Billionaire investor Carl Icahn made a deal to buy a majority of the outstanding bank debt from banker Andy Beal, who holds $486 million in first-mortgage liens on the Trump Atlantic City casinos. Icahn, now together with Beal is trying to revive the Trump casino empire that has filed for bankruptcy multiple times, which put them in a conflicting position against Donald Trump and his daughter Ivanka, because the father and daughter duo threw their support behind a group of noteholders led by Marc Lasry, who holds roughly $1.25 billion in unsecured debt. For Trump, there is cash and pride at stake, and neither Icahn or Trump is accustomed to losing. This battle is definitely an interesting one.
Via: Luxist
