Trump Drops Bid to Control Bankrupt Casinos

Donald, Ivanka allow creditors to control resort
By Nick McMaster,  Newser Staff
Posted Nov 17, 2009 5:53 PM CST
Pedestrians enter the Trump Plaza in Atlantic City, N.J., in this 2006 file photo.   (AP Photo/Mary Godleski, file)
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(Newser) – Donald Trump will let creditors have the Trump Entertainment Resorts, easing the way for the three Atlantic City casinos to emerge from bankruptcy. The Donald and daughter Ivanka have stopped all litigation against a group of creditors who sought to block a bid by the Trumps to regain control over the casinos, which went under Chapter 11 in February. In exchange, the Trump Organization will receive a stake as high as 10% in the reorganized company, the Wall Street Journal reports.