If Donald Trump files for bankruptcy, it certainly won't be the first time. For Trump Entertainment Resorts (NASDAQ: TRMP), the Donald has a deadline of today to renegotiated a $1.25 billion debt.

What's the big deal? It turns out that Trump Entertainment -- which owns the Trump Taj Mahal, Trump Plaza and Trump Marina in Atlantic City, missed a $53.1 million bond payment on December 1, and got a 30-day extension. The holders of 70% of Trump Entertainment's outstanding senior secured notes due in 2015 agreed to wait until today to exercise their rights related to the missed bond payment. And today is the day for coming to terms on another loan as well. The lenders involved in a $490 million loan agreement also agreed to wait until today to exercise their rights.

If Trump Entertainment files for bankruptcy today, it will only be the fourth time it's done so since 1991. The weak economy is not helping Trump Entertainment. In 2008, sales at The Taj Mahal fell 5.1%, those at Trump Plaza dropped 6.4% and Trump Marina sales fell 15.8%. One analyst thinks that Trump will get another extension on his payment.

The proxy statement for flailing Atlantic City casino operator Trump Entertainment Resorts (NASDAQ: TRMP) is out. Just for fun, I'm including below the stock chart the company showed investors in its 10-K filed with the SEC -- which provides evidence of what a destroyer of value this company has been since its predecessors reorganized in 2005.

And yet its namesake, Donald J. Trump, has made quite a bit of money as it bleeds red.

Mr. Trump was paid $2 million for serving as chairman in 2007 -- a sum that I would say is completely undeserved, given the company's lack of performance while he devoted his time to sparring with Rosie O'Donnell on daytime talk shows. And then there's this gem:

Trump Entertainment Resorts Inc. (NASDAQ: TRMP) shares are on the rise after today's quarterly report, as the company announced higher profit on lower costs. Trump earned 21 cents per share on the quarter, 50% above analysts' expectations of 14 cents per share. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on TRMP.

After hitting a one-year high of $23.80 in November 2006, the stock tumbled to a 52-week low of $5.15 in August. TRMP opened this morning at $7.98. So far today the stock has hit a low of $7.83 and a high of $8.66. As of 11:05, TRMP is trading at $8.26, up $0.50 (6.4%). The chart for TRMP looks bullish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating.

Trump Entertainment Resorts, Inc. (NYSE: TRMP) calls active at higher volatility on renewed chatter:

TRMP was recently up 39 cents to $7.06 on renewed and unconfirmed takeover chatter. TRMP announced on July 2nd that its board of directors ended talks with potential acquirers. TRMP call option volume of 1,439 contracts compared to put volume of 219 contracts. TRMP September option implied volatility off 97 was above its 26-week average of 56 according to Track Data, suggesting larger price fluctuations.

ConAgra (NYSE: CAG) October implied volatility elevated at 31 into earnings per share (EPS) announcement:

CAG confirmed previously issued EPS and sales for 2008 on Septebmer 6th. CAG is expected to report EPS in late September. CAG announced on September 5th that it would remove the flavoring chemical diacetyl in the manufacturing of its microwave popcorn. CAG call option volume of 6,815 contracts compared to put volume of 8,182 contracts. CAG October option implied volatility of 31 was above its 26-week average of 20, according to Track Data, suggesting larger risk.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Netflix Inc (NASDAQ: NFLX)

Amazing. Amazon.com Inc (NASDAQ: AMZN), that big online retailer, sees the flix for the net. The shares keep rising for the online DVD rental company-up about 15%, highest since January-- even if their discs do come a little scratched. More than that though is while new subscribers are coming on; it's not exactly going gangbusters. Still, 6.8M is a whole lot of subscribers. Will Amazon, or someone else, overpay?

Rackable Systems Inc (NASDAQ: RACK)

Which came first: The ongoing takeover rumors or the higher stock price? Or was it that Dell Inc (NASDAQ: DELL) is said to be after Rackable, a provider of servers and storage products for high density data center deployments. Rack it up.

Feldman Mall Properties Inc (NYSE: FMP)

Word is that this real estate investment trust will look for a sale, combo or merger. They said the venerable firm of Friedman, Billings, Ramsey & Co. will help them "explore strategic alternatives." Then the stock went up.

STILL FLYING AROUND

Trump Entertainment Resorts Inc (NASDAQ: TRMP)

Dennis Gomes, whose name surfaced in March, is a one time gaming exec and regulator. He's signed a confidentiality agreement to have a look see at the firm's Atlantic City casinos. Separately, Las Vegas' Boyd Gaming Corporation (NYSE: BYD) has also been mentioned as a possible contender.

