Friday, 9 October 2015
Last updated 7 hours ago
Apr 14 2010 | 10:42am ET
Donald Trump and Carl Icahn both went all-in for control of the former’s Atlantic City, N.J., casino empire, but it was Trump left holding all of the cards.
A federal judge picked Trump’s plan to reorganize the eponymous Trump Entertainment Resorts over that proffered by Icahn’s eponymous hedge fund, Icahn Partners. The hedge fund owns some $480 million in Trump Entertainment debt.
Icahn has 10 days to appeal U.S. Bankruptcy Judge Judith Wizmer’s decision.
Trump and his daughter, Ivanka, will hold up to 10% of the reorganized company. But the biggest winner stands to be the creditors committee, led by hedge fund Avenue Capital Group. Under the plan, Avenue will be Trump Entertainment’s largest shareholder.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…