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.”