Trump bests Icahn in battle for bankrupt Atlantic City casinos

New York /
Apr.April 13, 2010 09:41 AM

A bitter, 14-month legal battle over control of three Atlantic City casinos bearing the Trump brand ended in the Donald’s favor yesterday when a U.S. bankruptcy court rejected a takeover plan by billionaire investor Carl Icahn. Donald Trump’s plan, backed by a group of bondholders who are owed $1.2 billion and Marc Lasry of Avenue Capital Group, gives Trump a 10 percent stake in Trump Entertainment Resorts, reduces the company’s debt by $1.4 billion and allows the casinos to keep using the Trump name. During the court battle, Trump had said he would pull his name from the casinos if Icahn’s plan won. Avenue Capital will also contribute an additional $225 million to the casinos’ operations. Trump heralded the ruling, calling it a “great victory for Trump” and “a great loss for Carl Icahn.” He added: “I was surprised he attempted what he attempted but that’s OK. It’s fine.” [Bloomberg]


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
From left: President Donald Trump, Blackstone's Jonathan Gray and Tishman Speyer's Rob Speyer (Getty)

Real estate execs, business leaders urge Trump to begin transition

Real estate execs, business leaders urge Trump to begin transition
From left: 555 California Street in San Francisco, Vornado CEO Steven Roth and 1290 Sixth Avenue in Manhattan (Photos via Wikipedia Commons; Getty; Trump Org)

Vornado halts sale of office towers co-owned with Trump

Vornado halts sale of office towers co-owned with Trump
Eric and Donald Trump Jr. with 1100 Pennsylvania Avenue (Photos via Getty; Trump Hotels)

Trump Org puts DC hotel sale on “indefinite hold”

Trump Org puts DC hotel sale on “indefinite hold”
Blackstone's Stephen Schwarzman and President Donald Trump (Getty)

Blackstone’s Schwarzman defends Trump on exec call

Blackstone’s Schwarzman defends Trump on exec call
(Credit: iStock)

Feds put Neoclassical architecture policy into practice

Feds put Neoclassical architecture policy into practice
Trump Tower and (inset) Henry Laufer (Google Maps, Archetron)

Democratic megadonor unloaded Trump Tower condo day before election

Democratic megadonor unloaded Trump Tower condo day before election
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...