NJ Agency Backs Billionaire Icahn's Tropicana Plan

Law360, New York (August 27, 2009, 7:06 PM EDT) -- New Jersey regulators have approved a plan for a group of investors led by billionaire investor Carl Icahn to take the reins of the reorganized Tropicana Entertainment LLC, the former parent company of the Tropicana Casino and Resort in Atlantic City, N.J.

The casino continues to operate under a conservator, and the commission's decision does not mean Tropicana will necessarily be able to take over the casino again, but it is a step in that direction, according to people familiar with the matter.

The New Jersey...
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