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The Tropicana Casino has nothing to do with Trump Resorts and never has been, so is in no way a Trump Project.
The Tropicana is also not located in Vegas but is located in Atlantic City.
I am a little concerned about your information and any value it may have as you have the wrong Company in the wrong city but definitely does not appear to be anything at all related to this company or its business.
But thanks for warning and review on the Tropicana Casino.
When a company enters Bankruptcy I believe it required under US Law and the filling under Chapters 11 the company is required to add a Q to end( it was if I am not mistaken previously the beginning )of it's Stock Symbol name to signify to Investors and others it is under Bankruptcy Protection.
I would assume and hope it does change its symbol once again upon leaving Bankruptcy to again signify when it does that it no longer in Bankruptcy Protection and under Chapter 11.
So in reality the company appears to be following the rules under US Law and personally I kind of appreciate them doing that aside from following the Law is probably a better idea than not for obvious reasons, it also lets me and other existing and/or new interested investors know the status of a company and in this case this company. So in my mind from a time point of view the sooner the better meaning when it does that company is out of Bankruptcy Protection and on its way hopefully to bigger and better things such as ensure all who are still on board a more secure investment or at least I would hope that anyway.
One last comment, I am confused on why would you bold your posts much less the whole thing? Again look at Etiquette and common posting practice people often Bold a portion where there is key information or sometimes when they want a piece of the information to be highlighted or focused on. Just a comment but again as I have indicated to another such poster you may want to re-evaluate your posting technique and in reality it detracts from anything meaningful you may have to say.
I wish you well and good luck with your investments. Good luck to everyone.
Go TRMPQ
why does Trump resort have so many restructing projects. just last year TRMP became TRMPQ. i had faith in his company but now see the truth, i would never invest in any of Trump projects again if TRMPQ goes below 8 cents a share. truthfully i stayed at the Tropicana in Vegas last year and was only marginally impressed. the room didnt have any control over the a/c temp, only fan on or fan off, meaning guests cant ajust thier room tempature. the room waas slightly worn, just acceptable, nothing extra, would i stay there again? doubtful. After staying at the Tropicana for only one night i dveloped an opion on this company and most likely im not interested in any further investment, espically if stock cant produce results after 1 year and may change symbol again.
Thank you for the warning. i believe You totally. As a novice new investor i followed your advice did some research and your are totally correct in my opinon. i sold all my TRMPQ. i dont understand how during litigation the common stock holder would become last in line. The common stock holder should get first prority? Why do companies have so many kinds of stock? prefered? common? ect... their should be only one stock equal to all who invest thier hard erand money in the faith of a company. As a novice uneducated investor i dont understand how all this works, i can see it is made very complex and from the novice point of view looking in it almost seems like a total scam to the common investor if a company can have diffrent levels of stock and diffrent prices for these diffrent levels and types of stock. One type of stock for all everyone involved would in my opion reflect a more fair market. Is the common investor is almost out of the picture?
While I and I am sure others will and do appreciate your comments I am not so sure everything is so cut and dry. I do realize the base plan submitted was approved but am not clear or aware it was approved in its entirety and what this all really means. I still think there will be ongoing development affecting the real end outcome in either case.
The re-organization has really just begun and with that far from over with government watch dogs still reviewing appeals, monitoring progress and providing advisement as I understand it. I had someone on a board tell me something similar months ago and that they guaranteed it be selling .03 in the coming weeks at that time and they had heard and presented it as the preeminent doom noting the stock was going to be worthless but they based it on some items they presented as predetermined facts of course, none of which turned out to actually happen and needless to say we have watched the stock rise to above .30 a few times in the past few months and even for a period within the last few weeks. Very similar things have happened with the GM share values also in bankruptcy which actually did trade at one point as low or lower the lowest of these and today and for many months has traded .50 and more.
As far as the Plan as you have identified I also understand the company will be issuing new shares but am not so sure what it really means for the rest of us and is very typical in these types of situations and others, company's more commonly do this probably more so than we'd like but that's the way it goes.
In my view they will have some value either way, what - I'm not sure but have to feel they will still be worth more and better positioned under a more financially viable profitable reorganized company out of Bankruptcy than a financially challenged one in Bankruptcy. Personally I am willing to wait it out longer to see where this will really sit at the end of the day and as long I continue to feel it is financially viable for me to proceed in owning them I will continue to do so and if not so be it.
I still think its going to be an interesting ride with many more things to come and at the end of the day the company will be much stronger one way or another and hopefully all of us get our little piece of piece and realize gains through ownership or sale and if not than that is way it is and with the Stock market you just never know. Again I appreciate your comments but like yourself and all will play it as I see fit.
