Icahn Plan For Trump Casinos Blocked

Oct 8 2014 | 6:51am ET

A federal bankruptcy judge has put the brakes on Carl Icahn’s plan to save Trump Entertainment’s last Atlantic City casino.

U.S. Bankruptcy Judge Kevin Gross balked at wiping out Trump’s unsecured creditors just a month into its bankruptcy proceedings. Gross noted that, while Trump is bleeding cash, “there is a lot of money flying around this courtroom” and the company and Icahn seek to protect their own interests.

Gross noted that Icahn, who is allowing Trump to temporarily use cash collateralizing his secured loans to the company, won’t “sit by forever,” but suggested that a bit more time is in order. He urged Trump and Icahn to take unsecured creditors’ concerns into account in their next round of negotiations.

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