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While the never ending court battle between rivals Carl Icahn and Donald Trump over the future of Trump Entertainment Resorts casinos continues, Icahn agrees to drop a pending motion.
During a scheduled hearing yesterday to dispute the legality of a deal between the casinos and the states Casino Reinvestment Development Authority to contribute $28.4 million to the program, Icahn told the judge that he was dropping a motion to delay bondholders from receiving approval from the New Jersey Casino Control Commission to operate the properties.
Previously Icahn had filed the motion to buy time for his appeal on the bankruptcy plan to be considered by the Judge. Icahn’s attorneys however advised him the delay could affect future mortgage payments.
Icahn holds the mortgage notes on all three Atlantic City Properties and is arguing that the CRDA deal violates bankruptcy conditions.
The Judge scheduled a June 24 hearing for more arguments on the CRDA dispute. In the meantime, a temporary restraining order remains in effect barring the Trump casinos from doing anything with the CRDA cash.
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