Just as a side note it very distracting and actually could be considered quite rude that you use CAPITALS for everything almost to a point of being that some could and might look at it as disrespectful. I would hope and believe that is not your intent but hope you do do see fit to re-evaluate your use of them. Just a comment.
I wish you well and hope you have the greatest of luck with your trades as I do hope for myself along with the others here. Good Luck to all.
Go TRMPQ
I CAN TELL YOU ALL WHY THE STOCK HAS GONE DONE .. SIMPLE THE SHARES ARE WORTHLESS IF YOU DID YOUR HOMEWORK AND READ THEIR CHAPTER 11 FILING. ONLY THE BONDHOLDERS WILL HAVE EQUITY,THEY ARE WIPING OUT ALL THE COMMON SHARES,THEY ARE GOING TO BE ISSUING NEW SHARES. SO MY ADVICE WOULD BE TO SELL WHAT YOU HAVE. IF YOU HAVE ANY DOUBTS FEEL FREE TO CALL INVESTOR RELATIONS AT TRUMP YOU WILL GET THE SAME RESPONSE. GLTA
I have personally have not seen it but agree it would be good to have look at. I am thinking and with that hoping we will see something soon.
Go TRMPQ
No idea but I personally think its just the market continuing to struggle, no real recent News and Icahn continues to make noise, not that I think he will in any way be successful in his opposition, he's lost his bid and the courts and judge ruled in favour of Trump and the Bond Holders. In the meantime what he is doing will not aid the Stock but I personally think this will be short lived and we should see it begin to rise shortly but that's just my opinion of course.
Go TRMPQ
Hi, is anybody know why trmpq decreased?
Have you guys seen a POR (Plan of Reorganization) and DS (Disclosure Statement) yet? It would be good to look at if you have it.
Thanks
~Fish~
Up another 14% so far today!
Go TRMPQ
Operator of Atlantic City Trump casinos cuts first-quarter losses in half
From Press staff reports | Posted: Thursday, May 13, 2010 | 4 comments
ATLANTIC CITY - Trump Entertainment Resorts Inc., operator of three Atlantic City casinos, cut its losses in half in the first quarter as it prepares to emerge from Chapter 11 bankruptcy protection under new ownership.
The company posted a loss of $24.4 million, or 78 cents per share, compared with a loss of $50.1 million, or $1.58 per share, in the same quarter a year ago. Net revenue from casino operations, hotel rooms, food and beverage sales and other sources of income fell 12.3 percent to $168.4 million, the company reported in a federal securities filing.
Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino all had lower gaming revenue for the quarter. Total gaming revenue for the three properties was $170.8 million, down nearly 18 percent.
The company partly offset its losses by cutting corporate costs and expenses. Promotional expenses for free hotel rooms, meals and other comps given to customers were slashed 23.5 percent, to $49.9 million.
Trump Entertainment bondholders backed by Donald Trump are buying the company out of bankruptcy for $225 million. A bankruptcy judge picked the bondholders over billionaire investor Carl C. Icahn in a contentious takeover battle. The company says it expects to emerge from bankruptcy in the third quarter.
http://www.pressofatlanticcity.com/communities/atlantic-city_pleasantville_brigantine/article_7eb23c60-5ed9-11df-a851-001cc4c002e0.html
Up yesterday and up again today so far!
Go TRMPQ!
SORRY ,I WAS MISINFORMED NO NEWS..... SELL YOUR SHARES AS MANAGEMENT SAID THESE SHARES ARE GOING TO BE WORTHLESS SOON FROM THE BANKRUPTCY CALL FOR YOURSELF CORPORATE HEADQUARTERS ... GLTA
Will be interesting to see either way!
Go TRMPQ
NEWS COMING OUT BY 11AM LOAD UP, LOAD UP THIS IS GOING TO ROCK DONALD TRUMP SPEAKING ON CNBC .11AM GOING UP 1.00
sorry, what do you mean "the company"? It's Trump Entertainment Resorts Inc? Please inform me the news about that.
What is a joke
EARNING REPORT COMES OUT TODAY COMPANY HAS NO DEBT. 500 MILLION IN CASH ON HAND GOING TO POP
I agree! It should be interesting and I think we will see it climb some more before the days out!
Go TRMPQ!
TRMPQ new hod 40!!!
$TRMPQ still in, moving slow but expecting great things later on today!
Well over double your money! Nothing to complain about there! Way to go! I am doing very well as well!
