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
Donald Trump and The Mar-a-Lago Club in Palm Beach (Getty Images, LoopNet, iStock/Illustration by Steven Dilakian for The Real Deal)
Trump’s toilet triumph: Former No. 1 giving guests more places to go No. 2
Trump’s toilet triumph: Former No. 1 giving guests more places to go No. 2
From left: Letitia James, attorney general of New York; Donald Trump, 45th U.S. president (Getty Images, Wikipedia/ChrisRuvolo, iStock/Illustration by Steven Dilakian for The Real Deal)
New York AG alleges Trump altered values at 6 properties
New York AG alleges Trump altered values at 6 properties
Donald Trump and Trump National Doral (Trump Hotels, Getty)
Trump planning retail, luxury homes in Doral resort expansion
Trump planning retail, luxury homes in Doral resort expansion
1 Central Park West and Andrew Napolitano with Donald Trump (Trump Org, Getty, iStock)
Judge Andrew Napolitano ditches Trump condo after Fox News ouster
Judge Andrew Napolitano ditches Trump condo after Fox News ouster
Mary L. Trump's tell-all book on the Trump family. (Getty)
Donald Trump’s niece, Mary, buys $7M Soho condo
Donald Trump’s niece, Mary, buys $7M Soho condo
Vornado's Steven Roth and Donald Trump with 1290 Sixth Avenue (Getty, VNO)
Vornado, Trump top Manhattan’s largest loans in November
Vornado, Trump top Manhattan’s largest loans in November
arrow_forward_ios

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

Loading...