Donald Trump in Bankruptcy Court: Trump vs. Carl Ichann:
Donald Trump in Bankruptcy Court: Trump vs Carl Icahnn - Casino Battle Royale
Donald Trump, multi millionaire real estate developer and all around uber celebrity, made an appearance in a New Jersey bankruptcy court on Thursday. Donald Trump has three casinos named after him in Atlantic City and he is in Court, fighting to control the casinos whose debit is currently being held by billionaire Carl Ichan and Andy Beal.
Trump said he believed the Trump Entertainment Resorts casinos could reach new heights and that the Atlantic City casino market would revive as the broader economy recovers, despite increasing competition.
"I want to see this company succeed," Trump told the court. "I think it has a great chance of succeeding and that is very important to me because it has my name on it.
Trump's casinos were hit hard by the recent recession in the United States and hit Trump Entertainment Resorts hard. Trump is hoping to rash $225 million by selling assets and paying off debt
Trump Entertainment, which filed for bankruptcy a third time last year, saw its shares rise almost 4 cents today, a gain of 55%, to 11 cents. The stock traded as high as 28 cents in the last 12 months, but traded as high as $2 in mid-2008 and $13 back in 2007.