Go TRMPQ
I bought it at .17 - wanted to gamble a little with it -- not many shares but figured I would give it a shot
Up 50%! WOW! Nice! I'm thinking anyone who sold off early are not all that happy watching the price now! I'm glad for anyone who's hung on this far and still going strong! Good luck to everyone!
Go TRMPQ!
Should have given them to Icahn. IMO
This is getting some play up another 30% today.
Up another 20% right now!
Go TRMPQ!
Form 8-K for TRUMP ENTERTAINMENT RESORTS, INC.
16-Apr-2010
Bankruptcy or Receivership, Unregistered Sale of Equity Securit
ITEM 1.03 BANKRUPTCY OR RECEIVERSHIP
As previously disclosed, on February 17, 2009, Trump Entertainment Resorts, Inc. (the "Company") and certain of its direct and indirect subsidiaries (collectively, the "Debtors") filed voluntary petitions in the United States Bankruptcy Court for the District of New Jersey in Camden, New Jersey (the "Bankruptcy Court") seeking relief under the provisions of chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). In addition, as previously disclosed, the Debtors withdrew their joint chapter 11 plan of reorganization, as filed with the Bankruptcy Court on August 3, 2009, and thereafter amended (the "Original Debtors' Plan") and the Disclosure Statement relating thereto (the "Original Debtors' Disclosure Statement") and endorsed and became co-proponents of the plan of reorganization proposed by the Ad Hoc Committee (the "Ad Hoc Committee") of certain holders of the Debtors' 8.5% Senior Secured Notes due 2015 (the "Second Lien Notes") filed on August 11, 2009, and thereafter amended (the "AHC Plan") and the Disclosure Statement relating thereto (the "AHC Disclosure Statement"). On December 24, 2009, the Debtors and the Ad Hoc Committee filed with the Bankruptcy Court a revised AHC Plan and revised AHC Disclosure Statement (as thereafter amended on January 5, 2010, the "AHC/Debtor Plan" and "AHC/Debtor Disclosure Statement", respectively), reflecting the Debtors' support of and co-proponent role with respect to such Plan.
On March 2, 2010, the Debtors and certain holders of the Second Lien Notes entered into a commitment letter providing for a $45 million secured debtor in possession notes facility. On March 16, 2010, the parties entered into an amended and restated commitment letter providing initially a $24 million secured debtor in possession notes facility and up to an additional $21 million secured debtor in possession notes facility subject to certain regulatory approvals (collectively, the "DIP Facility"). The borrowings under the DIP Facility would accrue interest on the outstanding principal amount thereof at a rate per annum equal to 10% payable on the earlier of the termination date or the date on which an event of default occurs. The maturity date of the DIP Facility would be the earliest of (a) six months from the closing date (or five months after the closing date if the backstop agreement with the Backstop Parties is not amended to extend the termination provisions thereunder), (b) the effective date of the AHC/Debtor Plan, (c) the date of confirmation of a plan of reorganization other than the AHC/Debtor Plan and (d) the acceleration of the loans and termination of the commitments. The borrowers would be subject to certain affirmative covenants, as well as negative covenants. There are no financing or commitment fees required under the DIP Facility.
Also, on March 2, 2010, the Debtors filed a motion for entry of an order authorizing the incurrence of postpetition indebtedness with priority over administrative expenses and secured by liens on property of the estates pursuant to, and approving, the DIP Facility. On March 16, 2010, the Debtors filed a notice of filing with respect to the amended and restated commitment letter and related documents. The Bankruptcy Court has stated that the DIP Facility will be approved upon submission of an agreed upon form of order, which should be filed with the Bankruptcy Court shortly.
On April 12, 2010, the Bankruptcy Court entered an opinion on confirmation (the "Opinion") stating that the AHC/Debtor Plan will be confirmed provided certain modifications are made and the DIP Facility is approved. The Debtors and the Ad Hoc Committee have agreed to make the modifications. Debtors will shortly be filing a revised plan with the Bankruptcy Court, which will also be filed with the Securities and Exchange Commission on a Current Report on Form 8-K. A copy of the press release announcing the Opinion is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The following is a summary of the matters to occur pursuant to the AHC/Debtor Plan. This summary only highlights certain of the substantive provisions of the AHC/Debtor Plan and is not intended to be a complete description of, or a substitute for a full and complete reading of, the AHC/Debtor Plan.
