
Year Dec 31 1999                    (205,293)
Year Dec 31 1998                      (62,596)
Year Dec 31 1997                      (66,314)
Year Dec 31 1996                      (91,699)
6-12-95 to 12-31-95                        (1,921)

Total all 17 Years                 (1,854,001)

Altogether, these Trump Atlantic City Companies were granted Debt Forgiveness of more than $2 Bil when filing for their Four Bankruptcies.

Also, in its 2001 Annual Report 10-K filed with the SEC, Trump Hotel & Casino Resorts, Inc. (THCR), a predecessor to Trump Entertainment Resorts, Inc., disclosed the following in its Item 1.....Business Recent Events

"SEC Investigation; Offer of Settlement Accepted by SEC. As previously
reported, the Enforcement Staff (the "Staff") of the Northeast Regional Office
of the Securities and Exchange Commission (the "Commission") had informed THCR
that it was considering recommending that the Commission authorize the
commencement of proceedings against THCR and its former Chief Executive Officer,
charging that they violated the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), by issuing a earnings press release on October 25, 1999 (the
"Earnings Release") that was materially false and misleading because it failed to
disclose that $17.0 million of THCR's operating income in the third quarter of 1999 
came from a one-time gain in connection with Taj Associates' (as defined herein)
September 1999 acquisition of the All Star Cafe' restaurant from Planet
Hollywood International, Inc.

      Without admitting or denying the allegations, THCR entered into an offer
of settlement, dated January 10, 2002 (the "Offer"), with the Commission.
Pursuant to the Offer, THCR covenanted to cease and desist from committing or
causing any violations, and any future violations, of Section 10(b) of the
Exchange Act and Rule 10b-5 thereunder. On January 16, 2002, the Commission
accepted the Offer and issued an Order Instituting Cease-and-Desist Proceedings
Pursuant to Section 21C of the Exchange Act, Making Findings, and Issuing
Cease-and-Desist Order. No fines were imposed by the Commission."