Trump stepped down last week because of the bankruptcy filing.
This is the 3rd bankruptcy filing for Trump Entertainment. It sounds like some blame Donald.
From casinogamingstock.net
As expected, Trump Entertainment (TRMP: 0.14 -12.50%) was forced into involuntary bankruptcy yesterday by bondholders. This marks the third bankruptcy for the casino operating company, with the marked difference that this time Donald Trump has left the board.
Market analysts had suggested that any reorganization of Trump Entertainment’s debt should require the exit of the founder, whose influence is seen as a large part of the problem. Reports noted such practices as Trump Entertainment overpaying Trump Construction to build a new casino tower, thus shifting money from one business to another.
Trump had made a last-second bid to buy the company from the bondholders, but they seem to feel they will be treated better by bankruptcy than by the Donald.
Mark Juliano, CEO of Trump Entertainment, said the casinos will continue to operate with business as usual, stressing that the Chapter 11 move is about reorganization, not liquidation.
Trump acknowledged the company had some rights to continue using his name, but mentioned he might take legal action to change that.
The stock lost forty percent of its value over the last day, since the formal filing for bankruptcy.
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