High Stakes Andy Beal Makes Play For Three Bankrupt Trump Casinos

Texas-based billionaire and high-stakes poker player Andy Beal has made a bid to buy out of bankruptcy Trump Entertainment Resorts, which owns three Atlantic City casinos: Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino.
Trump and Beal had originally been allies battling it out against a group of rival bondholders for control of the casinos and had offered $114 million cash for the company.Trump then withdrew from the offer and said he would instead give his support to the bondholders in return for a 10% ownership stake in the casinos.
In the next twist Beal Bank, which is owed around $486 million by the company, has offered to convert its multi-million dollar mortgage on the casinos into equity and receive a $100 million cash payment in return for 65% stake in the casinos.
Beal Bank’s mortgage on the Trump casinos means they are at the top of the list of bankruptcy creditors, and Beal insists his offer is better than all others as the casinos would enjoy debt-free operations once emerging from Chapter 11.
Kristopher M. Hansen, attorney for the bondholders, was not so convinced and said, “This is a request to gain some leverage in settlement discussions, and it’s not necessary.” 
U.S. Bankruptcy Court Judge Judith H. Wizmur has now set the 3rd December as the date by which the parties should negotiate a deal by, and Trump Entertainment’s CEO, Mark Juliano, commenting on the latest developments said: “The judge asked both sides to come to a consensual agreement, and that’s what we’re going to try to do. We continue to hope we have enough in common.”

Poker News
21 Dec 2016
It looks like former Amaya CEO David Baazov will have to be content to own just a 17.2% stake in the Canadian gaming company which owns PokerStars, after he announced in a press release that the asking price shareholders were demanding was too high. Following the news, Baazov explained: “After consulting with my advisors, I
25 Nov 2016
After former Amaya Inc CEO David Baazov announced his intention to acquire the company for $6.7 billion, along with a consortium of investors which included Dubai-based KBC Aldini Capital, the online gambling firm noted a spike in its share price. However, Amaya stocks took a 6% hit recently, following a statement released by KBC CEO
14 Nov 2016
In February, David Baazov made a non-binding proposal to take Canadian gambling company Amaya Inc private. Despite currently facing insider trading charges by the Quebec financial security regulator (AMF), the former chief executive of Amaya Inc has now followed up by proposing a $3.48 billion bid for the company. David Baazov already has a 17.2%
11 Aug 2016
This week, Bodog announced that its US-facing poker site, Bovada, had been acquired by online gambling site Ignition Casino, and that it would cease operating under its current name on September 30th. Bovada subsequently sent its customers an email advising them to transfer all their accounts over to the new site by the stated deadline,