Donald Trump ties up row over casino firm
Posted by Bev Freeman on 23 Nov 2009 at 09:11
Property mogul Donald Trump has tied up his dispute with bondholders of the casino firm in his name.
The tycoon has settled for 10 per cent of Trump Entertainment Resorts once it emerges from bankruptcy, the Belfast Telegraph reports.
Trump announced he and his daughter Ivanka were giving up their battle for control of the firm, which filed for bankruptcy protection in February.
Three casinos in Atlantic City will carry on using the Trump name - Trump Taj Mahal, Trump Plaza and Trump Marina.
As part of the deal Trump will be allowed to use the name on other gambling projects in states that are not involved in direct competition with New Jersey.
The agreement would provide Trump with common stock and warrants worth 10 per cent of the reorganised firm.
