This is a joke, right? Three Atlantic City casinos for a slim $100 million? Then again, if Trump Entertainment Resorts financial advisor Lazard only values unloved Trump Marina at $24 million, maybe exiled chairman Donald Trump isn’t so far out of the ballpark after all. What’s even more surprising than the measliness of Trump’s offer is the alacrity with which CEO Mark Juliano capitulated.
“My daughter Ivanka and I will work tirelessly to make this company great again,” pronounced The Donald, displaying yet again his peerless ability to deliver drop-dead laugh lines with a perfect deadpan. He added, “As I have done in the past, we will make Atlantic City hot once more.”
If anybody’s going to make Atlantic City “hot,” Donald Trump it’s not — especially since he’s still scheming to get a piece of the Philadelphia slot-parlor action. For those of you waiting until 2020 to redeem your Trump Entertainment debt, the good news is that you’ll (eventually) get 94 cents on the dollar. Holders of secured notes due in 2015 get wiped out, along with unsecured creditors. As usual, Trump gets the gold mine, the financiers get the shaft.
But the real winner is MyFox.com, which perhaps unwittingly filed this story under the perfect headline: “Cash for Clunkers.”
