Business mogul Donald Trump has ended his stand-off with bondholders of Trump Entertainment Resorts, by settling for a 10% stake in the business once it comes out of bankruptcy. It follows a long stand battle by Trump and his daughter Ivanka to cease control of the casino business, which went into administration in February of this year.
The agreed deal, reached with 61% of the company’s bondholders will give Donald Trump stock and warrants worth 10% of Trump Entertainment Resorts.
As part of the arrangement, New Jersey casinos Trump Taj Mahal, Trump Plaza and Trump Marina, will all keep the Trump name, while Donal Trump will be able to use his name on other gambling projects that do not directly compete with Atlantic City.
I think Donald should consider wearing a hat like me!