Andy Beal Stakes Donald Trump's Bid to Regain Casinos
Real estate mogul Donald Trump has made an offer to buy Trump Entertainment out of bankruptcy. Trump had relinquished operational control of the Atlantic City casinos after the company's 2004 bankruptcy filing. In February, Trump and his daughter resigned from the company's board after his offer to take the company private was rejected by board members. The company filed for bankruptcy protection shortly after Trump's departure.
Trump's move should come as no surprise. When the company was forced into bankruptcy for the third time, he said, "Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company. These are very tough times in Atlantic City. Almost every company is in serious financial trouble. Despite this, I will be watching closely and at some point in the future, I hope to return. "
Trump's offer is being backed by Andy Beal's Dallas-based Beal Bank, which brings a strong poker connection into play. Beal's legendary $10 million heads-up poker matches involving some of the games most prestigious players is documented in Michael Craig's book, The Professor, the Banker, and the Suicide King.
Trump is also going heads-up in his bid to regain control of his namesake casinos as the bondholders already have an offer on the table. Neither plan has been filed with the court, so the details have no yet been disclosed. On Tuesday, a bankruptcy court judge gave the company an extra 45 days to consider the two plans.