Trump Tops Icahn For Casinos

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.

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