Through Icahn Partners LP and certain affiliates, billionaire investor Carl Icahn has acquired 51 % of the first-lien debt owed by Trump Entertainment. Resorts to Beal Bank for $229 million in cash. kahn also has the option to purchase the rest for around $220 million, according to papers filed on Dec. 11,2009 with the US Bankruptcy Court for the District of New Jersey in Camden.

The deal, which was negotiated with Beal Bank and Beal Bank Nevada, is part of a bankruptcy reorganization plan kahn devised to help the troubled casino company emerge from Chapter 11. It's the third such filing for the company-which owns Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino-or its corporate predecessors.

This sets the stage for a battle with real estate tycoon Donald Trump, who is backing a rival plan for the casinos' bondholders.

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