August 29, 1989 |
Financially troubled Resorts International said Monday that it has suspended interest payments on nearly $1 billion worth of bonds issued in connection with the company's acquisition and operation by Beverly Hills entertainer-financier Merv Griffin. The interest payment suspension, which also affects Resorts' Resorts International Finance and Griffin Resorts Inc., will continue indefinitely, pending discussions with Resorts bondholders, who are to meet with Resorts officials on Sept.
May 20, 1989 |
Resorts International hired a new investment banker Friday to help with financial problems unearthed recently at the casino firm owned by Beverly Hills entertainer-financier Merv Griffin. The Miami-based concern, which has gambling palaces in New Jersey and the Bahamas, said New York-based Salomon Bros. Inc. will assist "with the company's analysis of its strategic alternatives." Investor concerns about Resorts have cropped up since the company disclosed cash flow troubles last month and indicated that earlier evaluations of some assets were overly optimistic.
March 22, 1988 |
Hollywood producer Merv Griffin said Monday that he might sweeten his offer for Resorts International based on a newly available evaluation of its casino properties. The statement sparked a new leap in Resorts' stock price, which in turn could put further pressure on industrialist Donald J. Trump's bid to take the firm private. Separately, Griffin filed a lawsuit accusing Trump and other Resorts' directors of omissions and misrepresentations in his tender offer.
May 28, 1988 |
New York deal maker Donald J. Trump and Los Angeles producer Merv Griffin said late Friday that they have reached a definitive agreement on the sale of Resorts International to Griffin. Concurrently, Trump is to buy the company's massive, uncompleted Taj Mahal casino in Atlantic City, N.J. The agreement on the eve of the holiday weekend came after last week's resumption of negotiations.
March 23, 1988 |
Television producer Merv Griffin sweetened his bid for Resorts International by 31% to $295 million on Tuesday. But he left the door open for most of the $70-million increase to go to Donald Trump, owner of about 95% of the controlling Class B shares. Although the move drove the price of the casino firm's stock up another $3.625, closing Tuesday at $32.25 in heavy trading on the American Stock Exchange, the New York financier himself did not find the bait enticing.
April 15, 1988 |
Climaxing a persistent, month-long campaign to buy Resorts International, Los Angeles entertainment mogul Merv Griffin reported a handshake agreement Thursday with controlling shareholder Donald J. Trump. It calls for the two to divide up the firm's casinos. Griffin, a producer of syndicated television game shows and new owner of the Beverly Hilton Hotel, now appears headed for the legal gambling business in Atlantic City, N.J., and Paradise Island in the Bahamas.
May 1, 1995 |
Resorts International Plans Name Change: The Atlantic City, N.J.-based casino company controlled by former talk-show host Merv Griffin said it plans to change its name to Griffin Gaming & Entertainment Inc. The company, which owns and operates the 670-room Merv Griffin's Resorts Casino Hotel in Atlantic City, will ask shareholders to approve the name change on June 27. Griffin is chairman of Resorts International. The company also announced the appointment of Thomas E.
May 12, 1988 |
It was right out of his best-selling "The Art of the Deal" as New York financier Donald J. Trump on Wednesday dramatically called off negotiations to complete his April 14 handshake agreement to sell Resorts International to Los Angeles producer Merv Griffin. Basically, the parties fell out over how to divide about $50 million worth of the casino operator's assets and liabilities, according to a Griffin attorney working on the transaction.
November 8, 1989
Former Golden Nugget Inc. executive Alfred Luciani has been appointed to run Merv Griffin's financially troubled Resorts International Casino Hotel. The announcement came at the same time disgruntled bondholders were deciding whether to file a lawsuit forcing New Jersey's first gaming company into involuntary bankruptcy.
November 11, 1989 |
Merv Griffin appears to be losing his months-long battle keep his faltering casino company, Resorts International, out of bankruptcy. Amid a backdrop of unexpectedly heavy losses, Resorts disclosed Friday that it is "likely" that some of its creditors would file a petition by Wednesday to force the firm into bankruptcy court.