Donald Trump moves against Carl Icahn’s casino restructuring plan
As creditors of the company, with us$ 100 million worth of claims against Trump Entertainment, the Trumps say they are entitled to vote “no” on Icahn’s plan and “yes” on their own competing plan, The New York Post reported.
In December, a judge said a restructuring plan from the casinos’ bondholders, and backed by Trump and his daughter Ivanka, would be allowed to compete with another plan from Icahn and his partner, Beal Bank. Creditors would be able to vote on each of the plans.
Trump Entertainment filed for Chapter 11 bankruptcy in February 2008 as regional competition and a drop in consumer spending hurt the its three Atlantic City casinos. It is the third plunge into bankruptcy for the company.
Beal Bank’s revised plan also raised the possibility of Trump’s name being wiped off the casinos, saying the name may be more of a “disadvantage” given the company’s multiple bankruptcy filings. The bondholders’ plan would give Trump a 10 % stake in the company and leave his name on the casinos.
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