re: DWAC shareholders approve merger

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Trump bestowed the same initials on his Atlantic City casino business, Trump Hotels and Casino Resorts, back when that company went public in 1995.

It didn’t go great. At least, not for investors.

Trump Hotels and Casino Resorts never turned a profit and ended up in bankruptcy in 2004, wiping out shareholders.

Trump’s company lost money every single year of its existence, putting it more than $600 million in the red — despite owning premier Atlantic City casinos, including the Trump Taj Mahal, a place so opulent Trump called it “the eighth wonder of the world.”

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The stock lost 90% its value in its first five years as a public company.

Yet Trump himself made out fine. Between 1995 and 2004, Trump took home about $40 million in salary, bonuses and options — not unusual for a CEO. Then there were the less common moneymaking methods, including consulting contracts, licensing deals and reimbursements for the use of his personal jet and golf courses. Those atypical payments made up about half of the money Trump made during his tenure as the company’s leader.

“The money I took out of there was incredible,” Trump told the New York Times in 2016.

Trump’s stock holdings were wiped out in the bankruptcy. But he continued to make millions of dollars from the company after it came out of bankruptcy, pocketing $6.1 million from the re-named Trump Entertainment Resorts company, which traded under a new ticker — you guessed it! — TRMP.

The new name and ticker didn’t help the company, though. It lost $2 billion over five years and filed for bankruptcy a second time in 2009.

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