Here are two articles describing how several major banks bailed out Trump in 1990 . . . and how he lies about the incident.
By RICHARD D. HYLTON
Published: June 27, 1990
Wrapping up a hard-fought deal with bankers yesterday, Donald J. Trump narrowly avoided missing a payment deadline that could have led to personal bankruptcy.
But for the developer, who once seemed nearly invincible, the deal comes at a humbling cost: He has been forced to cede management control over his multibillion-dollar empire, at least temporarily, to the bankers who came to his rescue, and he must learn to live on $450,000 a month, and even less in future years.
Jul 17, 2016Donald Trump, who often says he only likes winners, tells one grand tale of loss: In 1990, he nearly went bankrupt and was forced to ask dozens of banks to whom he owed money to change the terms on their loans and forgive some of his debts.
It was, the real estate developer admits in his 1997 book The Art of the Comeback, the darkest period of his professional life. In his telling, it’s a story of redemption, of resilience, and proof of his exceptional negotiating skills and shrewd thinking.
Six people who participated in the loan workout negotiations have a different recollection, raising questions about a key part of the personal narrative that many of Trump’s supporters have found compelling as he campaigns to be the next president of the United States on Nov. 8. On the campaign trail he has portrayed himself as a survivor and a master negotiator.