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While Donald Trump fights to regain control of the bankrupt Trump Entertainment Resorts, the company is also being sued by Coastal Marina, LLC , the company that had agreed to acquire the Trump Marina Hotel Casino from the company prior to the bankruptcy filing.The lawsuit alleges that the company allowed the casino to fall into disrepair, and alleges fraud. Claiming that the buildings need $50 million in repairs, the lawsuit suggests that the casino put plants under leaky windows and skylights instead of repairing them. Ouch.
The suit seeks the return of $17 million in deposits toward the purchase as well as unspecified damages. Trump Entertainment Resorts told the Associated Press that the allegations are "ludicrous" -- especially the notion that it was deliberately diverting traffic from the casino to the company's other properties. CEO Mark Juliano said the lawsuit is just a case of "buyer's remorse" -- which makes perfect sense given the continued deterioration of the commercial real estate market since the deal was agreed to.
The allegations that Trump Entertainment Resorts wasn't taking good care of the building seem kind of strange: The whole point of trying to sell assets (and eventually declaring bankruptcy) was that the company had too much debt and not enough cash flow -- Trump couldn't afford to do work on the properties, and that's why there were losing market share. They're outdated and obsolete. If the company had the means to keep them in good shape, it wouldn't have sold them.
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