Icahn Group Eyes Winnings As Tropicana Exits Ch. 11

Law360, New York (March 8, 2010, 7:34 PM EST) -- Casino and resort operator Tropicana Entertainment LLC emerged from bankruptcy Monday, with newly minted parent Tropicana Entertainment Inc. and its owners, led by New York City-based billionaire investor Carl C. Icahn, saying they were set to cash in on rewards from the bargain buy.

Lenders headed by the activist investor struck a $200 million deal last year to buy the business, which emerged Monday from dual insolvency proceedings in the U.S. Bankruptcy Courts for the Districts of Delaware and New Jersey.

Attorney Gilbert L. Brooks of...
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