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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

(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.

Pedestrians enter the Trump Plaza in Atlantic City, N.J., in this 2006 file photo.
Pedestrians enter the Trump Plaza in Atlantic City, N.J., in this 2006 file photo.   (AP Photo/Mary Godleski, file)
Donald Trump speaks at the Eastern Ontario Economic Showcase in Ottawa on Thursday, Sept. 24, 2009.
Donald Trump speaks at the Eastern Ontario Economic Showcase in Ottawa on Thursday, Sept. 24, 2009.   (AP Photo/The Canadian Press, Pawel Dwulit)
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COMMENTS
Showing 2 of 2 comments
Yourself
Nov 18, 2009 12:04 PM CST
problem is he should have been folded long ago. he's a fraud, he's never been fully successful, it's always short runs of success and there's too much hanging on his empty name, so investor have to keep backing up the charade. Trump is a PERFECT example of a "company" that should be left to fail, no matter how big....
NxBigmouthery
Nov 18, 2009 2:22 AM CST
The simple fact is this: if you can't maintain a CASINO as an ongoing successful business enterprise, you suck. A CASINO, for fuck sake.

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