Trump to face possible buyout
Posted by Carl Barnett on 20 Jan 2010 at 15:01
A Dallas based bank that once worked alongside Donald Trump in an effort to avoid bankruptcy now wants to buy casino properties off him.
Beal Bank made an offer on Wednesday to transfer the $486 million loan it offered to the Trump casinos into equity into the same casinos.
This has happened a week after Donald Trump and his daughter Ivanka tried to make their own deal as regards the Trump casinos.
The father and daughter offered to buy the casinos outright alongside Beal, but then dropped out of the deal.
Their next step was to back a deal that was financed by bondholders, again to buy the casinos.
The Trump camp has their own opinion about the whole affair.
The Associated Press quoted Mark Juliano, Trump Entertainment's CEO, as saying: "The (New Jersey Bankruptcy Court) judge asked both sides to come to a consensual agreement and that's what we're going to try to do."
The Beal Bank have offered no comment.