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November 27, 2009

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Bank wants to buy 3 Trump casinos

A Dallas bank that was once allied with Donald Trump in a bid to buy the three Atlantic City Trump casinos out of bankruptcy protection now wants to buy them on its own.

Beal Bank offered on Wednesday to convert its US$486 million loan to the casinos into equity in Trump Entertainment Resorts.

The move came a week after Donald and his daughter Ivanka Trump, who made a joint bid earlier this year with Beal to buy the company, withdrew their support for that deal and instead backed a bid by bondholders to buy the company. Donald Trump would get 10 percent of the company if that plan prevails.

Beal's bid surfaced in a conference call on Wednesday with a New Jersey bankruptcy court judge. Another hearing is set before the judge for next Thursday.


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