Donald Regains Control Of Trump Entertainment ResortsAugust 6, 2009 9:17 am
Although the deal is yet to be approved by the bankruptcy judge, things are looking promising for Donald Trump after Trump Entertainment Resorts Inc accepted his $100 million cash offer on Monday. The outcome would mean Trump Entertainment Resorts Inc becoming a private company in the hands of Donald, his daughter Ivanka, and Andy Beal, the Dallas billionaire and high stakes poker enthusiast.
Donald Trump was forced to resign as chairman of the company in February, 2009, after the company filed for bankruptcy and the bondholders refused any more dealings with Trump. However, Donald had his eye firmly set on regaining control of the company and with his latest $100 million offer was able to outbid the bondholders who too had designs on the company.
The company owns three Atlantic casinos and on 31st December 2008, it had assets of $2.06 billion and debt of $1.74 billion. Trump said: “My previous investment in the company was destroyed by excessive and restrictive debt. This reorganization changes all that. 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.”
He continued: “My daughter Ivanka and I will work tirelessly to make this company great again. As I have done in the past, we will make Atlantic City hot once more.”
Andy Beal represents the third partner in the new casino venture with the Trumps. He is a Texan billionaire and has made a fortune in banking and real estate, but is perhaps more famously known around the poker world for his high stakes adventures.
In 2001 Beal started playing high stakes poker at the Bellagio and was soon playing $100.000/$200.000 Limit Hold’em with more than $20 million on the table. He holds the record for the biggest ever poker winnings in one day of $11.7 million against “The Corporation”.
“The Corporation” is a team of the best poker players in the world who pool together their resources to take on competition which would be considered too risky a financial proposition on their own. Their ranks include Doyle Brunson, Ted Forrest, Howard Lederer, Phil Ivey, Barry Greenstein, Chau Giang and others.
Despite their $11.7 million loss to Beal in 2004, two years later Phil Ivey managed to exact revenge for “The Corporation” by taking $16.6 million off him in three days.