You're fired. No, I quit!

The Donald is dumped.

From NJ Law Journal:

Trump Entertainment Resorts filed for bankruptcy protection early Tuesday, just hours before bondholders apparently planned to force the company into bankruptcy over $53 million in late interest payments.

I wonder if this is a scene that will be played out on his TV Show, “The Apprentice”....

Trump and his daughter Ivanka quit the company's board last week over disputes with the bondholders....

It's good to see a father and daughter doing something together...

The company, which last filed for Chapter 11 in 2004, now lists about $2 billion in assets and $1.7 billion in liabilities and has been hurt badly by a decline in gambling revenue from its three Atlantic City casinos.

I guess gambling [or 'gaming', as they like to call it] was not such a great gamble...

Bloomberg News reported that Trump Entertainment's market value has dropped from a peak of $842 million in Aug. 2005 to just $7.3 million Wednesday. Trump has turned to Weil, Gotshal & Manges for representation in the Chapter 11 case, with McCarter & English serving as New Jersey local counsel.

Well, at least he is providing work for attorneys...