Saying the bankruptcy court made several mistakes
Carl Icahn appeals bankruptcy fight for three Trump casinos
(US).- Carl Icahn and Dallas-based Beal Bank appealed a bankruptcy court ruling they lost to Donald and Ivanka Trump and company bondholders over the three Trump Entertainment casinos in Atlantic City.
2010-05-18
Reading time 21 seg
The billionaire investor asked a judge to put off granting control of the three Trump Entertainment Resorts casinos to the Trumps and the bondholders, saying the bankruptcy court made several mistakes.
The Trumps and the bondholders, led by New York-based Avenue Capital Group, offered us$ 225 million for the company.
Icahn and the bank wanted to swap the us$ 486 million mortgage he holds on the company for ownership of it. They note in the appeal that the court admitted their plan was more likely to succeed than the Trumps'.
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