Scarinci Hollenbeck, LLC, LLCScarinci Hollenbeck, LLC, LLC

Firm Insights

Icahn: Trump Taj Mahal "Will Almost Certainly Close"

Author: Joel R. Glucksman

Date: November 13, 2014

Key Contacts

Back

B64 at English Wikipedia [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0) or GFDL , via Wikimedia Commons from Wikimedia CommonsBillionaire investor Carl Icahn, the so-called ‘father’ of the leveraged buyout, appears to be weary of his investment in the Trump Taj Mahal.

The potential buyer for the Taj Mahal told The Associated Press that the casino “will almost certainly close.” He explained that he will still go through with the deal to swap his almost $300 million of debt for ownership of the casino – contingent on investing a further $100 million – but wishes that he hadn’t picked up the phone when the Taj Mahal’s current owner had called.

“One overriding fact is perfectly clear: The Taj is quickly running out of money and will almost certainly close,” Icahn told the AP. “Reprehensibly, the union, instead of working with, and trying to help, the company to keep the Taj alive, is instead doing everything to destroy the possibility of saving the jobs of over 3,000 employees.”

A U.S. bankruptcy judge ruled recently that the casino may jettison its traditional defined benefit pension plan and company-sponsored health insurance, according to The Inquirer. Trump Entertainment, the company that owns the Taj Mahal, told Judge Kevin Gross that it needed to save $14.6 million annually from its contract with the union that represents most of its workers UNITE HERE Local 54.

In response, about 500 union members came out to protest on Oct. 24, demanding that their health care be restored, NBC reported. The demonstrators allowed traffic through to the casino, and Trump Entertainment CEO Robert Griffin said that they were having no effect on business inside the Taj Mahal.

The casino’s plan for restructuring also includes an aid package of $175 million from the state, the news source explained. This request is extremely unpopular among state legislature and has already been rejected by state Senate President Steve Sweeney.

No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Scarinci Hollenbeck, LLC, LLC

Related Posts

See all
Tariff Response Options for Small Businesses Facing Financial Distress post image

Tariff Response Options for Small Businesses Facing Financial Distress

The Trump Administration’s new tariffs are having an oversized impact on small businesses, which already tend to operate on razor thin margins. Many businesses have been forced to raise prices, find new suppliers, lay off staff, and delay growth plans. For businesses facing even more dire financial circumstances, there are additional tariff response options, including […]

Author: Brian D. Spector

Link to post with title - "Tariff Response Options for Small Businesses Facing Financial Distress"
Common Causes of Partnership Disputes and How to Resolve Them post image

Common Causes of Partnership Disputes and How to Resolve Them

Business partnerships, much like marriages, function exceptionally well when partners are aligned but can become challenging when disagreements arise. Partnership disputes often stem from conflicts over business strategy, financial management, and unclear role definitions among partners. Understanding Business Partnership Conflicts Partnership conflicts place significant stress on businesses, making proactive measures essential. Partnerships should establish detailed […]

Author: Christopher D. Warren

Link to post with title - "Common Causes of Partnership Disputes and How to Resolve Them"
President Trump's Termination of Member Gwynne Wilcox post image

President Trump's Termination of Member Gwynne Wilcox

On January 28, 2025, the Trump Administration terminated Gwynne Wilcox from her position as a Member of the National Labor Relations Board (NLRB or the Board). Gwynne Wilcox, a union side lawyer for Levy Ratner, was confirmed to the Board for an original term in 2021 and confirmed again for a successive five-year term expiring […]

Author: Matthew F. Mimnaugh

Link to post with title - "President Trump's Termination of Member Gwynne Wilcox"
How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide post image

How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide

Closing your business can be a difficult and challenging task. For corporations, the process includes formal approval of the dissolution, winding up operations, resolving tax liabilities, and filing all required paperwork. Whether you need to understand how to dissolve a corporation in New York or New Jersey, it’s imperative to take all of the proper […]

Author: Christopher D. Warren

Link to post with title - "How to Dissolve a Corporation in New Jersey: A Step-by-Step Guide"

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.

Let`s get in touch!

* The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!