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turds don't bounce..I doubt this trades after today
NICE BOTTOM HERE ! REBOUND !! 100% CHANCE IN NO TIME !!!
im scared it will do a six flags deal. you guys have balls of steel.
Back in for a daytrade. not gonna hold overnight shares could be canceled looks like.
Trump Entertainment Resorts Successfully Emerges From Reorganization
http://ih.advfn.com/p.php?pid=nmona&article=43637834
Trump Entertainment Resorts Successfully Emerges From Reorganization
Trump Entertainment Resorts, Inc. (the "Company") announced today that the Company, together with certain of its subsidiaries, has successfully emerged from a Chapter 11 reorganization process. Upon emergence today, Trump Entertainment Resorts has significant new financial strength and resources, and a shared vision for stability and growth under a new ownership structure.
Pursuant to the confirmed reorganization plan, $225 million of new equity has been injected into the Company, including $125 million intended for the reduction of pre-petition debt. Through the reorganization process, the Company has eliminated approximately $1.3 billion in debt. Additionally, the Company will be able to retain the Trump brand for Atlantic City operations. Donald J. Trump and his daughter, Ivanka Trump, supported the Company's confirmed plan of reorganization.
Earlier this week, the New Jersey Casino Control Commission granted the Company the required approvals to consummate the approved plan of reorganization. The Casino Control Commission also approved several petitions of Avenue Capital Group and affiliated companies necessary for the transaction to be completed and for Marc Lasry to assume the position of chairman of the board of the reorganized company. Mr. Lasry is the chairman and chief executive officer of Avenue Capital Group, a global investment firm, which served as the lead bondholder throughout the reorganization process and is now the largest shareholder of the reorganized Company.
Mr. Lasry commented, "Trump Entertainment Resorts today begins a period marked by new financial strength. Having just completed the transaction that made the Company's emergence official, I am more excited than ever about the future."
Mark Juliano, the chief executive officer of the Company and a member of the newly established board of directors, noted, "Our company is now well-capitalized and possesses a long-term strategy for growth. Our new board of directors and ownership group have made it clear that they are dedicated to the success of the Company over both the short- and long-terms. We are excited about the new chapter that begins today for Trump Entertainment Resorts."
Mr. Juliano further thanked the Company's employees for their continued dedication through the reorganization process. "The focus and support of our team in Atlantic City has truly been extraordinary, and I want to thank them for their perseverance. I know now more clearly than ever that our team is second to none, and I look forward to sharing our future successes together."
About Trump Entertainment Resorts
Trump Entertainment Resorts, Inc. owns and operates three casino resort properties: Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, and Trump Marina Hotel Casino, located in Atlantic City's Marina District. Together, at these properties, the company operates approximately 6,600 slot machines, nearly 350 table games and over 3,600 hotel rooms.
PSLRA Safe Harbor for Forward-Looking Statements and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements and information concerning plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could," "optimistic," "can" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of Trump Entertainment Resorts, Inc., the Company notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements.
The forward-looking statements contained in this release reflect the opinion of management as of the date of this release and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of the Company. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company. The Company does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Additional information concerning the potential risk factors that could affect the Company's future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC's website, www.sec.gov, or on the Company's website, www.trumpcasinos.com.
SOURCE Trump Entertainment Resorts, Inc.
You may be right and I personally am not sure, I again am not clear on the actual details. I have taken the description available from Google Finance for review.
Google Finance
Description
Motors Liquidation Company (old GM), formerly known as General Motors Corp., filed for bankruptcy on June 1, 2009. On July 5, 2009, an order was entered approving the sale of substantially all of Motors Liquidation Company’s assets to a new and independent company, General Motors Company (new GM), under Section 363 of the Bankruptcy Code on June 5, 2009. The sale closed on July 10, 2009.
http://www.google.ca/finance?q=PINK:MTLQQ
Everything I have read indicates that these shares should be "worthless" but they continue to trade and quite heavily at times.
