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Trump Bests Icahn In Atlantic City Deal

Donald J. Trump and his partners recently won control of bankrupt casino company Trump Entertainment Resorts Inc. after a judge ruled that their bid…

By Alyson Grala is Mid-Atlantic region editor for GlobeSt.com | Updated on May 01, 2010

Donald J. Trump and his partners recently won control of bankrupt casino company Trump Entertainment Resorts Inc. after a judge ruled that their bid was better for creditors than a competing offer by investor Carl Icahn.

US Bankruptcy Judge Judith H. Wizmur sided with a group of bondholders who are owed $1.2 billion. Their proposal would reduce Trump Entertainment’s debt by $1.4 billion to $334 million and give the celebrity billionaire as much as 10% of the three-casino company he once ran. “This time, we really cut the debt,” Trump told the Associated Press. “It was never really cut enough. We’ve cut the debt down to a low level, and we now have a company in good financial shape.”

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