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Earlier this year, Carl Icahn acquired 51% of bankrupt Atlantic City casino operator Trump Entertainment Resort's $486 million in senior, secured bank debt, setting himself up for a battle with The Donald over his reorganization plan for a company that has now been in bankruptcy three times.
Trump's plan would give him a 10% equity stake in the new company, but Icahn says it won't work. According to Icahn's comments in court papers, allowing Trump's plan to sail through would lead to a re-leveraging of the company, and would set it up for a fourth appearance in bankruptcy court.
Trump told The New York Post that Icahn "runs companies so badly that I think it'd be really bad for the company if he took over."
Icahn's retort: "I purchased the Stratosphere in Las Vegas out of bankruptcy for $300 million in 2000, cleaned it up and sold it one-and-half-years later for $1.3 billion . . . I don't notice the same record at the Taj which went bankrupt three times under Donald's stewardship."
Oh boy.
Something tells me this battle is just getting started. Two larger-than-life personalities engaged in a death match for the rotting corpse of Atlantic City. Who will win? The veteran takeover-king or the brash, media icon who is now making headlines trying to sell vitamins?
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Reader Comments (Page 2 of 2)
12-22-2009 @ 3:22PM
Gil said...
Carl Icahn will kick Trump's loud mouthed candy ass butt!
12-22-2009 @ 3:38PM
earsstinks said...
I wish someone pull his wig off !
12-22-2009 @ 3:43PM
Hoxsie said...
Trump's kids turned out to be A-1 productive business people. You never read about them acting like a couple of spoiled brats. Trump is , himself, a generous, philanthropic person. I can't understand the hatred (jealousy?) of ignorant posters to this board!
12-22-2009 @ 3:58PM
musician52 said...
trump has a new business offer - has to do with selling healthcare stuff. he is trying to make more money yet.
catch is..you have to have 500 dollars to invest in his multibillion dollar industry.
12-22-2009 @ 4:30PM
nickerson said...
This is great, two elite JEWS at each others throats, just loe it, both are ass ho's.
12-22-2009 @ 4:30PM
jljniel said...
They are both greedy and need to lose out on all.
12-22-2009 @ 4:47PM
J said...
csr, you make valid points. In Vegas, it seems to me, the slots take your money a lot slower than in AC, and they are very quick to comp you a ticket to a decent show or dinner. Food prices in Vegas are excellent, and in AC they are not just high, but you have to look very hard to find good food - it often requires travel well away from the Boardwalk, which is ridiculous. Of course Vegas has no beach, but neither does it have a frigid winter. If I hadn't given up gambling, I'd be much more inclined to visit Vegas than AC if given the choice.
12-22-2009 @ 4:57PM
Robert J. Eber said...
Atlantic City will lose no matter which slumlord wins. A once-lovely seaside resort now in total disarray. Anybody win in this?
12-22-2009 @ 7:06PM
phil said...
Nearly all of you people dislike anybody who is smart enough to make money legally.
12-22-2009 @ 7:21PM
Degar said...
I hope "TRUMP" takes it in the "RUMP!"
12-28-2009 @ 4:07AM
ELLEN said...
My hats off to "The Donald!" I've always admired a guy with his guts and stamina. Okay, he started out with a
big inheritance but you gotta admit he didn't sit on his
hands and play the big shot. He went to work, made it big and wrote a book about his life. He has become an American icon and that takes some doing. Hope the Donald stays on top forever. He also creates a lot of jobs for the rest of us. It's the American dream come true by a guy with "true grit."