Friday December 5,2014 : TRUMP ENTERTAINMENT SETTLING WITH ONLINE GAMBLING ASSOCIATES
Ultimate Gaming and Betfair named in court documents.
The bankrupt land casino owner Trump Entertainment Resorts has filed court documents announcing settlements with Betfair and Ultimate Gaming – two former partners in internet gambling ventures in New Jersey under the Trump Plaza and Trump Taj Mahal brands.
The documents indicate that Betfair – former partner in the Trump Plaza initiative – will retain the customer base data and will continue to hold a $700,000 unsecured claim against Trump Entertainment in its ongoing bankruptcy case.
It is not known what Ultimate Gaming received; it has claimed around $1.5 million from Trump.
Billionaire investor Carl Icahn, principle creditor for Trump Entertainment, has approved the settlements as part of a deal in which he will acquire the company in return for canceling $286 million of its debt that he holds.
However, that agreement is contingent on Trump Entertainment being awarded state and local tax breaks and the cooperation of a worker's union
When we went to press Friday there was no record of comment on the settlement by either Betfair or Ultimate Gaming.