Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Donald Trump Removing Name From Atlantic City Casino
Author: Joel R. Glucksman
Date: March 2, 2015
Key Contacts
Back
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
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Don’t Overlook the Importance of Business License Management
If you operate a business without the proper license, you risk fines, insurance issues, reputational harm, and even business closure. Even innocent mistakes, like forgetting to renew a license, can have significant consequences, such as losing your lawsuit for payment of services that are unlicensed, which makes it imperative to have business license management procedures […]
Author: Dan Brecher
Failing to Comply With NJ Rent Control Exemption May Prove Costly
What Developers Need to Know About New Jersey’s Rent Control Exemption Law to Ensure Entitlement to Exemption for Newly Constructed Multi-family Housing. A property owner in Jersey City is facing a $400 million federal class action lawsuit alleging that the landlord did not follow the procedural steps required to be eligible for exemption from local […]
Author: Patrick T. Conlon
Crypto Securities Law: When Tokens Become Investment Contracts
The application of traditional federal securities laws to crypto assets continues to evolve. In some cases, the Securities and Exchange Commission (SEC) considers tokens and other digital assets to be securities. This makes them subject to federal securities law, including the Securities Act of 1933 and the Securities Exchange Act of 1934. This classification has […]
Author: Bryce S. Robins
The Due Diligence Process for NY Condominiums and Cooperatives
While the New York City real estate market can be extremely competitive, moving too quickly often backfires. Before purchasing a condominium or cooperative in New York City, it is important to do you homework. Purchasing property in NYC can involve a dizzying number of legal issues. These include condo and co-op rules, rent restrictions, and […]
Author: Jesse M. Dimitro
Smart Contract Legal Issues: Drafting Agreements for Blockchain
Smart contracts feature a unique blend of legal agreement and technical code. This innovation has the potential to reshape how business is conducted. At the same time, smart contract legal issues around enforceability, jurisdiction, identity, and compliance are common. The legal framework for these self-executing agreements is still evolving. What Are Smart Contracts? Smart contracts, […]
Author: Bryce S. Robins
Are Stay Interviews the Key to Retaining Top Talent?
Retaining top talent continues to be one of the greatest challenges facing employers today. Even in an employer’s market, the loss of a key employee can disrupt operations and result in significant costs. While compensation plays a role, long-term retention often depends on workplace culture, communication, and employee engagement. One increasingly popular strategy for improving […]
Author: Angela A. Turiano
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.