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P REF ACE

his most successful projects, I was no longer his lawyer. When the
New York City real estate market tanked in 1990, Trump hit the
rocks. It was not due to a lack of business acumen; rather, his phe-
nomenal success had created an air of invincibility. Because he had
been so incredibly successful, he began to think that any business he
touched would turn to gold.
The banks would throw money at him. If he asked to borrow $60
million for a building, they gave him $80 million. When the bottom
fell out of the New York City real estate market, he was vastly
overextended and was over $990 million in debt. He owed so much
money that the lenders knew if they forced him into bankruptcy it
would have a disastrous effect on the real estate market. They had
many bad loans that they didn’t want to write off. So they came up
with a plan that would enable him to work his way back by agreeing
to accept a substantial reduction if the loans were repaid by a certain
future date.
Even though I was no longer a member of a law firm, I
wanted to help. I told Donald that if he ever needed legal advice or
counsel while he was in trouble, I would be happy to do it for him
without charge. He was impressed and asked me why I would do
that. I said, “Donald, I think a lawyer has a responsibility to repre-
sent a client when he’s down, not only when he’s on top. I’m here if
you need me.” Trump never accepted my offer because it’s not his
style to get something for nothing. But I’m sure he appreciated the
gesture. My philosophy has since paid off in spades—with Donald
Trump, loyalty goes a long way.
In the mid-1990s, Donald had two deals going, the new Nike
Building adjoining Trump Tower and 40 Wall Street. Both were
plagued with problems because of the lawyers involved, and very lit-
tle was getting accomplished. Donald knows when to use delay tac-
tics, but he also hates deals that drag on and on. So he hired me to
eliminate the roadblocks and get those deals done. While I was

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