The key terms of the AHC/Debtor Plan are as follows:
? a capital contribution of $225 million in new equity capital (in exchange for 70% of the new common stock in the Reorganized Company) in the form of a rights offering to holders of the Second Lien Notes and general unsecured claims backstopped by members of the Ad Hoc Committee (the "Backstop Parties") (who will receive 20% of the new common stock in the Reorganized Company as a backstop fee in consideration for their agreement to provide such backstop);
? $125 million repayment of the first lien loan and reinstatement of the balance of the loan on modified terms;
? 5% of the new common stock in the Reorganized Company and warrants to purchase up to an additional 5% of such new common stock will be issued to Donald J. Trump ("Mr. Trump") or his affiliates, which warrants will be exercisable for five years commencing on the effective date of the AHC/Debtor Plan at a price per share equivalent to the $1.25 billion principal amount of the Second Lien Notes plus all interest accrued thereon as of the petition date divided by the . . .
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
The information provided in Item 1.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
ITEM 3.03 MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS
The information provided in Item 1.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
ITEM 5.01 CHANGES IN CONTROL OF REGISTRANT
The information provided in Item 1.03 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01. Information concerning the Backstop Parties and the amount of the new common stock of the Company to be owned by them is included in the AHC/Debtor Disclosure Statement which was filed as an exhibit to the Company's Current Report on Form 8-K dated December 24, 2009, and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
99.1 Press Release, dated April 12, 2010, issued by Trump Entertainment Resorts, Inc.
Cautionary Statement Regarding Forward-Looking Statements
The information contained in this Current Report on Form 8-K, including the exhibits being furnished as part of this report, as well as other statements made by the Debtors may contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect, when made, the Registrants' current views with respect to current events and financial performance. The words "possible," "propose," "might", "could," "would," "projects," "plan," forecasts," "anticipates," "expect," "intend," "believe," seek," or "may," the negative of these terms and other comparable terminology, are intended to identify forward-looking statements, but are not the exclusive means of identifying them. These forward-looking statements include statements other than historical information or statements of current condition, but instead represent only the Registrants' belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Registrants' control. Forward-looking statements are subject to a number of risks, contingencies and uncertainties, some of which our management has not yet identified. Forward-looking statements are not guarantees of future performance; subsequent developments may cause forward-looking statements to become outdated; and actual results, developments and business decisions may differ materially from those contemplated by such forward-looking statements as a result of various factors, certain (but not all) of which are discussed in the risk factors included in the Registrants' reports filed with the SEC including, but not limited to, their Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Important factors that could cause actual results to differ from those contemplated by forward-looking statements include, but are not limited to, the Debtors' ability to obtain Bankruptcy Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Debtors to consummate the AHC/Debtor Plan or any other plan of reorganization with respect to the chapter 11 cases, the terms of the restructuring or reorganization plan ultimately implemented, the timing thereof, the related costs and expenses, and the ability of the Registrants to maintain normal relationships with its vendors, service providers and customers. The Registrants disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Debtors' various prepetition liabilities, common stock and/or other equity securities.
Pursuant to the requirements of the Exchange Act, each of the Registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 16, 2010
TRUMP ENTERTAINMENT RESORTS, INC.
By: /s/ Robert M. Pickus
Robert M. Pickus
Chief Administrative Officer and General Counsel
TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P.
By: /s/ Robert M. Pickus
Robert M. Pickus
Chief Administrative Officer and General Counsel
TRUMP ENTERTAINMENT RESORTS FUNDING, INC.
By: /s/ Robert M. Pickus
Robert M. Pickus
Chief Administrative Officer and General Counsel
http://ca.us.biz.yahoo.com/e/100416/trmpq.pk8-k.html
What's in a name? For Trump, it's a lot
What's in a name? For Trump, it's a lot
BRAND WINS: Judge rules on side of perceived equity, fame
PHILADELPHIA – Donald J. Trump is a juggernaut — on that, marketing folks agree.
Trump the man and Trump, the brand — emblazoned on everything from condo towers and golf courses to casinos, TV shows, and best-selling books — stand among a handful of global celebrity icons (Oprah, Martha, and yes, Tiger) who instantly conjure an image with consumers, connecting personality with product.
But a federal bankruptcy judge’s decision this week raised some interesting questions: Is a brand really worth more to a company than the chance to shed millions of dollars in debt?
And is keeping that brand critical to survival — in this case, the survival of the three Atlantic City, N.J., casinos that bear the Trump name?
“Whether you like him or not as a person, he’s cultivated a brand name that is probably as large as life as a Procter & Gamble. It’s a name with an unbelievably high recognition factor,” said Gene Marbach, group vice president at Makovsky & Co., a New York public- and investor-relations firm.
LOUIS VUITTON OF REAL ESTATE
Trump is to real estate what Louis Vuitton is to fashion, said Ronn D. Torossian, president and chief executive officer of 5W Public Relations, which has offices in New York and Los Angeles.
