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Trump Drops Bid to Control AC Casinos

ATLANTIC CITY-Donald Trump and daughter Ivanka have abandoned their bid to regain control of the three casinos here that bear the Trump logo.

By Maria Wood | Updated on November 18, 2009

ATLANTIC CITY-Donald Trump and daughter Ivanka have abandoned their bid to regain control of the three casinos here that bear the Trump logo, according to a report in the Wall Street Journal . Under a settlement struck with a group of creditors that were battling for control of Trump Entertainment Resorts, the Trumps and Beal Bank, the company’s largest secured lender, will drop a $116-million bid for the casinos.

In February, TER filed for bankruptcy. In August, Trump and Beal agreed to purchase the company. Soon after, a group of bondholders challenged that bid.

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