Letters are removed from the Trump Plaza Casino signage in Atlantic City, New Jersey, U.S. October 24, 2014. REUTERS/Mark Makela
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The six bankers and lawyers involved in the talks say the bailout wasn't based on any overture Trump initiated with the banks – and the terms of the deal were dictated by what was best for the banks, not Trump.As the real estate market slumped, Trump ran out of cash.At the beginning of 1990 he owed a combined $4 billion to more than 70 banks, with $800 million personally guaranteed by his own assets, according to Alan Pomerantz, a lawyer whose team led negotiations between Trump and 72 banks to restructure Trump's loans. One of the bankers involved in those negotiations, Ben Berzin, said Trump seemed unaware of the depths of his financial troubles even after the banks had stepped in.At one point, Trump invited all of the bankers to a Broadway show that Maples had a role in, according to Berzin and a banker who took part in the larger talks with the 72 banks.
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