Trump Resigns Board of Trump Entertainment

Last Friday, Donald Trump resigned from the board of Trump Entertainment Resorts, which operates Trump's Atlantic City casinos and just happens to face bankruptcy. Trump told Bloomberg News, "I have nothing to do with it. I’m not in it, I’m not on the board." Trump, whose daughter Ivanka also quit the board, controlled 28% of the stock and said he offered to buy the flagging company, but bondholders refused. The Financial Times says the group has "$1.7bn of debt, of which about $1.2bn is bond debt." Trump also claims that the casinos' value is "worthless" to him, representing less than one per cent of his net worth. Remember, The Donald is rich—previously, Trump excoriated Rosie O'Donnell for saying he filed for personal bankruptcy.

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By Jen Chung in News on February 16, 2009 1:24 PM

Comments [rss]

longacre

Just in time for the new Celebrity Apprentice, premiering March 1st.

NannyState

Fleeing failure once again. Trump Entertainment has been a zombie propped up with debtor-in-possession financing and lousy stock offerings for twenty years. Now the brilliant and super-fabulous Donald can focus on his real estate empire...uh oh, looks like the failing banks, and his shadowy foreign backers are running too -away from him.

moocowtoo

You're Fired -> I quit

FelixtheCat & Christine Quinn'

Trump has been the worst investment. Most of his investors lost money for years. All his debt and restructuring. As People did Madoff, they believe in the hype and the marketing.