Beal Bank, Icahn Fight Trump-Backed Plan

Law360, New York (February 22, 2010, 4:18 PM EST) -- The reorganization plan proffered by Trump Entertainment Resorts Inc. and its ad hoc committee of noteholders has come under fire from Beal Bank SSB and Icahn Partners, which claim their competing plan represents the best and only chance the debtor has for exiting bankruptcy.

Beal Bank and Icahn filed an objection on Friday in the U.S. Bankruptcy Court for the District of New Jersey, arguing that the noteholders’ proposed plan would leave the debtor with “an overleveraged balance sheet and inadequate liquidity.”

“At the heart of...
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