Icahn Group buys Atlantic City's Tropicana Casino at Big Discount
| June 13th, 2009 | ||
| A group of investment firms led by Carl Icahn, Black Diamond Capital Management, and Schultze Asset Management LLC have purchased Atlantic City’s AC Tropicana Casino for a $200 million price tag. According to an article from ABC News, that’s an $800 million drop from the $1 billion asking price it commanded a year and a half ago, before the economy began to crumble and the gambling business along with it. There are no immediate plans for the casino’s future, but New Jersey regulations demand a new company to be created to run the Tropicana. The group was able to mold the deal from a bankruptcy court, allowing it to set the price floor and win the bid. A $1.4 billion mortgage exists on the Tropicana Casino, which the new owners now have at their disposal. | ||
See Source | ||
For Detailed Investor Profiles on these Investors, click below: |
Icahn Associates (Carl Icahn) |
Related People: Alexander J. Denner;
Related Entities: High River Limited Partnership;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
Add a Comment |
More Recent Headlines
Peter Schoenfeld’s Victory over Saks Embraced by Shareholders and Analysts |
Kerkorian Could Comeback, Again |
Paulson & Co. Buying Distressed Securities |
Brevan Howard Spins off Traders to Manage New Funds |
Former Countrywide Executives in Trouble with SEC |
JPMorgan to Acquire the Rest of Highbridge Capital |
What Exactly Has Microsoft Delivered on Its Enormous R&D Investment? |
Citadel’s Ken Griffin Joins E*TRADE’s Board |
Hedge Funds Alter Strategies and Perform |
$80 Million Ponzi Scheme pushes HedgeTracker’s 'Hall of Fraud' Closer to $83 Billion |