“By having the Trump stamp on your brand, you’re making a very strong statement — one that is very positive and one that resonates with consumers and banks, both domestically and internationally,” he said. “It’s a brand that is worth a tremendous amount.”
Just how much it’s worth was a central issue in Monday’s 121-page ruling by U.S. Bankruptcy Judge Judith Wizmur, who ruled in favor of Trump, Trump Entertainment Resorts Inc., and its bondholders maintaining control of the Trump Plaza, Trump Taj Mahal and Trump Marina casinos as they emerge from a third round of bankruptcy.
The Trump forces prevailed despite what appeared to be a better offer from another financial icon, billionaire Carl Icahn, who presented almost twice as much — $486 million vs. $225 million, and elimination of all the company’s debt.
In the world of New York real estate, few were surprised by the importance Wizmur placed on the Trump name — which, they said, has carried tremendous weight in the Big Apple since the mid-1980s.
“Just the name brand says a lot,” said Amir Korangy, founder and publisher of The Real Deal, a news magazine considered the bible of that state’s real estate industry. “It’s like having the name ‘Awesome.’ ”
Mickey Roth, president of Park-River Properties, a luxury real estate company in New York, said selling condo units in Trump’s Manhattan properties is a lot easier than with some other buildings.
CASINO BRANDING
Still, said Jerry Wind, a marketing professor at the University of Pennsylvania’s Wharton School, when it comes to the Atlantic City casinos, things are not as clear-cut.
“It’s a little difficult to conclude that no other name could match the awareness, value and meaning of the Trump name,” said Wind, who teaches advertising strategy and new-product and business development. “Definitely, the Trump name is well known, (but) names are not the only thing that could attract people to a casino.
During the final day of testimony in the Trump casinos’ bankruptcy case, Vincent J. Intrieri, senior managing director of Icahn Partners LP, worked to make that very point.
Intrieri tried to diminish the value of the Trump brand to the three casinos and said Icahn was willing to invest $15 million to rebrand them.
“I don’t think people go to a casino because it has the Trump name,” he said. “They go for the quality of the product, service, types of amenities it has, and the condition it’s in. No one goes to a casino because of the name.”
Judge Wizmur disagreed, ruling that the Trump name and the casinos were unequivocally linked.
“That is an amazing ruling,” said Marbach, the New York PR exec.
“There is a tremendous amount of equity in the Trump name that’s very difficult to replicate.”
http://www.thenewstribune.com/2010/04/18/1152402/whats-in-a-name-for-trump-its.html#ixzz0lV54ja10
Thanks that's helpful. I personally will continue to monitor and watch this unfold and see where things go but definitely looks concerning. I think we all have know that for some time, bankruptcy is nev3ere good thing at the best of times. Hopefully this next time around the company can get it right for the company and everyone's sake.
C. With respect to the Icahn/Beal Plan, Ballots need not be provided to the
holders of (i) Claims in Classes 1 (Other Priority Claims), 2 (Other Secured Claims) and/or 6
(Intercompany Claims) because they are unimpaired and, therefore, conclusively presumed to
accept the Icahn/Beal Plan; and (ii) Claims or Equity Interests in: Class 7 (Section 510(b)
Claims), Class 8 (TER Equity Interests), Class 9 (TER Holdings Equity Interests), and/or Class
10 (Subsidiary Equity Interests) because they will retain and receive no property under the
Icahn/Beal Plan and, therefore, are deemed to reject the Icahn/Beal Plan.
D. With respect to the AHC/Debtor Plan, Ballots need not be provided to the
holders of (i) Other Priority Claims in Class 1, Other Secured Claims in Class 2, Intercompany
Claims in Class 8, and Subsidiary Equity Interests in Class 12 because they are unimpaired and,
therefore, conclusively presumed to accept the AHC/Debtor Plan, and (ii) Section 510(b)
Claims in Class 9, TER Equity Interests in Class 10 and TER Holdings Equity Interests in Class
11 because they will not receive or retain any property under the AHC/Debtor Plan and,
therefore, are deemed to reject the AHC/Debtor Plan.
http://www.terrecap.com/1085_13654.pdf
Preferred AND commons are TOAST !
