Trump Jockeys For Control

Donald Trump’s legal fight involving ownership of his three namesake Atlantic City, N.J., casinos is heating up in U.S. Bankruptcy Court in Camden.

Trump reportedly told the court Feb. 25 that rival billionaire Carl Icahn, a potential buyer for the casinos, is a corporate raider and has no long-term ownership plans for the businesses.

Icahn’s financial adviser Neil Augustine told the court that Trump’s restructuring plan for the casinos is unrealistic and fatally flawed, according to the Press Of Atlantic City.

The legal war of words involves Trump Entertainment Resorts Inc., which filed for Chapter 11 bankruptcy protection last year. Trump at the time stepped down as chairman and has sided with bondholders on what happens next.

Bondholders have proposed to contribute $225 million to get the company back on track, keeping the Trump name intact and giving The Donald and daughter, Ivanka, a 10 percent stake.

Meanwhile, Icahn and Texas billionaire Andy Beal are heading a group seeking to take over the company that owns Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and Trump Marina Hotel Casino, according to the Press.

Icahn has already acquired a majority of the $486 million mortgage on the Trump casinos as well as New Jersey gaming regulatory approval to buy Tropicana Casino and Resort, the paper said.

A court ruling isn’t expected for several weeks.