Blind Item #9
This celebrity restaurant/bar chain is really leveraged in debt from expansion which was fine when they were open. Now they are all closed and the banks are not being cooperative about that debt.
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32 comments:
Vanderpump
Pink Taco?
Vanderpump~ TomTom
Vanderpump is not part of a chain
Something like Hard Rock Cafe or Planet Hollywood?
Wahlburgers, though im not sure they have a bar
Most restaurants have been closed less than a month (it only seems longer) due to COVID-19. It is complete B.S. that a bank would come after the owner in that amount of time, given Enty claims things were fine while they were open. I say this as someone who spent 2 decades in banking.
Holden-- (your name gets me every time, btw!☺)...in the case of Wahlburgers, I think they were quite successful, but doing a great deal of rapid expansion...I think even internationally. So, debt could be huge with nothing coming in from stores that had been in operation?
Fuck off Derek. Did Enty ever get a hold of you? Nice attempt at a name change.
I like the Wahlburger guess too, although I hope it's wrong.
Vita - glad you like my name! The issue with Enty's description is how quickly he says the bank is playing hard-ball on the debt. Banks don't want to declare a debt bad because it upsets the Board, investors and federal regulators. So it is in the bank's best interest to work with a business owner to keep the loan in the "good" category. For Enty's to say the loan was fine before the restaurants closed (no more than a month ago) but is now a huge problem for the bank is unrealistic. If there actually is an issue it had to pre-date this virus crap :(
Some international chains may have been closed more than a month depending on where they are. Any of these have Asian locations?
Some banks in foreign countries operate differently than US banks.
Vanderpump has 5 restaurant bars I’d count that as a chain.
VP and Kens businesses are distinctly different and have totally different IP’s/trademarks (which was smart business on their part). ,so no-not a restaurant/bar chain under one moniker.
Also they are richer than god.
Thanks, Holden
Mrs Libnish-what was the newest name ,just curious....
My guess is Kimball Musk's "Next Door" restaurant. That would explain why he is not honoring the "crisis fund" that employees paid into because he said it was never intended to support a pandemic.
Guy Feriery(sp)?
@HoldenMcGroin: Thank you for your information and knowledge of banking. I am wondering if you read a book I loved "Dark Towers: Deutsche Bank, Donald Trump and an epic trail of destruction." If you have, I would love to hear your comments about it, especially why corrupt to the max Deutsche Bank was the only bank that would lend Trump $1 anywhere with his trail of defaults, bankruptcies and even suing one branch of Deutsche Bank when they dared to collect on him, only to have another part of the bank give him yet another loan.
And Holden, less than a month into this, the same author of "Dark Towers" reported last week in the NYT that Eric Trump has already went to Deutsche Bank saying they can't pay their loans back and need them renegotiated, again.
Wahlburger
@Studio54 - I haven't read it, but it sounds like an interesting book. There have been rumors about the Trump Organization's need to go outside the U.S. for financing. Very likely Deutsche is not the only skeleton in the Trumps' financing closet.
@HoldenMcGroin: Thank you for the reply. No doubt about it, there are more financial skeletons in Trump/Trump Organization's closets.
@HoldenMcGroin - also a huge fan of your username, ha!
" ...especially why corrupt to the max Deutsche Bank was the only bank that would lend Trump $1 anywhere with his trail of defaults, ..."
Two reasons. One, German banks were BLINDSIDED by the 2008 mortgage default crisis and had invested in a significant number of them because Germans believe facts and these bonds (created of junk-grade debt) were believed to be stable - so the German economy was hit HARD in 2008
Then Europe experienced the knock-on effect of the European Debt Crisis from 2010-2011 which just made everything much worse, particularly in Europe.
Then you have the fact the former CEO of Deutsche is a slimy scummy man that a lot of people don't like who was willing to do damn near anything for a dollar. Indian name, British or German citizenship.
Also Deutsche is prob in bed with the Russians who are widely rumored to be the ones who have securitized Trump's financial arrangements.
Banks are all into some secret bullshit, I worked for a bunch and could not believe it. But it was true - they are all the same (all the big ones), there is no "good" one, just a lot of foxes in the henhouse.
Not sure about Wahlburgers - as of March, Hy-Vee is converting all Market Grille restaurants into Wahlburgers.
https://www.supermarketnews.com/prepared-foods/hy-vee-convert-all-market-grille-restaurants-wahlburgers
@Hunter: Very true, except Trump was with Deutsche Bank well before 2008.
In 2006, when Trump could not borrow $1 from any US bank, and he owed the only bank that would lend him money, Deutsche Bank, millions, suddenly a RUSSIAN oligarch paid 2.5 times the list price for a house in Palm Beach, that the oligarch never lived in. Trump and Jeffrey Epstein's friendship ended over that house. Epstein wanted it for himself to sell, knowing Trump did not have the money, only to have this Russian Oligarch come to Trump's rescue...
@Hunter. You are right on with what you're saying about the mortgage crisis. A lot of us KNEW that the crap was going to hit the fan regarding mortgage loans. Many banks just got so greedy, they chose to ignore good loan underwriting and all the warning signs. This was made much worse by the arrogant pinheads on Wall Street who convinced themselves they understood how their mortgage-based securities would behave in a down market. Spoiler alert - they didn't have a clue.
BTW - I believe you and Studio54 are correct regarding Trump's financing arrangements. What do we all think a complete copy of Trump's tax returns might reveal?!
@HoldenMcGroin: Great points. I believe Trump's tax returns will show he didn't pay any taxes at a bare minimum.
This article is amazing, Trump took a ONE BILLION dollar write off in the 80's, when the economy was roaring for business losses:
https://www.nytimes.com/interactive/2019/05/07/us/politics/donald-trump-taxes.html
Holden, would you loan this guy any money? Pg. 57 from "Dark Towers: Deutsche Bank, Donald Trump, and an epic trail of destruction."
One day in 1998, a real estate broker called Offit: “Would you make a loan to
Donald Trump?” Trump at the time was a casino magnate known for his
occasional showbiz hijinks and his on-and-off dealings with organized crime
figures. He also was a deadbeat, having defaulted on loans to finance his
Atlantic City casinos and stiffing lenders, contractors, and business partners
in other projects. Quite a few banks—including Citigroup, Manufacturers
Hanover (a predecessor of JPMorgan), the British lender NatWest, and of
course Bankers Trust—had endured hundreds of millions of losses at the
hands of Trump. Established banks were wary of what was known on Wall
Street as “Donald risk.”
@Studio54. It actually bizarre that it took banks so long to figure out Trump is a bad credit risk. I agree that at minimum his tax returns would show him not paying much in taxes. I would be especially interested in his business expenses (including loan expenses and business losses) that he claims.
This is the case for nearly all restaurants, and most before this began. Margins are awful and you need multiple locations to try and get an ROI. It's sad.
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