TLP: Judge Makes Trump Apprentice in His Bankrupt Atlantic City Casinos
AS JDA reported from her road trip, Reno is "battered, bruised, and boarded-up", as evidenced by the closing of Fitzgeralds casino. Meanwhile, there's news out of New Jersey that has Donald Trump's hair standing up.
The AP shows us the face cards:
U.S. Bankruptcy Court Judge Judith Wizmur chose a group consisting of corporate bondholders and the real estate mogul and star of the reality TV series "The Celebrity Apprentice" to buy the three casinos of Trump Entertainment Resorts out of bankruptcy.The whole ugly story makes the judge's decision a little puzzling. Even she called a competing bid by Carl Icahn more feasible, but gave Trump's group the edge because investors stand to recover something.
Under the deal, bondholders led by New York-based Avenue Capital Group will own most of the company. Mainly in return for the continued use of his famous name on the buildings, Trump will get a 10 percent stake.
"This is a great victory for us and a great victory for Atlantic City," Trump said after the ruling. "We look forward to making this company great again."
More from AP:
The decision capped a 14-month battle over the future of the flagship Trump Taj Mahal Casino Resort, the Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino.
Trump Entertainment filed for Chapter 11 bankruptcy court protection in February 2009 shortly after Donald Trump resigned as chairman of its board and vowed he would regain control from the outside. Trump had lost control of the company in a previous bankruptcy proceeding in 2005. He resigned as chairman of the board and his daughter Ivanka also stepped down from the board four days before the company filed for bankruptcy most recently, in February 2009.
Trump mumbled something about putting the casinos into "The Celebrity Apprentice" mix. Sounds like a pretty big gamble all around.