The "Donald" did it again for the third time. Donald Trump joined with bondholders to gain control of Trump Entertainment Resorts and its three casinos.

Trump, the master of the game, offered bondholders the use of the Trump name on the three casinos instead of cash. In a bankruptcy hearing, Judge Judith Wizmur, ruled that: "The Trump brand is worth million of dollars to the debtors. The debtors identification with the Trump Organization raises its profile in the gaming industry."

I was browsing through Forbes.com, taking a look at the Secrets of the Self-Made 2007. And there, staring at me, is possibly the ugliest comb-over ever. Yes, Forbes has chosen Donald Trump to be the poster-boy for self-made wealth.

Isn't that like putting Pamela Anderson on the cover of a magazine about all-natural ways to look good?

In his excellent book TrumpNation, Timothy L. O'Brien exposes The Donald for what he is: A charlatan born with his who has screwed banks and shareholders out of millions of dollars after ventures he's spearheaded have collapsed. His father was a major player in the New York real estate industry, and Trump used those connections to become a self-styled mogul.

Does that sound self-made to you? Couldn't Forbes have picked someone who really is an inspiring Horatio Alger story?

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.

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Trump Entertainment Resorts Inc. (NASDAQ:TRMP), the casino company fronted by the helmet-haired star of "The Apprentice," is up for sale.

Of course, those are not the words the company used. Reuters uses the diplomatic language of "weigh strategic options for financing, capital structure and other alternatives." Usually, the "alternatives" companies weigh involve avoiding getting its butt kicked by its competitors.

Trump hasn't been the King of Atlantic City for a long time. When I get the urge to gamble (my house is about 60 miles or so from Atlantic City), I hit the Borgota, or the Tropicana, anywhere but a Trump property which just aren't as nice.

Adding to the Donald's woes is the recent start of gambling in nearby Pennsylvania. Gamblers from the Philadelphia area don't have to travel far to play the slots and Atlantic City casinos now have to dole out more comps to keep their patrons happy.

Trump may sell all of its casinos or refinance them, according to media reports. My bet is that the banks aren't going to be interested in helping Trump the company out if Trump the businessman is involved at all. Trump may wind up being a brand mascot like Colonel Sanders. Still, I bet that larger casino operators will be interested in some if not all of Trump's properties that are being shopped by Merrill Lynch & Co. (NYSE:MER)

This places NBC in a bind. "The Apprentice" is predicated on the position that Trump is a huge sauces. Maybe the season of the program will feature the suck-ups -- I mean apprentices -- having a garage sale on the Atlantic City boardwalk. I would even tune in to watch.