Intercreditor Agreements Get Trumped

Law360, New York (July 22, 2010, 10:59 AM EDT) -- Intercreditor agreements between first and second lien lenders are created all the time and are therefore not usually glitzy topics for discussion.

But the recent intercreditor dispute between Donald Trump and corporate raider Carl Icahn over control of Trump's Atlantic City casinos had all the drama and glamour of the gambling dens and billionaires involved, including two competing but confirmable plans and senior and junior creditors vying for ownership of a gaming empire and its attendant upside.

In the end, the parties got an important precedent...
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