I have read and been aware of this since at least early Jan wondering exactly what is the value but somebody must think these have value because they continue to trade.
In reality I think its very similar to what is happening with Trump Entertainment in that the company will sell off assets that are revenue neutral or losing to get ride of debt and keep assets going forward that generate or have bigger potential to generate revenue obviously looking for current and future opportunities to create and move itself into a profit position.
My thought just based on this is that the shares will continue to have some value. What that is ? I personally do not know but am sure there is somebody who might. My guess is that they may end up having 2 classes of commons with the new ones have greater value than the old or potentially that they may convert the existing shares to the new ones along with the new symbol minus the "Q" of course indicating they are out of Bankruptcy at a lower rate or at least in all likelihood a lower of number shares to reflect the new shares, new company( out of Bankruptcy ), new symbol( which might be the old one, which is the same minus the "Q" ) and new share value but these are just guesses on my part based on other information and other stocks I have seen.
It should be interesting! I like all who choose to continue to have any holding will continue to hope they have some value as long I choose to hold the stock and that there is potential to grow that value as the the company strengthens its financial position along with its profit margin to allow its growth along with its share holders.
Good Luck to all!
I might be real wrong but my understanding of the GM stock being traded currently represents the excess equipment and materials left over from the shutdown and when it is soldout that stock will have no value and disappear. To my knowledge GM auto mfg is not available on the open market at present. Please advise, I got caught up in that mess. Ouch!
Its on a super tank now... .01 coming???
Agreed as well! To some degree I think the whole industry likes to have it a little more complex than it should be and some who like to keep it this way so as to benefit on the backs of others.
Although we are all here to succeed for obvious reasons including wealth and the security that brings I would like to think there are some who are at least a little more righteous in their thinking and the ways and they achieve their expected or hoped outcomes. I know it's probably wishful thinking to point of being near blind but I am still ok with that as I sleep well at night and I hope the others do fair as well! LOL! Good luck to all!
It would be nice to have a site to get this type of information, even if it was a subscritpion site... Would save a LOT of money
I neither am sure for sure but your point is well taken and I essentially agree with your but there does seem to be at least some degree of variance depending the case and the company.
Your case and point about GM is well taken but if you look to the current worthless shares of GM Stock today is trading in the $ 0.41+ range http://www.google.ca/finance?q=PINK:MTLQQ and if that's "worthless" I kinda like it and have watched and seen this stock trade in above $ 0.50 and $ 0.60 although not a ton of money not bad in my books. I am not clear on what will happen to these shares but if that's what the potential that is not bad in my view. IMO!
In regards to your other questions they look like good questions and I personally am not sure either but hope others have some answers.
I too am trying to get some answers. I am not schooled in the fine arts of trading but I have heard that there is a process by which a company can cause common stock to become worthless and the shareholders take it on the chin. Case in point GM. What was the result of the court case scheduled to be heard today? Does anybody have any idea what's going on? I think I saw a report where Trump and company (family Member) bought 3m shares common @ $1.21 back in September 2009. I saw no follow-up since then.
CAN ANYONE ANSWER THIS? I cannot for the life of me find out whether common shares will be cancelled of whether shareholders will convert back to TRMP.. I have gotten like 20 different responses..
To be fair I don't know much about this process and am checking it out now. I bought on the drop...we'll see if she has any bounce tomorrow
Why would You buy TRMPQ if it is worthless? How can it dissolve like that?
wont this lose the Q now and share are worthless? starting right away
ANGRY HANK You were very correct about this stock, Why is the common stock wiped out like this? what happens to TRMPQ next will a new company form to invest in? if so when?
I was able to do it very quickly. Thankfully I did not try to get greedy.
worthless stock
you lose everything
And what does this mean? "We believe that five years from now, that equity (will be) worth a huge amount of money,” he said. “That’s the bet we’re making."
MMs trying to unload there worthless shares.
