Trump Holders Oppose Reorganization Plan
From Associated Press
Denouncing Trump Hotels & Casino Resorts Inc.’s bankruptcy reorganization plan as “a basket of goodies” for Donald Trump, a group of common stockholders wants to file an alternative with fewer perks for the casino mogul and more value for stakeholders.
In a court filing, the Official Committee of Equity Security Holders asked a judge to terminate Trump Hotels’ exclusive right to reorganize its affairs, saying the Chapter 11 plan reeks of inside deals benefiting Trump, his bankers and others.
Trump Hotels President Scott Butera said the motion was a tactic by the committee to gain leverage in the bankruptcy.
U.S. Bankruptcy Court Judge Judith Wizmur is to hear arguments Feb. 23.
