Posted By: Sean Brown
ATLANTIC CITY, N.J. — The three Atlantic City casinos once run by Donald Trump filed for Chapter 11 bankruptcy protection on Tuesday _ for the third time.
Trump Entertainment Resorts made the filing in U.S. Bankruptcy Court in Camden, N.J., four days after the real estate mogul whose name remains on the company and its three seaside gambling resorts resigned as chairman of its board.
Trump was frustrated that bond holders and their allies on the board rebuffed his offer to buy the company and take it private.
"Other than the fact that it has my name on it _ which I'm not thrilled about _ I have nothing to do with the company," Trump told The Associated Press Tuesday.
He acknowledged being sad over the end of a venture that was so publicly and relentlessly associated with his name and image. Yet he said the company "represents substantially less than 1 percent of my net worth, and has for some time."
"If I can't manage something, it's not for me," said Trump, who still holds 28 percent of the company's stock.
The company has $2.06 billion in assets and more than $1.74 billion in liabilities, according to its court filing.
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ATLANTIC CITY, N.J. — The three Atlantic City casinos once run by Donald Trump filed for Chapter 11 bankruptcy protection on Tuesday _ for the third time.
Trump Entertainment Resorts made the filing in U.S. Bankruptcy Court in Camden, N.J., four days after the real estate mogul whose name remains on the company and its three seaside gambling resorts resigned as chairman of its board.
Trump was frustrated that bond holders and their allies on the board rebuffed his offer to buy the company and take it private.
"Other than the fact that it has my name on it _ which I'm not thrilled about _ I have nothing to do with the company," Trump told The Associated Press Tuesday.
He acknowledged being sad over the end of a venture that was so publicly and relentlessly associated with his name and image. Yet he said the company "represents substantially less than 1 percent of my net worth, and has for some time."
"If I can't manage something, it's not for me," said Trump, who still holds 28 percent of the company's stock.
The company has $2.06 billion in assets and more than $1.74 billion in liabilities, according to its court filing.
Click here to read more
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