Donald Trump Beats Carl Icahn in Battle for Casinos
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Donald J. Trump and his partners won control of the bankrupt casino company Trump Entertainment Resorts Inc., when a judge ruled that their bid was better for creditors than a competing offer by investor Carl Icahn.
U.S. Bankruptcy Judge Judith H. Wizmur yesterday sided with a group of bondholders who are owed $1.2 billion. Their proposal would reduce Trump Entertainment’s debt by $1.4 billion and give the celebrity billionaire as much as 10 percent of the three-casino company he once ran.