Icahn, Beal Bank appeal ruling over 3 Trump casinos in Atlantic City in bankruptcy battle

Icahn reopens bankruptcy fight for 3 Trump casinos

ATLANTIC CITY, N.J. — Carl Icahn and Dallas-based Beal Bank appealed a bankruptcy court ruling they lost to Donald and Ivanka Trump and company bondholders over the three Trump Entertainment casinos in Atlantic City.

The billionaire investor asked a judge to put off granting control of the three Trump Entertainment Resorts casinos to the Trumps and the bondholders, saying the bankruptcy court made several mistakes.

The Trumps and the bondholders, led by New York-based Avenue Capital Group, offered $225 million for the company.

Icahn and the bank wanted to swap the $486 million mortgage he holds on the company for ownership of it. They note in the appeal that the court admitted their plan was more likely to succeed than the Trumps’.