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Trump Resigns Board of Trump Entertainment
By
Jen Chung
Published Feb 16, 2009
Modified Feb 16, 2009
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By
Jen Chung
Published Feb 16, 2009
Modified Feb 16, 2009
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Last Friday, Donald Trump resigned from the board of Trump Entertainment Resorts, which operates Trump's Atlantic City casinos and just happens to face bankruptcy. Trump told Bloomberg News, "I have nothing to do with it. I’m not in it, I’m not on the board." Trump, whose daughter Ivanka also quit the board, controlled 28% of the stock and said he offered to buy the flagging company, but bondholders refused. The Financial Times says the group has "$1.7bn of debt, of which about $1.2bn is bond debt." Trump also claims that the casinos' value is "worthless" to him, representing less than one per cent of his net worth. Remember, The Donald is rich—previously, Trump excoriated Rosie O'Donnell for saying he filed for personal bankruptcy.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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