Wednesday, September 21, 2005

Apprentice TV Show star Trump Hotel & Casino Stock back

As reported by the Press of Atlantic City: "Remember Trump Hotels & Casino Resorts Inc.? Angry investors surely do.
"Donald Trump's publicly traded gaming company failed to turn a profit in 10 years and was delisted by the New York Stock Exchange in September 2004 after the share price sank below 20 cents.
"But in another step in the company's post-bankruptcy turnaround, the newly created Trump Entertainment Resorts Inc. will rise from the hinderlands of the capital markets to begin trading today on the Nasdaq exchange under the ticker symbol 'TRMP.'
"…Trump Entertainment replaced the now-defunct Trump Hotels & Casino Resorts when the company emerged from Chapter 11 bankruptcy in late May following a restructuring that slashed debt and provided new cash for expansion projects at its three Atlantic City casinos.
"During the bankruptcy proceedings, Trump battled with disgruntled shareholders before reaching an agreement that boosted the value of their holdings. Trump investors suffered when the stock price of the old company plummeted from a high of $34 a share in 1996 to less than a buck several years later.
"…Since its delisting on the NYSE, Trump stock had been consigned to the Over-the-Counter Bulletin Board, a nebulous place in the capital markets reserved for lower-rung stocks…"


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