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Investor Carl Icahn has positioned himself to monopolies Atlantic City’s gaming industry by purchasing the remaining half of the mortgage on the Trump Taj Mahal, Trump Plaza and Trump Marina properties.
Whether the Judge decides on April 15 to grant control of Trump Entertainment to bondholders seeking to purchase the company out of bankruptcy for $225 million or Carl Icahn and investment banker Andy Beal who proposed to convert the properties mortgage into ownership, Icahn will win either way.
This week Icahn purchased the remaining 49% of the $500 million mortgage note at a 7.5% discount.
“The bank debt was going to be purchased by me anyway, so we did it earlier,” he said “It’s not unexpected. We just wanted to get the interest.”
Icahn received a $10 million interest payment for making the purchase.
Icahn previously purchased 51% of the note when the gaming company entered Bankruptcy last year.
Vincent J. Intrieri, senior managing director of Icahn Partners L.P., said owning the entire mortgage would make it easier for Icahn to get a New Jersey casino license if he succeeds in buying the company out of bankruptcy.
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