Block on Trump's Asylum Ban Upheld by Supreme Court
The Donald and the daughter ended their ongoing battle with the New Jersey casinos and company that still bear the Trump name, yesterday. The Trumps will become proud owners of 10% of the Atlantic City casinos Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino and the Trump Marina Hotel Casino, once they emerge from Chapter 11 bankruptcy protection. This deal ends the Trumps' litigation against the casino company Trump Entertaiment Resorts and releases it from the more than $100 million worth of claims the Trumps had against it.
AP reports that Trump feels this deal will give the properties the "best chance to succeed on a re-organized basis." Before reaching this settlement, the company's plan to reorganize under Chapter 11 had become so bogged down in major litigation, that even if the company had successfully reorganized, the new company would still have been crushed under debt or otherwise not equipped to succeed.
In the future, the casinos will continue under the Trump brand and the actual owner of the brand's name will again have a stake in them and a say in how they do business. In addition to the company's massive debt, it became further weakened by the downturn in the economy. Increased competition from slots parlors in Pennsylvania and New York also gave opportunity for Atlantic City regulars to get their gambling fix a little closer to home and further hurt the casinos' bottom line. It is likely the company's condition will begin to improve along with the economy and now that the King is back. Trump, not Elvis.
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