Trump Entertainment Resorts to skip payment.
Facing tough competition and sliding revenue amid the economic meltdown, Trump Entertainment Resorts will have to skip a $53.1 million interest payment scheduled for Monday on its 8.5% senior secured notes due 2015 in order to maintain sufficient liquidity.
This from the WSJ’s Market Watch. This of course is a seperate company from Donald Trump himself, but “The Donald” is the single biggest holder of the stock of this company.
The comapny has 30 days to make the payment. If at that time a payment is not made then the holders of some of the notes are able to speed up the maturites. The article seems to think that the company will use the 30 days to restructure the debt and that makes sense to me.
I guess in these times everyone, even Mr Trump’s companies can get themselves into trouble.
Good Luck and Good Currency Trading.
Black Friday Sales higher then Expected.
It seems the first counts coming out of Retail stores are for slightly better sales then was anticipated. $10.6 billion dollars spent as opposed to $10.3 billion last year. The question I guess is will it be sustained. Remember last year there were 32 shopping days between Thanksgiving and Christmas and this year on 27. Therefore there should be more spending per day just to equal same store sales from a year ago. I was in a few stores yesterday and although they were relatively empty, so were the shelves. Sales people informed me that the were “busier then expected yesterday” and that “what was on the shelves is what we have”.
I am not sure what this will translate into, as I am sure we are in for very poor economic numbers again this week.
CLICK HERE to read the story about Black Friday Sales.
I will post on the markets a little later.
Good Luck and Good Currency Trading
Black Friday
Worker dies at Long Island Wal-Mart after being trampled in Black Friday stampede. This a headline from today’s New York Daily news.
What a way to start the holiday’s!
I know stores need a little “hype” but I think when it gets to this everyone will agree it is to much.
CLICK HERE to read the story.
Good Luck and Good Currency Trading.
The 99 Club….
I was clicking through a few Blogs this morning and came across MONEYNING. It is a personal finance blog which had an interesting story which is quite appropriate at this time of year, especially considering the poor state of the economy. Here it is.
“Once upon a time, there lived a King who, despite his luxurious lifestyle, was neither happy nor content.
One day, the King came upon a servant who was singing happily while he worked. This fascinated the King; why was he, the Supreme Ruler of the Land, unhappy and gloomy, while a lowly servant had so much joy. The King asked the servant, ‘Why are you so happy?’
The man replied, ‘Your Majesty, I am nothing but a servant, but my family and I don’t need too much - just a roof over our heads and warm food to fill our tummies.’
The king was not satisfied with that reply. Later in the day, he sought the advice of his most trusted advisor.
After hearing the King’s woes and the servant’s’ story, the advisor said, ‘Your Majesty, I believe that the servant Has not been made part of The 99 Club.’
‘The 99 Club? And what exactly is that?’ the King inquired.
The advisor replied, ‘Your Majesty, to truly know what The 99 Club is, place 99 Gold coins in a bag and leave it at this servant’s doorstep.’
When the servant saw the bag, he took it into his house. When he opened the bag, he let out a great shout of joy… So many gold coins!
He began to count them. After several counts, he was at last convinced that there were 99 coins. He wondered, ‘What could’ve happened to that last gold coin? Surely, no one would leave 99 coins!’ He looked everywhere he could, but that final coin was elusive. Finally, exhausted he decided that he was going to have to work harder than ever to earn that gold coin and complete his collection.
From that day, the servant’s life was changed. He was overworked, horribly grumpy, and castigated his family for not helping him make that 100th gold coin. He stopped singing while he worked.
Witnessing this drastic transformation, the King was puzzled. When he sought his advisor’s help, the advisor said, ‘Your Majesty, the servant has now officially joined The 99 Club.’
He continued, ‘The 99 Club is a name given to those people who have enough To be happy but are never contented, because they’re always yearning and Striving for that extra 1 saying to themselves: ‘Let me get that one final thing and then I will be happy for life.’
We can be happy, even with very little in our lives, but the minute we’re given something bigger and better, we want even more! We lose our sleep, our happiness, we hurt the people around us; all these as a price for our growing needs and desires.
That’s the 99 club.
Market Post to follow…..
Good Luck and Good Currency Trading.
Paul Volcker to Head Economic Recovery Board
From CNN
“Paul has been by my side throughout this campaign, providing a deep understanding of financial markets, extensive experience managing economic crises, and keen insight into the global nature of this particular crisis,” Obama told reporters, calling Volcker “one of the one of the world’s foremost economic policy experts.”
Obama said a key purpose of the board would be to provide a perspective from outside the walls of the Washington “echo chamber,” which he said “can sometimes keep out fresh voices and new ways of thinking.”
In his Monday press conference of the week Obama stated that,”The economy’s likely to get worse before it gets better. Full recovery will not happen immediately,”.
I think this is a good sign that first, he is getting out there and letting Americans know that he is “on the case” secondly, he is building a very credible team to lead us out of this crisis. A team that I think would have been very close to one that McCain might have picked. This reinforces my belief that one man cannot know everything. It is best to build a strong team around you and the make a decision based on their recommendations.
CLICK HERE to read the story.
Good luck and Good Currency Trading, oh and Happy Thanksgiving!
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