Joel R. Glucksman
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Donald Trump Removing Name From Atlantic City Casino
Author: Joel R. Glucksman
Date: March 2, 2015
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A bankruptcy court ruling on Friday February 20 gave Donald Trump a leg up on stripping his name from the troubled Trump Taj Mahal Atlantic City casino.
Trump will now be allowed to proceed with a licensing suit, which demands that his name be erased from all of the Atlantic City properties owned by Trump Entertainment Resorts, according to The Wall Street Journal.
Trump had originally filed the licensing suit as a state court action in New Jersey’s Atlantic County Superior Court.
The case was removed to the federal bankruptcy court in Delaware, when Trump Entertainment Resorts filed a Chapter 11 bankruptcy proceeding, and the suit was then stayed by the bankruptcy filing. The ruling on February 20 by Bankruptcy Judge Kevin Gross allows Trump to proceed with his licensing suit.
Nevertheless, the ruling was a victory for Trump, according to The Wall Street Journal, Trump says that the Trump Entertainment Resorts casino operations in Atlantic City are not worthy of his “luxury brand.
- The Wall Street Journal notes that a Trump attorney Alan Garten stated that, “the value of the (Trump) brand is at an all-time high right now.”
- Although Trump owns a small equity share in Trump Entertainment Resorts, as well as having permitted them to use his name, he is not part of the management of the operation.
In the meantime, the Trump Entertainment Resorts proposed bankruptcy plan is being voted on by its creditors. If approved by the creditors and the bankruptcy court, Carl Icahn will control the reorganized company, and it will then be up to the New Jersey Superior Court to decide whether the reorganized company will have the right to continue to use the Trump name.
To find out more about Donald Trump’s involvement with Atlantic City casinos, feel free to look at some of my previous stories under the related posts section below this article:
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
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