Beal Bank Unveils Plan To Buy Bankrupt Trump Casinos

Law360, New York (December 7, 2009, 4:08 PM EST) -- Though Trump Entertainment Resorts Inc. has thrown its support behind a Chapter 11 plan that would allow the company's bondholders to purchase its three casinos in Atlantic City, N.J., and give Donald Trump a minority share, onetime Trump ally Beal Bank has filed a competing plan that would allow it to purchase the company.

In a reorganization plan and disclosure statement filed Friday in the U.S. Bankruptcy Court for the District of New Jersey, the bank states that its proposal, which would convert its $486 million...
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