The new, lower valuation comes just two days before US Bankruptcy Court Judge Judith Wizmur is scheduled to make a decision on two competing reorganization plans, one prepared by a group of debtors being backed by the company and the Donald, and another being presented by billionaire activist investor Carl Icahn.
Additionally, Carl Icahn is stepping up pressure to acquire the Trump casinos by throwing some of his personal cash in the mix.
Billionaire Carl C. Icahn’s investment company is “putting its money where its mouth is” by offering to pump $125 million of its own funds into the bankrupt Trump casinos, according to newly released documents.
I like shopping and it seems as if there is a sale on casinos right now. Too bad they cost more than the XBox 360 I got earlier today.
The drop in value of the casinos isn’t very surprising as many, if not all casinos, in Atlantic City have endured tough times in the past couple years. It is surprising to see such a large number at one time, but the value has been dropping rapidly over time. At the current rate Trump casinos won’t be worth anything in less than a year.
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Having stayed at two different Trump properties in AC in the past six months, I can say they pretty much already are worth nothing.
The real question is, how does he manage to somehow keep screwing his bondholders out of their investments, while preserving his value.