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Donald Trump settles casino case

Published 18/11/2009

Donald Trump ended his war with bondholders of the casino company that bears his name, settling for 10% of Trump Entertainment Resorts once it emerges from bankruptcy.

The real estate mogul announced that he and his daughter, Ivanka, were abandoning their battle over control of the company, which filed for bankruptcy protection in February.

The deal reached with 61% of the bondholders would give Donald Trump common stock and warrants worth 10% of the reorganised company.

The three Atlantic City casinos - Trump Taj Mahal, Trump Plaza and Trump Marina - will continue to use the Trump name, while Trump himself will be permitted to use it on other gambling ventures in states that do not compete directly with New Jersey.

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From Belfast Telegraph