Donald Trump’s plans to retake casinos opposed
Bondholders of Trump Entertainment Resorts, the owners of Taj Mahal, Trump Plaza and Trump Marina which are all based in Atlantic City, filed a motion to block the $100 million deal with the previous chairman of the company. The bondholders, who are in line to lose $1.25 billion, are making a stand against the American business magnate by asking Judge Judith Wizmur to accept their offer of $175 million and the sale of Trump Marina Hotel Casino which will be around $75 million.
Donald Trump resigned as chairman of the board of Trump Entertainment Resorts just before the company filed for bankruptcy in February, then last week the Trump Entertainment board voted to allow Donald Trump, Ivanka Trump (Donald’s daughter) and Beal Bank to buy the company back at a very good deal that would only wipe out the other creditors to the company.
In the documents submitted to the courts, the bondholders state that the proposed sale as "a brazen insider deal” and due to this deal they want the courts to look into the management of Trump Entertainment and how they handled bankruptcy case. The bondholders claim that the company long before it was announced that they was going to sell out to Trump and Beal Bank.