Icahn/Beal Exhibit 4
NOTICE OF NON-VOTING STATUS TO IMPAIRED CLASSES:
CLASS 7 (SECTION 510(b) CLAIMS), CLASS 8 (TER EQUITY INTERESTS),
CLASS 9 (TER HOLDINGS EQUITY INTERESTS), AND CLASS 10
(SUBSIDIARY EQUITY INTERESTS) THAT ARE DEEMED TO REJECT THE
PLAN
http://www.terrecap.com/1079_beal_exhibit_4.pdf
Helpful link:
http://www.terrecap.com/dis.php3
*************************************************************************************************************
Trump Entertainment 4.0: Less debt, more Ivanka
By WAYNE PARRY (AP) – 2 days ago
ATLANTIC CITY, N.J. — About to leave its third bankruptcy behind, Trump Entertainment Resorts has a simple formula for the future in the cutthroat Atlantic City casino market: less debt, more cash and more Ivanka.
It also plans to expand beyond New Jersey.
A federal bankruptcy judge on Monday chose bondholders led by New York-based Avenue Capital Group and Donald Trump and his daughter Ivanka to buy the company out of bankruptcy for $225 million. Their bid topped a rival one from billionaire Carl Icahn, who wanted to swap the $486 million mortgage he holds on Trump Entertainment for ownership of the company.
When Trump Entertainment emerges from bankruptcy court later this year, its debt will be cut to $334 million, from nearly $1.8 billion. And that, Donald Trump says, is why the company will succeed where it failed three times before.
"This time we really cut the debt," he told The Associated Press on Tuesday. "It was never really cut enough. We've cut the debt down to a low level, and we now have a company in good financial shape."
Icahn's plan would have eliminated all the company's debt, but it also would have wiped out bondholders' investments — a key factor that led Judge Judith Wizmur to side with the proposal from the Trumps and the bondholders.
Mark Juliano, Trump Entertainment's CEO, said the company's first priority is revitalizing the three Atlantic City casinos it owns: the Trump Taj Mahal Casino resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino, which is being put back on the selling block this week.
But Juliano said the company will seek opportunities in other states to lessen its dependence on a single, struggling market, particularly if it can sell Trump Marina.
Expect to see a lot more of Ivanka Trump in the coming months, as she becomes one of the main public faces of Trump Entertainment. Already familiar from Trump Entertainment billboards in and around Atlantic City dating from the days before she and her father quit its board amid the bankruptcy filing, the executive vice president of development & acquisitions for the Trump Organization will play a larger role in marketing Trump Entertainment as well.
"We're going to include her in a lot of things, marketing, advertising," Donald Trump said. "The bondholders like both of us, but they've really gotten into Ivanka."
Active in hotel and real estate projects around the world for her father's company, Ivanka also has her own line of jewelry, and stars along with her father in "The Celebrity Apprentice," where she checks on the progress of competitors during their weekly assigned tasks, then questions them in the board room before her father fires one of them.
"The company started using my likeness to appeal to a younger demographic and a female demographic," the 27-year-old said in an interview Tuesday. "We've agreed to extend that and make it a legal right of the company."
Joe Weinert, senior vice president of Spectrum Gaming Group, a New Jersey casino consulting firm that is not involved with Trump Entertainment, said having Ivanka Trump more visible is "an experiment worth trying."
"She's a very bright, attractive person who resonates with the new market that Atlantic City needs to attract," he said. "Atlantic City has skewed older with its customers. The younger market is where the new dollars are at. They spend cash and they come to Atlantic City looking for a good time, not just to gamble."
Weinert said the bankruptcy deal will free up cash the company should use to continue modernizing its properties in the nation's second-largest gambling market, which continues to struggle against newer slots parlors in Pennsylvania, Delaware and New York.
Juliano said the company will try by the end of this week to revive a broken deal to sell Trump Marina to New York developer Richard Fields, a former protege of Donald Trump.
If Fields and his company, Coastal Marina LLC, aren't interested, Juliano said Trump Entertainment will seek another buyer. A Coastal spokesman did not return a call seeking comment Tuesday.
The deal fell apart last year after the price was reduced twice, finally to $270 million. The Marina is expected to fetch even less now.
Cory Morowitz, a New Jersey casino analyst, said the new financing and lower debt give Trump Entertainment "some cushion," but he said rethinking Trump Entertainment's strategy will be key.
"Ultimately, their viability will be dependent on their ability to stabilize cash flows in Atlantic City at current levels — and possibly (on) selling Trump Marina," he said. "They really need to reinvent themselves to appeal to markets that are currently rejecting them and Atlantic City."
http://www.google.com/hostednews/ap/article/ALeqM5gzl28z7aN-WxmS0dK701MmWnkZeAD9F2CML00
UP 15%+- Yesterday and another almost 13% today! Not bad at all!
Go TRMPQ!
How many times have the shareholders been screwed here? And they still can't operate the casinos at a profit.
Just my proxy I got in the mail... You should have gotten one too.
