Trump vs. Icahn fight heads to the US Bankruptcy court
February 25th, 2010 - 12:10 am ICT by Aishwarya Bhatt
Atlantic City, Feb 24 (THAINDIAN NEWS) The Donald Trump vs. Carl C. Icahn fight is heading to the US Bankruptcy courts. They are fighting over the Atlantic City hotel-casinos, which bear Donald Trump’s name.
Both Donald Trump and Carl C. Icahn are 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 is taking the help of his daughter Ivanka, and both of them 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.
The new plan says that Mr. Trump would get up to 10 percent of the company and also a way back into the business from which he walked away from a year ago, Reuters said.
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Tags: andy beal, atlantic city casinos, atlantic city hotel, bondholders, carl c, casino operator, chapter 11 bankruptcy, city feb, consumer spending, donald trump, drastic drop, high stakes poker, hotel casinos, ivanka, poker player, reuters, secured debt, sick company, us bankruptcy court, us bankruptcy courts
