Apprentice TV Show star ups his stake in Casino
Real estate tycoon Donald Trump, chairman of Trump Entertainment Resorts Inc. (TRMP.O: Quote, Profile, Research), has exercised his right to purchase 1.2 million shares of the casino operator's common stock at $14.60 a share.
Proceeds from the exercise of the warrants will be distributed to former holders of mortgage notes due 2006 on the company's Atlantic City, New Jersey properties, Trump Entertainment said in a U.S. Securities and Exchange Commission filing.
Shares of the company, which emerged from bankruptcy protection a year ago, closed at $21.56 Tuesday on Nasdaq.
Separately, Trump Entertainment said former shareholders will be paid by Friday $1.25 for each share they held in the pre-bankruptcy company as compensation for its $25.15 million sale in September of the former World's Fair casino site in Atlantic City.
Donald Trump will not receive proceeds from the sale of the site, the filing said.
In the company's March proxy statement, Trump was listed as owning more than 12 million shares for a 30-percent stake in Trump Entertainment.
Proceeds from the exercise of the warrants will be distributed to former holders of mortgage notes due 2006 on the company's Atlantic City, New Jersey properties, Trump Entertainment said in a U.S. Securities and Exchange Commission filing.
Shares of the company, which emerged from bankruptcy protection a year ago, closed at $21.56 Tuesday on Nasdaq.
Separately, Trump Entertainment said former shareholders will be paid by Friday $1.25 for each share they held in the pre-bankruptcy company as compensation for its $25.15 million sale in September of the former World's Fair casino site in Atlantic City.
Donald Trump will not receive proceeds from the sale of the site, the filing said.
In the company's March proxy statement, Trump was listed as owning more than 12 million shares for a 30-percent stake in Trump Entertainment.
posted by kevin at 8:40 PM
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