Just curious if you have seen anything referencing anything of the sorts and if so could you please provide and link and reference to because that would be helpful. Thanks in advance.
I think the common shareholders will be scrapped off but the perfered will be kept.
Of course and in reality my understanding for the past 10+- years he has never really owned more than 35% of the company anyway and 10% of a company that is worth hundreds of millions of dollars is still 10% of hundreds of millions and worth more, much much more as the company and the economy strengthens! Not bad in my books!
I'd rather be a minority Shareholder with that kind of stake in a company worth hundreds of millions than a majority Shareholder in company not worth hundreds of millions, but that's just me. LOL!
To your other question. I have seen nothing to that effect! It is my understanding one of the primary reasons the Judge ruled this way was specifically looking at just that with obvious focus being larger shareholders but I have seen nothing that would indicate the common shares would be in any way eliminated.
What I do know is that the competing Plan from Carl Icahn would have seen everyone else wiped out!
I am still looking to gather information as others should also do as well, but I do not personally think we are too bad considering and all in all much better off in any case either way because Icahn Plan was one that would have seen any other investment wiped out and turned to being made worthless.
The economy is recovering and so are the company and shares for that matter! I think it will do better out of Bankruptcy that in but that is just my opinion! All of course IMO and your should play it as you see fit but think I am going to see where this one goes and personally I think its future just became alot brighter! IMO!
Go Luck to all!
Go TRMPQ!
He is a minority shareholder being paid a pct to license his name. More important will the common shareholders be wiped out per the new approved plan?
You're hired: Trump wins part stake in 3 casinos
A bankruptcy court judge on Monday said the words Donald Trump has longed to hear ever since he lost control of the casino empire that bears his name: You're hired.
By WAYNE PARRY
Associated Press Writer
ATLANTIC CITY, N.J. —
A bankruptcy court judge on Monday said the words Donald Trump has longed to hear ever since he lost control of the casino empire that bears his name: You're hired.
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.
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.
"Since I opened Trump Plaza over 25 years ago, I have always thought that through smart investments we could create a truly special and vibrant resort on the Atlantic Ocean," he said. "We have a company with a solid balance sheet, enthusiastic ownership and dedicated management, and I am enthusiastic about the future."
The group offered $225 million for the company, topping a bid by billionaire investor Carl Icahn and Texas-based Beal Bank. Icahn had bought the $486 million mortgage on Trump Entertainment Resorts and proposed converting the debt into ownership of the company.
Wizmur wrote that the Icahn-Beal plan was more feasible in that it would eliminate the company's debt. But the Trump-bondholder plan provides a partial recovery for investors, who would have been wiped out under the Icahn plan.
The company "would continue to benefit from the use of the Trump brand, and the future support of Donald and Ivanka Trump, free from potential litigation, rebranding costs and disruptions, and the associated business risks with losing the brand," Wizmur wrote.
During the trial, Icahn's team considered stripping the Trump name from the casinos. Icahn, through an attorney, declined comment on the judge's decision.
The judge also wrote that New Jersey casino regulators would more quickly approve the bondholders and Trump.
Had Icahn won, he would have owned four of Atlantic City's 11 casinos. He bought the Tropicana Casino and Resort at a last month for $200 million out of bankruptcy court.
Getting Trump Entertainment's casinos would have placed him on equal footing with Harrah's Entertainment Inc., which also owns four casinos here. It would have concentrated most of the nation's second-largest gambling market in the hands of just two owners.
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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.
Mark Juliano, CEO of Trump Entertainment Resorts, said Judge Wizmur approved the bid from Trump and the bondholders because it injects new capital into the business and allows the company to shed $1.4 billion in debt. It will emerge from bankruptcy with $334 million in debt.
"It would have been a disaster had it gone the other way," Juliano said of the judge's decision.
The outlook for Trump Entertainment remains challenging. Atlantic City is in the fourth year of a revenue decline caused by new slots parlors opening in nearby Pennsylvania, New York and Delaware, and exacerbated by the recession.
But Marc Lasry, the chairman and CEO of Avenue Capital Group, said the bondholders still believe in Atlantic City.
"We are making this investment into this company because we firmly believe in the future of the gaming business in Atlantic City and the strength of the Trump brand," he said. "Despite the tough effects of the economic downturn, the fact remains that the attributes that make Atlantic City special have not changed."
Smaller casinos like Trump Marina, one of the worst-performing of Atlantic City's 11 gambling halls, are particularly vulnerable.
Before the bankruptcy filing, Trump Entertainment tried to sell Trump Marina to New York developer Richard Fields, but the deal fell apart. Donald Trump and Juliano said it is too soon to determine what will become of that casino.
