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Former shareholders want $4.1M from Trump casinos

December 3, 2008 6:17:58 AM PST
Seventeen former Trump casino shareholders want $4.1 million from a bankruptcy settlement between the company and stock investors. The shareholders on Monday asked a federal bankruptcy court to liquidate the three Trump casinos if they don't pay up in five days.

A lawyer for Trump Entertainment Resorts says the former shareholders sold their stock and are trying to get money they don't deserve.

The dispute dates back to 2005, when Donald Trump's former casino company went through Chapter 11 bankruptcy restructuring and came out as a new corporation.

As part of the deal, Trump agreed to pay eligible shareholders a settlement. The 17 former shareholders claim they were wrongly excluded from the deal.

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Information from: The Press of Atlantic City, http://www.pressofatlanticcity.com

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