NJ approves bondholders as new owners of 3 Trump casinos in Atlantic City
By Wayne Parry, AP
July 14th, 2010
New owners approved for 3 Trump casinos in AC
ATLANTIC CITY, N.J. — The name on the casinos is still Trump, but the main owners of three Atlantic City casinos are now the company’s bond holders.
The New Jersey Casino Control Commission gave preliminary approval Wednesday to a group led by New York-based Avenue Capital Management to own Trump Entertainment Resorts.
The approval paves the way for Trump Entertainment to emerge from its third bankruptcy by Monday.
Avenue Capital, which specializes in buying the debt of distressed companies and trying to turn them around, will own the largest single stake in the company — 21.7 percent.
Marc Lasry, Avenue Capital’s CEO, said it plans to operate the casinos for at least the next five years.
“We believe that five years from now, that equity (will be) worth a huge amount of money,” he said. “That’s the bet we’re making.
“The biggest issue Trump had was it was just massively over-leveraged,” Lasry said.
“I’m nervous about it,” he admitted. “I’m also excited. It’s a phenomenal opportunity. But at the same time, there’s a lot of challenges. I hope we will be able to do a good job.”
A bankruptcy court judge chose the bond holders’ bid for the company over one pressed by billionaire investor Carl Icahn, who has appealed that decision.
Even though his name will remain on the casinos, Donald Trump will own no more than 10 percent of the company, however.
The company is expected to proceed with efforts to sell its smallest gambling hall, Trump Marina. Lasry said the company is fielding expressions of interest from several potential buyers.
Whether it will be sold or Trump will keep and renovate it depends on how much the buyers bid, he added.
“You need to spend quite a lot of money fixing it up,” he said. “We may come to a conclusion that the value of the Marina is greater than what someone is willing to give us.”
Trump Entertainment also owns the Trump Taj Mahal Casino Resort, and Trump Plaza Hotel Casino.
Lasry said Avenue Capital does not plan to take cash out of Trump Entertainment over the next five years and is open to making additional capital investments in Trump if necessary.
Due to the bankruptcy proceeding, the company’s debt will be cut to $334 million, from nearly $1.8 billion.
Grabbed a few here
They canceling the shares ?? What happens to the commons when they emerge monday??
"The approval paves the way for Trump Entertainment to emerge from its third bankruptcy by Monday."
http://blog.taragana.com/business/2010/07/14/nj-approves-bondholders-as-new-owners-of-3-trump-casinos-in-atlantic-city-78696/
Trump Entertainment's New Owners Tell Panel of Plan to Sell Marina Casino
http://www.bloomberg.com/news/2010-07-14/trump-entertainment-s-new-owners-tell-panel-of-plan-to-sell-marina-casino.html
bounced pretty good earlier
No clue in for the bounce though been tanking for weeks.
massive fall. this has been at about a dime fot a long time. interesting
count me in. what caused the selloff? short perhaps?
TRMPQ .035 -70% crashing in for a bounce.
Trump CEO Mark Juliano to head casino lobbying group
From Press staff reports | Posted: Thursday, July 1, 2010 | 14 comments
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Trump Entertainment CEO Mark Juliano.
Photo by: Mel Evans, AP file photo
ATLANTIC CITY — Mark Juliano, chief executive officer of Trump Entertainment Resorts Inc., has been named the new president of the Casino Association of New Jersey.
Juliano, who is keeping his full-time job with Trump Entertainment, will serve a two-year term as head of the association, the lobbying group for Atlantic City's $3.9 billion gaming industry.
Juliano, 55, of Haddonfield, replaces Joseph A. Corbo Jr., who had served as the association's president since 2006. Corbo is general counsel of Borgata Hotel Casino & Spa.
The move, effective Thursday, July 1, was announced in a press release. The term lasts for two years.
Juliano addressed Atlantic City's recent woes - and hopes for a successful return - in the press release.