Donald Trump was already looking at cross-marketing possibilities Monday evening.
"The TV show (The Celebrity Apprentice) is doing fantastic, and now we can put the casinos in the show," he said.
http://seattletimes.nwsource.com/html/businesstechnology/2011590374_apustrumpcasinos.html
"The Donald" won nothing it is the bondholders who won and now have control of the casinos.
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Trump Entertainment Resorts Inc.
1000 Boardwalk
Atlantic City, NJ 08401
Phone: 609-449-6515
Fax: 212-688-0397
Web Site: http://www.trump.com
Web Site: http://www.trumptaj.com
Web Site: http://www.trumpplaza.comWeb Site: http://www.trumpmarina.com
Trump Entertainment Resorts, Inc. owns and operates Trump Taj Mahal, Trump Plaza and Trump Marina, the only three resorts in Atlantic City to have earned the prestigious Five Star Diamond award. With more than 3,600 rooms, 365 gaming tables, and 7,700 slot machines, Trump Resorts truly offers Atlantic City visitors "unabashed luxury". Employing more than 9,000 employees.
Trump Entertainment Resorts, Inc., a gaming company, engages in the ownership, operation, and management of casino hotel properties in the United States. It offers slot machines and various table games, including poker. The company’s casino hotels also provide amenities and services, which include ballrooms, conference space, prefunction area space, a cabaret theater, cocktail lounges, restaurants, player clubs, health spas, indoor pools, and retail outlets. Trump Entertainment Resorts operates four casino properties, which include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey; Trump Marina Hotel Casino, located in Atlantic City's Marina District; and the Trump Casino Hotel, a riverboat casino located in Gary, Indiana. The company’s properties together comprise approximately 371,300 square feet of gaming space and 3,180 hotel rooms and suites. The company was formed in 1995 and was formerly known as Trump Hotels & Casino Resorts, Inc. It changed its name to Trump Entertainment Resorts, Inc. in May 2005. Trump Entertainment Resorts is based in Atlantic City, New Jersey.
On April 2, 1990, Donald J. Trump unveiled the Trump TAJ Mahal Casino Resort. Unprecedented in craftsmanship and opulence, the awe-inspiring architectural masterpiece is filled with the finest carpets, chandeliers and works of art in the tradition of the world's most grand and enchanting palaces. Among the billion dollar property's most remarkable statistics:
* One of the largest casinos in the world, with slot machines, gaming tables, poker tables and a state-of-the-art simulcast facility.
* $14 million worth of German crystal chandeliers, including 245,000 piece chandeliers in the casino alone, each valued at a cost of $250,000, and taking over 20 hours to hang.
* 4 1/2 times more steel than the Eiffel Tower.
* If laid end to end, the building support pilings would stretch the 62 miles from Atlantic City to Philadelphia.
* $4 million in uniforms and costumes outfit over 6,000 employees.
* A city within a city, the world's most elegant and expansive themed suites with magnificent ocean views, individual spas, butler service and the private, bi-level Maharajah Club for intimate gatherings, light dining, reading and relaxation.
* 1,250 guest rooms, including 237 suites are housed in the hotel tower.
* From the 51st floor, at 429 feet above sea level, you are standing atop one of the tallest man-made structures in New Jersey.
* At approximately 4,500 square feet, the Alexander the Great Suite is the ultimate residence with its own steam room, sauna, weight room, bar, lounge, living room, pantry, master bedroom and one guest room. Cost for one night: $10,000.
* Three additional check-in areas can be found throughout the resort: the concierge-style VIP Services in the main lobby; the motor coach terminal and the convention registration desk on the second floor.
* 70 colorful minarets adorn the roof-tops.
* Seven, two ton elephants of carved stone greet visitors of the Trump TAJ Mahal.
* An entire two-year output of Northern Italy's Carrera marble quarries-the marble of choice for all of Michelangelo's art-adorn the hotel's lobby, guest rooms, casino, hallways and public areas.
* Nine restaurants can accommodate 3,000 diners at any given time. That number increases if all the banquet facilities are fully utilized.
* 140,000 square feet of convention and exhibit space, including 22 meeting rooms and three ballrooms, the largest measuring 30,000 square feet.
* The 63,000 square foot Mark G. Etess Arena can accommodate up to 325, 8' x 10' exhibition booths. The arena can also seat over 5,000 people for concerts and sporting events.
* A state-of-the-art Health Club and Fitness Center with a near Olympic-sized indoor pool. The spa also offers Jacuzzi, steam baths, tanning booths and sundecks.
* The motor coach terminal can accommodate 22 full-size buses.
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