'As I have done in the past, we will make Atlantic City hot once more.' 'My daughter Ivanka and I will work tirelessly to make this company great again,' he said.
I am pleased that the reorganization affords me an opportunity to make a new investment and help revive a company that has borne my name, but not performed to my standards or been under my management.' 'My previous investment in the company was destroyed by excessive and restrictive debt,' Trump said. He was forced to relinquish operational control of the company and its three casinos as part of its emergence from its second bankruptcy in 2005. Ironically, Trump regained control of the company the same way he lost it four years ago - through bankruptcy. Trump's bid topped a competing bid backed by bondholders, whose refusal to deal with Trump in February led him to resign as chairman of the company and launch a drive to regain power. The deal still must be approved by a bankruptcy judge.
The Trumps and an affiliate of Beal Bank Nevada will take the company private. Trump Entertainment Resorts chose Donald Trump's $100 million cash offer late Monday night. ATLANTIC CITY, New Jersey - Real estate mogul Donald Trump, his daughter Ivanka, and Dallas-based Beal Bank successfully fought off competition from bondholders in bankruptcy court to purchase the Atlantic City casino company he once ran and that has always borne his name.
