Icahn, Beal File Adversary Suit In Trump Casino Ch. 11

Law360, New York (June 1, 2010, 7:55 PM EDT) -- Billionaire investor Carl Icahn has filed a lawsuit over bankrupt Trump Entertainment Resorts Inc.'s recent handling of $28.4 million in investment alternative tax payments to a New Jersey development authority.

Icahn Partners LP and Beal Bank, which hold Trump Entertainment's outstanding first-lien bank debt, brought the complaint Friday in the U.S. Bankruptcy Court for the District of New Jersey, where they lost a bid in April to win confirmation of a competing plan of reorganization for the bankrupt casino chain.

Icahn Partners and Beal are challenging...
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