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|Posted: 12/14/04 7:20 am ::: Mark Cuban bashes the Donald on his blog
|From his blog:
Trump Files Bankruptcy...What a Shock
Donald, leave it to you to file bankruptcy and rather than apologizing to shareholders that were wiped out, brag about it being a positive step forward for the company. It is what it is, huh Donald?
On TV, viewers do find you entertaining. Itís hard to comprehend of anyone being as self important and delusional about themselves as you are Donald. That can be fun to watch at times. But it does get old. But you already know that from your TV ratings donít you?
How does it feel to know that in future years when the question is asked, ďWhich show was the anchor when NBCís Must See Thursday Night slipped from its perch for the first time in decadesĒ, the answer will be Trumpís show?
Better yet, how does it feel to go from being a self proclaimed ratings machine to having your viewership doubled by the competition, which has more than once destroyed you by a cool 15mm or more viewers?
But I digress. Letís get back to the business of your casinos. Oops, my mistake. I guess thatís not really true. They used to be your casinos, but you made so many poor business decisions, that they are not yours anymore. They belong to the bondholders. You are now a minority shareholder. More importantly, if reports circulating now are true, you no longer control the board. Bondholders got 5 seats, you got to appoint 3, the 9th is a wildcard.
But here comes the fun part. Not only are you out of control, you are now out of excuses. You actually have to make this work.
You have working capital. You have your self proclaimed business ability. You have your name on the buildings. Now letís see what you can do Donald. Can you actually make this work? Can you compete with the Borgota, which has been kicking ass in Atlantic City? What about the other new casinos that are planned there? Or the already in motion expansions? Will AC grow like Vegas, or will you be forced to bus in the quarter clubs? Can you compete with what is sure to be competition from the state of Illinois with your spot in E Chicago? Can you make a business in French Lick Indiana?
This is going to be far more fun to watch then The Apprentice.
How long do you think your board will give you to make the casinos work? 1 year? 2 years?
I canít wait to watch. Since the company will remain public after you come out of Chapter 11, we will be able to keep score every single day.
Thatís a tough spot to be in as Chairman and CEO of a company that has your name on the door and your initials as its stock symbol. Thatís pressure Donald.
Me, Iím going to have the stock on my short watch. My guess is that once it emerges from Ch11, it will run up on speculation by momentum daytraders. They will all pile in the stock on the expectation that you will pump and promote the stock. Which you will. That is exactly what I want.
I will just watch the stock. Read the SEC filings. Read the gaming filings and reports. Make some money off the stock. All the while having fun watching you sweat it out.
Kings of the World!