Trump Entertainment Resorts Inc. (fka TRMPQ)

[Cowboy200009]

Billionaires Compete For Control Of Trump Entertainment

Filed in Trump Entertainment (TRMP) on Mar.26, 2010

Trump Entertainment (TRMP: 0.40 0.00%) is waiting for a New Jersey bankruptcy judge to pass a ruling on which billionaire should gain control of the company’s Atlantic City gaming empire.

This marks the third time that the company, lead by Donald Trump has sought bankruptcy protection from creditors.

A decision is expected to be made in April; in the meantime the Judge ponders which reorganization plan will provide stabilization for the company.

Note holders have formed an alliance with Donald Trump, who has removed himself from the board, and has personally guaranteed repayment of at least $290 million they are owed in return for a 5% stake in the new company and continued use of the Trump name.

Carl Icahn, as a debt holder, has proposed a competing plan to clear $480 million in bank debt and whip out note holders who are owed approximately $1.2 billion.

http://www.casinogamingstock.net/news/billionaires-compete-for-control-of-trump-entertainment-trmp-902361