November 14, 2014 |
Lest anyone forget why the Pennsylvania Gaming Control Board still has a license to issue for a second Philadelphia casino, a bankruptcy court hearing set for Friday morning offers a reminder. At the hearing in Philadelphia, lawyers for the defunct Foxwoods project - whose license to build a casino on the South Philadelphia waterfront was revoked four years ago - are scheduled to square off against lawyers for the state over the $50 million license fee Foxwoods paid in 2007. The key hearing comes just days before Tuesday's Gaming Control Board session at the Convention Center, where the board is expected to reissue the license.
November 6, 2014 |
Ahead of a key court hearing Wednesday in Wilmington, Trump Entertainment Resorts Inc. filed a revised bankruptcy plan showing that Carl Icahn - who is owed $292 million by Trump - could recover between 38 percent and 65 percent of his claim. Those percentages are based on estimated values of Trump Entertainment's two properties - the Trump Taj Mahal and the former Trump Plaza, which closed Sept. 16. The values range from $110 million, if the Taj Mahal is closed, to $190 million if the Taj Mahal remains open, the filing said.
November 2, 2014 |
In a sign of the ongoing devaluation of assets in Atlantic City, the utility company Pepco Holdings Inc. wrote down the value of its combined heat and power plant there by $53 million, or 64 percent, the Washington company announced Friday. Pepco slashed the value of the plant and related operations to $30 million from $83 million because of "significant adverse changes in the financial condition of its customers and the business climate in Atlantic City," the company said in its quarterly report to the Securities and Exchange Commission.
November 2, 2014 |
Ahead of a key hearing next week in the Trump Entertainment Resorts Inc. bankruptcy, unsecured creditors blasted the company's disclosure statement for its Chapter 11 reorganization plan as a "charade" that should not be approved by the judge. The company owns the Trump Taj Mahal and the closed Trump Plaza casino hotels in Atlantic City. The creditors said the plan is designed for the "sole purpose of preserving hundreds of million of dollars in tax attributes for the exclusive benefit of [Carl]
October 19, 2014 |
A federal bankruptcy judge on Friday allowed the owners of Atlantic City's bankrupt Trump Taj Mahal Casino Resort to void its contract with its 1,100 union workers. Whether the $15 million in savings will be enough to keep the doors of the troubled casino open is nowhere near a sure bet. In a decision delivered in a Delaware courtroom, Judge Kevin Gross granted a request by the casino's owners, Trump Entertainment Resorts, to end the contract, cutting health and pension benefits.
October 15, 2014 |
A Gloucester County skydiving company has filed for bankruptcy, but it says its daredevil fun will continue nonetheless. Freefall Adventures' petition for Chapter 11 - a designation that allows businesses to reorganize during financial hardship - was recorded in federal bankruptcy court this month. The company, which operates out of Cross Keys Airport in Monroe Township, is a mainstay in the regional skydiving community, though it has also gained attention over the years for accidents and fatalities, risks commonly associated with the sport.
October 11, 2014 |
Trump Entertainment Resorts Inc. has asked a bankruptcy judge to order its biggest union to stop harassing convention clients. An official with Unite Here Local 54, which represents 1,140 workers at Trump Taj Mahal, has been contacting organizations that have meetings scheduled at the casino and urging them to consider using another venue in the city, one not trying to eliminate health insurance for workers. "Atlantic City and New Jersey have a lot of labor and labor-friendly businesses, and most groups don't want to get involved in a labor dispute over health care or anything else," Unite Here spokesman Ben Begleiter said Thursday.
October 9, 2014 |
The lawyers and investment bankers who were trying to sell Atlantic City's Revel Casino Hotel were faced with a choice at last week's auction. They could accept as final the $110 million bid from a unit of Brookfield Asset Management that was due to expire at 6 a.m. Oct. 1, or they could adjourn the auction until this week to give Florida investor Glenn Straub time to consider a higher bid. Revel's representatives went with what one called the...
October 3, 2014 |
T ERESA GIUDICE , one of "Real Housewives of New Jersey," was sentenced yesterday to 15 months in prison on conspiracy and bankruptcy charges, while her husband, Giuseppe "Joe" Giudice , got it worse. He was sentenced to 41 months. Together they must pay $414,000 in restitution. The judge said that Teresa will serve her sentence first so that Joe can stay home with the couple's four children. Teresa cried as she apologized in court before her sentencing.