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Investor Carl Icahn is pleading with the judge in charge of Trump Entertainment Resorts bankruptcy case not to let them take control of the three Atlantic City Casinos.
In an appeals filing on Monday, Icahn said that “the court erred in several key respects with respect to one of the most central issues in the nine-day confirmation hearing; namely, whether the AHC/Debtor Plan is feasible”.
Icahn is questioning whether or not the restructured company led by Bondholders and Avenue Capital Group will have enough money to survive, noting that they fell short of their first quarter projections by $6.6 million.
Icahn claims that the company’s forecasting is flawed because it placed to high of expectations on the economy improving.
Last month the Judge ruled in favor of the bondholders to purchase the company for $225 million, since their plan will allow investors to recover some equity.
Although Icahns plan called for converting the $486 million mortgage note, he holds, into ownership and eliminating debt.
Mark Juliano, Trump Entertainment’s CEO, said the company is confident Judge Judith Wizmur’s decision in favor of the Trumps and the bondholders will be upheld.
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