Icahn Buys Bankrupt Trump Casino's Debt From Beal

Law360, New York (December 11, 2009, 6:07 PM EST) -- Carl C. Icahn said Friday that his affiliated entities had purchased Trump Entertainment Resorts Inc.'s debt from Beal Bank, adding a new player to the battle over competing bankruptcy plans between Beal Bank and an ad hoc committee of noteholders supported by Donald Trump.

In his statement announcing his acquisition of the majority of Trump Entertainment's outstanding first-lien bank debt, Icahn threw his support behind Beal's plan of reorganization for the casinos.

“The ad hoc committee’s plan is a 'roll of the dice' to re-leverage these...
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