Beal Bank makes bid for Trump casinos

ATLANTIC CITY, N.J. - November 25, 2009

Beal Bank is offering to convert its $486 million loan to the casinos into equity in Trump Entertainment Resorts.

The move came a week after Donald and Ivanka Trump, who made a joint bid earlier this year with Beal to buy the company, withdrew their support for that deal and instead backed a bid by bondholders to buy the company. Donald Trump would get 10 percent of the company if that plan prevails.

Beal's bid surfaced in a conference call Wednesday with a New Jersey bankruptcy court judge, and was first reported by The Press of Atlantic City.

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