Will Icahn save an A.C. icon?

February 18, 2009 12:15:53 PM PST
Financier Carl Icahn may be returning to Atlantic City.

The former owner of the now defunct Sands Casino Hotel is among parties who may offer to buy the Tropicana Casino and Resort once it is offered in a bankruptcy auction.

Gilbert Brooks, an attorney representing secured lenders who hold a $1.4 billion mortgage the casino-hotel, says Icahn and others are willing to make an offer as a so-called "stalking horse." That involves making a minimum offer in a bankruptcy court auction that other bidders can then exceed.

If no one else bids, the stalking horse gets the property.

It now looks like a bankruptcy auction will be authorized on March 18.

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