In the end, it was the value of his name that allowed Donald Trump and his bondholders to retain control of the Trump Taj Mahal, Trump Marina and Trump Plaza after Carl Icahn tried a takeover bid. The decision in bankruptcy court was announced April 12, as reported in the N.Y. Times.
“The Trump brand is worth millions of dollars to the debtors,” the bankruptcy judge, Judith Wizmur, said in her ruling. “The debtors’ identification with the Trump Organization raises its profile in the gaming industry.”
Trump’s plan will allow the three casinos to reduce their debt and provide money for improvements to the Taj Mahal and Trump Plaza.
Also on tap, negotiations for the sale of the Trump Marina, which were put on hold, are back in play. Richard Fields, chairman of the New York gaming group Coastal Marina LLC, which had planned to buy the property and turn it into a Margaritaville casino, still wants to close the deal, at a reduced rate of $75 million.
Tags: Carl Icahn, Donald Trump, Richard Fields, trump marina, Trump Plaza, Trump Taj Mahal
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