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Trump steps down from casinos board

ATLANTIC CITY, New Jersey -- As reported by the Financial Times: "Donald Trump has resigned from the board of Trump Entertainment Resorts after falling out with the company's bondholders, who want the casino operator to file for bankruptcy protection.

"The real estate mogul and television personality quit the board after being rebuffed in his attempts to take the ailing company private. His daughter, Ivanka, has also stepped down from the board.

"The group, which operates three properties in Atlantic City, is saddled with $1.7bn of debt, of which about $1.2bn is bond debt.

"...Trump Entertainment has been given more time to make a $53m interest payment it missed at the beginning of December. It was due to make the payment at the beginning of February, but the deadline has since been moved to Tuesday.

"The bondholders are likely to force Trump Entertainment into involuntary bankruptcy protection if, as expected, the company misses the payment again.

"Mr Trump, who controls 28 per cent of Trump Entertainment shares, said bondholder representatives had 'made a series of bad decisions and encouraged wasteful spending, which has led to severe problems within the company. [It] is no longer operated to a standard consistent with other of my holdings.'

"His investment in the company, which comprises less than one per cent of his net worth, 'is worthless to me now,' he said..."

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