Griffin-Trump Casino Deal Fails
From Associated Press
Entertainer Merv Griffin’s hard-won deal to buy Resorts International Inc. collapsed today after extensive negotiations with Donald Trump, the New York investor who controls the casino company.
Trump, who reportedly stood to gain $400 million and retain ownership of the grandiose Taj Mahal casino under construction in Atlantic City, N.J., said Griffin had failed to prove he could raise the money to finance the purchase. But a spokesman for Griffin accused Trump of backing out of the handshake agreement reached April 14 after months of acrimonious dickering. The former talk show host planned to seek a meeting with Resorts’ outside directors to renew his $36-a-share offer.
