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COPYRIGHT 2004 The Record
Nov. 23--"I'm the biggest developer in New York! I have the No. 1 show on television! The Trump brand is so hot, I want to make the casino company as hot as everything else is!"
That was Donald J. Trump on the phone Monday, talking about how a Chapter 11 bankruptcy filing was a good move for his Atlantic City-based casinos. So good, in fact, that if a federal judge approves, Trump will stay on as chairman of Trump Hotels & Casino Resorts, hold most of the stock and collect a $2 million yearly salary.
The paperwork, filed Sunday in U.S. Bankruptcy Court in Camden, cited $1.8 billion in debt and losses to competitors as reason to restructure. It built on a plan first disclosed in August after negotiations with bondholders who had the power to take over the company. But that agreement, with Credit Suisse First Boston, never came to fruition, reportedly because of bickering among bondholders who did...
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