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Opening Arguments in the Trump Entertainment bankruptcy case was heard on Tuesday, when both Trump and investor Carl Icahn began with their attempt to convince a federal judge that their restructuring plan was in the best interest of three of Atlantic City’s Casinos.
The fate of Trump Entertainment which entered its third bankruptcy in February 2009 for protection against more than a billion dollars of debt will be decided over the course of at least four days after Judge Judith Witzmur hears from gambling consultants, economists and financial advisers for each side.
In December the Judge decided to allow both Trump and Icahn to submit separate reorganization plans, as they could not come to an amicable agreement on a joint venture.
Trump who is no longer on the board, has formed an alliance with the bondholders by personally guarantying repayment of at least $290 million they are owed in return for a 5% stake in the new company and continued use of the Trump name.
The plan includes selling shares to invest money into the business while forcing Icahn and Beal to accept new terms on their secured debt.
Icahn purchased a portion of Trump Entertainments debt held by Beal Bank late last year. Icahn and Beal are working together to gain control of the properties, arguing that their debt holds higher priority than that of the bondholders.
The Icahn/Beal plan allows the gaming company to exit bankruptcy without any debt and more than $600 million in equity.
Icahn also contends that they should be granted the right to take the licensing agreement governing the trump brand for casino use.
Trump has insisted that the Judge not allow them the use of his name, if the judge backs the request Icahn says he will spend $15 million to $20 million to rebrand the Trump Taj Mahal, Trump Plaza and Trump Marina properties.
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