![]() His real estate meltdowns stemmed in good part from the 1986 tax reforms signed by President Ronald Reagan. Off them, he usually fumbled, begging the question: What accounts for the difference?įor Melius, the decade included five business-related bankruptcies more than $20 million in debt to creditors who had to settle for as little as 5 cents on the dollar hundreds of thousands of dollars in unpaid gambling bills, mostly at Donald Trump’s casinos an investigation by a federal commission that forced him to sell his 50 percent share in a company seeking to run a casino on an upstate Indian reservation and an accusation by a major bank that he was fronting for organized crime figures. When Melius operated on the political playing fields of Long Island, he most often thrived. Those ventures often occurred when he was distanced from his Long Island political network. His quest was the culmination of a decade of bankruptcy and a panorama of business misfortunes. Gary Melius at Oheka Castle in September 1998.
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