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Investor Carl Icahn says he will appeal the Judges’ decision to award Trump Entertainment to bondholders, claiming that “Fundamental errors” were made in the ruling.
“We are obviously disappointed in the decision,” attorney Edward Weisfelner said. “We will reserve and pursue our rights.”
Icahn completed the purchase of the gaming properties $486 million mortgage last week and submitted a separate reorganization plan to swap that debt for ownership of the company.
However the Judge ruled that the Trump name was essential to keeping the company going and ruled in favor of bondholders who are planning to prepare a rights offering to raise the $225 million they bid.
The company will also secure a new $45 million bankruptcy loan to keep the Atlantic city casinos operational until they are able to exit bankruptcy.
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