Perhaps The Donald should assign some of his interns to price out the value of Trump Entertainment Resorts, Inc. (NASDAQ: TRMP). It seems, according to the Philadelphia Enquirer, that the company's asking price of $22 a share is double what the prospective buyer is willing to pay.

In an analysis that would deflate the ego of a lesser man, Bear Sterns Cos. Inc. recently placed a fair-market price of $11 on the stock, which is trading modestly above that level. Trump Entertainment Resorts, which owns casinos in Atlantic City, is thought to be very vulnerable to new gambling venues in development in New York and New Jersey. Earlier this month, CEO James Perry was forced out due to his lack of support for the rumored sale to Dennis Gomes and JEMB Realty Corp.

The disconnect between TER's expectations and the market's valuation of the company has a couple of troubling aspects. Given the sweet deal Harrah's Entertainment recently penned with Apollo Management and Texas Pacific Group, Trump's paltry valuation makes even more obvious its shortcoming. And since the company hired Merrill Lynch to help craft a deal, I have to wonder who is avoiding a reality check here.

Trump Entertainment is in a precarious position to turn down a legitimate offer, but the spread between the two positions could well prove as impenetrable as The Donald's coiffure.