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Judge: Allow competition for Trump's casinos

August 28, 2009 6:09:56 AM PDT
Donald Trump has competition to regain control of the Atlantic City casinos that bear his name.

A federal bankruptcy judge in Camden Thursday said bondholders can make a competing bid for Trump Entertainment Resorts Inc. casinos.

The bondholders are offering $175 million for Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina.

Donald Trump has proposed a $100 million buyout in partnership with Dallas-based Beal Bank. The bondholders would stand to lose their $1.25 billion investment.

Trump resigned as chairman of Trump Entertainment Resorts just before the company filed for bankruptcy in February.

Trump Entertainment Chief Executive Officer Mark Juliano says the judge will decide which plan to accept on Oct. 29, barring any competing offers.

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


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