"The past several years have presented a period of challenge for our industry as a result of regional competition and the national economy," Juliano said. "We believe that we have now entered into a period of great opportunity to change the fortunes and the image of the city and bolster our relationships with all legitimate stakeholders for the good of the entire state."
http://www.pressofatlanticcity.com/news/press/atlantic_city/article_a7be03ea-8464-11df-a1a2-001cc4c03286.html
This one delivers over and over~
I agree with You, thanks for very good advice.
Status is I was told to sell by CFO I suggest you do same but it is your money.
Another horrible day.. ieeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!~
What is the status for the common stock holder as we stand now?
You are totally correct, i have this deep gut feeling that trmpq is worhtless stock at this point, it has eveniced that it is going no where.
Trump Entertainment Sells Atlantic City Casino
Filed in Trump Entertainment (TRMP) on Jun.07, 2010
Trump Entertainment Resorts (TRMP: 0.40 0.00%) has been able to revive negotiations with Coastal Marina LLC for the rights to the Trump Marina Hotel and Casino in Atlantic City.
Previous negotiations fell apart in 2008 with both parties accusing the other of breach of contract, which resulted in a lawsuit over $17 million that Coastal paid as a deposit on the original sale.
Under terms of the new purchase agreement, both parties agreed to drop all pending litigation upon closing.
Coastal Marina will purchase the 27 story hotel, 80,000 square feet of gaming space and 60,000 square feet of convention space, nightclub, three players clubs, four retail outlets, six restaurants, cocktail lounge and health spa for $316 million.
Richard Fields, chairman of Coastal Marina said that the casino hotel will be re-branded and refurbished to fit within their “Margaritaville” brand.
“Together with Jimmy Buffet’s team at Margaritaville, our plans are to create an exciting new property that we believe will tap its full potential and make it one of the most successful destination gaming resorts in Atlantic City,” Fields said.
“They are buying a wonderful building in a great location. It has been an important part of our company with a loyal customer base and a dedicated team.” responded Trump.
http://www.casinogamingstock.net/news/trump-entertainment-trmp-sells-atlantic-city-casino-903091
lets hope those hotels become profitable. The properties acutally have great potential. i think TRMPQ has no involvment in the Vegas casino, but im not totally sure. Hotel business is a tricky one. The ultimate problem is the wear hotels take and than need to be rebuilt. i would encourage smaller more efficent hotels with salaried staff who are paritally paid thorugh stock ownership as well as housing included. coampnies need to carefully pick employees and ways to keep them long term. Hourly employees always cost allot of money and truthfully high staff turnover reflects a bad company to invest in. profitable companies tend to keep staff, encourage staff training and offer long term job security. The modern hotel industry remains very competative. Companies that have held a strong corporate ownership, good advertsing, and a well known name such as "motel 6" are probally better for long term investment.
I had actually forgot they had one there, I was thinking of the one in Atlantic City.
Tropicana Hotel & Casino
2831 Boardwalk
Atlantic City, NJ 08401-6338
http://www.tropicana.net/
And yes I have heard they are and have been in deep trouble but no affiliations of any other as I understand from Trump or the Trump organization in any way.
It is the Tropicana in Vegas, and yes they are in real trouble.
The Tropicanc is in Vegas at 3801 Las vegas Blvd South. Im not sure if Trump still has any interest in this property but if im correct it was created by him, i think that You are correct under his restructring paln he may have dropped this hotel When i stayed there it was owned by him? i have also stayed at his Atlantic City hotels. They are all very mariganl properties. very simple for me to judge any hotel, if im paying $135 per night i want control over the room temp, i also want a window that opens for fresh air. No im not impressed with his current business plan, as common stock would be dropped and a new symbol assigned again. It would be a better gamble to go to the hotel casino with my money and gamble it in a slot machine before taking a risk with my hard earned money on this stock. Many thanks for your helpful input and continued discussion on this stock. lets hope it goes up again. In the beggining of TRMPQ i was hoping for $1.25 by now on this stock. What happened to the first plans when TRMPQ began?
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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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