..

Donald Trump vs. Karl Icahn in Atlantic City

Written by:
Jagajeet Chiba
Published on:
Mar/04/2010
Donald Trump

While the rest of the world gets ready for the upcoming Pacquiao vs. Clottey fight, two big names in the world of business are duking it out already in Atlantic City.  It's Donald Trump vs. Karl Icahn. 

Michael Kaplan of Daily Finance:

When Trump first opened Trump Plaza in Atlantic City in 1984, he had majority ownership. But Trump Entertainment Resorts (TRMPQ) has filed for bankruptcy three times. In February, Trump resigned from the company, just before its third filing. Bankruptcy hearings are underway in nearby Camden, to determine who gets to own and run the properties.

Enter corporate raider Karl Icahn, who Trump does not want to see take over his properties.

It was announced on Thursday that Icahn, who once ran Trans World Airlines (some say into the ground), will be taking over the Tropicana in struggling AC.

"Carl Icahn's return to the business of gaming in New Jersey certainly brings ... signs of rejuvenation and optimism in the market," Sharon Anne Harrington, the commission's vice-chair, said in a statement.

The New Jersey commission in December 2007 appointed a conservator to oversee the Tropicana after voting not to renew the casino's license amid complaints about hotel operations and compliance with gambling regulations.

From Daily Finance:

Trump's proposed reboot carries no hint of a sale. His plan -- which is preferred by casino management, unionized workers, and most of the bondholders -- will have bondholders kicking in $225 million to get things going again, and Trump himself receiving up to 10% of the company in exchange for staying involved.

Gros figures that, beyond the 10%, Trump's interest entails protecting the perceived value of his name. Indeed, having the name Trump on a failed casino is hardly an asset. "Outside of Andy Beal, most of the creditors also think there's value in the name," Gros says. "Personally, I think it's worn out."

Trump has already made it abundantly clear that his name will be removed from the property should Icahn take control.

Jagajeet Chiba, Gambling911.com

 

Business/Financial News

Litecoin Leads Way With Crypto Surge

Bitcoin and other cryptocurrencies continue to be on the rise in recent days, lead by none other than Litecoin.

Ver: COVID-19 Lockdowns Will Kill More Than Disease Itself

Ver: COVID-19 Lockdowns Will Kill More Than Disease Itself

Referred to as "Bitcoin Jesus," one of Bitcoin's earliest investors, Roger Ver, is among those in the camp that believes stringent home lockdowns to combat the Covid-19 pandemic will cause more harm than good.

Morehead: "Bitcoin Born in a Financial Crisis,  It Will Come of Age in This One"

Morehead: "Bitcoin Born in a Financial Crisis, It Will Come of Age in This One"

CEO of Pantera Capital, the first investment firm in the US to launch digital currency, pre-auction ICO, and blockchain-enabled venture funds, noted Monday that Bitcoin is up 1% on the year as of Monday while pointing to other financials including commodities and the S&P 500, all down by 15% or more.

Becoming a Bookie During the Coronavirus Pandemic

Becoming a Bookie During the Coronavirus Pandemic

With millions of people out of work and the anticipated slowdown in some sectors that will follow the coronavirus pandemic, opportunities are still plentiful for independent contractors and those with business smarts.  There may never be a greater time to become a bookie

Financial Markets Betting - April 1, 2020

Financial Markets Betting - April 1, 2020

Bookmaker.eu is currently offering odds on the financial market, specifically the OVER/UNDER on the Dow for April 1, 2020.  Today's number was set at 21250 -101

Syndicate