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BUSINESS BRIEFING / GAMBLING

Trump reaches deal over casinos

November 18, 2009|Times Wire Reports

Bondholders battling Donald Trump for control of Trump Entertainment Resorts' three Atlantic City casinos have reached a deal allowing the casinos to retain Trump's trademark name.

Under the deal to buy the company out of bankruptcy, the real estate mogul and reality TV star gets to keep a 10% stake while the company retains the right to use his name.

Trump and his daughter, Ivanka, had offered nearly $114 million in cash to bondholders, and bondholders were offering $225 million to buy the company out of bankruptcy.

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