
Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Author: Joel R. Glucksman
Date: October 9, 2014

Partner
201-896-7095 jglucksman@sh-law.comTrump Entertainment, the one-time casino enterprise formerly-owned by the millionaire who begrudgingly shares its name, encountered yet another setback in court Oct. 3.
According to The Wall Street Journal, the company lost a bid to immediately stop payments into a pension fund for its 1,135 unionized employees at the Trump Taj Mahal. Trump Entertainment sought emergency relief from these payments, suggesting that they posed a threat to its ability to restructure. The casino company – which now owns only the Trump Taj Mahal – filed for protection under Chapter 11 of the bankruptcy law in September.
Trump Entertainment’s argument was rejected by Judge Kevin Gross, who noted that a debate regarding the company’s contract with Unite Here Local 54 would occur on Oct. 14 and that pension funding would be included in talks then, the news source reported. Until that point, the organizations are required to continue negotiating.
Gross also said that the U.S. Bankruptcy Code prevented him from allowing Trump to permanently reject a portion of its collective bargaining agreement with Unite Here Local 54, according to Reuters. However, while this decision provides some temporary relief, it appears that it would be possible for him to allow Trump Entertainment to reject the agreement as a whole, depriving employees of health benefits as well as pension payments. For its side, Trump Entertainment has said that ending pension payments would save it about $3.7 million annually.
On Oct. 2, a pension fund lawyer said that Trump Entertainment was using this trip through bankruptcy to clean up its business before delivering it to Carl Icahn, the company’s main creditor, the news source reported.
As a tax attorney at Scarinci Hollenbeck LCC, a general practice law firm in the New York/New Jersey metropolitan area, I’ve followed Trump Entertainment’s bouts with bankruptcy, check out my previous posts here:
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Author: Marc J. Comer

For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
Author: Marc J. Comer

For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Author: George McGowan

In today’s digital economy, New Jersey businesses of all sizes rely heavily on technology vendors, software providers, cloud platforms, and managed IT services. Whether your company is purchasing software, migrating data to the cloud, engaging a cybersecurity consultant, or entering into a long-term managed services agreement, a careful IT contract review can have significant operational, […]
Author: George McGowan

Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
Author: Dan Brecher

How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
Author: Marc J. Comer
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!