Thaindian News

Atlantic City, Apr 15 (THAINDIAN NEWS) Donald Trump emerged victorious in the battle for the Trump Entertainment Resorts. He defeated his nearest rival Carl C. Icahn, but Icahn has got over 10 days to appeal the decision. A federal Judge Judith Wizmer decided that Donald Trump’s idea of reorganizing the Trump Entertainment Resort is better than Icahn’s idea.

Now Donald Trump and his daughter Ivanka would have a stake of 10% in the company. And the biggest shareholders of the company would be the creditors committee, which is led by the hedge fund Avenue Capital Group.

It may be recalled that both Donald Trump and Carl C. Icahn were trying to get the control of the casino operator Trump Entertainment Resorts, which had filed for the Chapter 11 bankruptcy, in February 2008. There was local competition, and there was also a drastic drop in consumer spending, which affected the business of the three Atlantic City casinos. Donald Trump with the help of his daughter Ivanka, have ganged up with the company’s bondholders, and all of them want to go ahead with a plan to invest $225 million in the sick company. They plan to raise this money by selling some of their stock, so that they can pay some of the $485 million secured debt, which is held by the Texas banker and high-stakes poker player Andy Beal and Mr. Icahn. The company also wants them to accept new terms on the leftover loan.

After the decision, Donald Trump said that, “I’m really happy about it. It’s a great victory. It’s a great victory for us and for Atlantic City because good things are going to happen.”