YRC Worldwide Inc (NASDAQ: YRCW)

The CEO of this Kansas-based transportation service provider has been quoted as saying that a takeover is possible. An LBO is likely. This week the shares have actively been trading up.

Dollar Tree Stores Inc (NASDAQ: DLTR)

Imagine a dollar tree where the stock keeps going up, up, up. Well, here it is, once again, a subject of takeover talk.

BUZZ

United States Steel Corporation (NYSE: X): Russia's Severstal may be prowling around...Plains Exploration & Production Company (NYSE: PXP): Takeover candidate's stock is sharply higher... Micron Technology Inc (NYSE: MU): Blackstone has interest...Ameristar Casinos Inc (NASDAQ: ASCA): A hot stock and takeover rumors abound...Nvidia Corporation (NASDAQ: NVDA): Remains an LBO candidate...The First Marblehead Corporation (NYSE: FMD): The student loan business is booming and earnings growth is strong, but who would buy it?...Marriott International Inc (NYSE: MAR): A target? But where's the movement?...Oakley Inc (NYSE: OO) as a target has been around and around, and now some say it will be bought by Luxottica Group (NYSE: LUX).

MOST NOTEWORTHY: Openwave Systems Inc (NASDAQ: OPWV), Trump Entertainment Resorts Inc (NASDAQ: TRMP) and Accredited Home Lenders Holding Co (NASDAQ: LEND) were today's noteworthy downgrades:

• Openwave Systems Inc (NASDAQ: OPWV) was downgraded to Underperform from Buy at Needham, as the firm no longer believes the company's assets and balance sheet are worth $11/share and expects the franchise to be again disrupted due to layoffs and asset sales. Openwave was also downgraded to Neutral from Overweight at JP Morgan, to Hold from Buy at Wedbush after no superior bid emerged to Harbinger's, and to Sector Underperformer from Outperformer at CIBC World Markets, which cited reduced prospects of a buyout.

• Trump Entertainment Resorts Inc (NASDAQ: TRMP) was downgraded to Underperform from Peer Perform at Bear Stearns citing valuation as upside from a takeout at current levels is remote.

• Accredited Home Lenders Holding Co (NASDAQ: LEND) was downgraded to Market Perform from Outperform at Keefe Bruyette & Woods following its acquisition by Lone Star for $400M.

OTHER DOWNGRADES:

• Bebe Stores Inc (NASDAQ: BEBE) was downgraded to Market Perform from Outperform at Friedman Billings citing new merchandise that lacks a significant casual component to drive business, tough comps, aggressively planned inventory levels for 2H, and the potential for sustained negative comps during the next few quarters.

• Friedman Billings also downgraded Aladdin Knowledge Systems Limited (NASDAQ: ALDN) to Market Perform from Outperform based on valuation and challenges in the U.S. market.

• General Mills Inc (NYSE: GIS) was downgraded to Peer Perform from outperform at Bear Stearns on valuation and concerns with the turnaround plan for Big G cereal division.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Tonight on CNBC's MAD MONEY, Jim Cramer was in the mood to do a little gambling, and explained his positive outlook on Trump Entertainment Resorts, Inc. (NASDAQ:TRMP). Cramer has been behind the casino stock last year when it was $16.85, but now it is $22.05.

It has $4 to $5 upside from here. Next week the company is presenting in Pennsylvania to build a casino in Fairmount Park, in Philadelphia. He thinks the decision will come in December and it has a better than 50/50 chance of being approved. Public sentiment should drive it up, and the news potential just isn't in the stock. He loves the gambling and gaming sector because the house always wins. He likes the remodelled resort and add-on project. The new CEO has brought in technology to get more out of customers. He said this is not a Vegas or Macau play, but it is in Atlantic City and A.C. has been making a big comeback. Cramer said a partnership with WYNN was sort of denied. The new casino being built close to it is actually good rather than bad.

There is also a real estate shortage in A.C., and TRMP owns a lot land around there. Cramer thinks that TRMP is worth $24 for the casino alone, Philly is worth $4 to $5 if it goes through, and the rest of land is worth $4 to $5 so the entire worth of the company is $32 to $34 per share to him. Cramer did say that you have to be very careful and you can only buy on pullbacks because it is thin volume and will run up too much if evryone piles in.

TRMP closed up 0.3% at $22.05 in normal trading, but it went up 4% to $22.95 in after-hours.

[Photo LeLuMus]