"He did not come to the banks and say 'I have a problem.' That did not happen," said Pomerantz.
Pomerantz, who says he is not a member of any political party, argued in an opinion piece in the Wall Street Journal that Trump’s record in real estate was not a good way to measure whether or not he would be a good president.
In "The Art of the Comeback," Trump says he began loan workout talks in March 1990 when he informed his bankers he might miss a payment on his casino debts.
"If I had waited just six months longer to renegotiate terms with the banks, I might have lost everything," he wrote. "I would have had to stand in line with a whole bunch of other moguls who were trying to do the same thing."
MAKING A DEAL
Soon, in boardrooms of banks and law firms around Manhattan, Trump's deputies and lawyers began a series of meetings with representatives of the 72 banks, which had billions in outstanding loans, according to Pomerantz.
During the same period, Trump was separately renegotiating a series of loans on his Atlantic City casinos. One of the bankers involved in those negotiations, Ben Berzin, said Trump seemed unaware of the depths of his financial troubles even after the banks had stepped in.
“There was a period during these negotiations when he was still spending money like a drunken sailor,” Berzin said, recalling the uproar among the bankers when, in a TV interview in the summer of 1991, Trump displayed a large diamond engagement ring he had given Maples. Media reports said the ring cost $250,000, and Pomerantz said the bankers complained about it to Trump in their next meeting.