Donald Trump Resurfaces Like Michael Myers for Casino Investors

Like a creature that wouldn't die in a horror movie, Donald Trump has reappeared on the scene of his former casino gambling company, Trump Entertainment, after great efforts to drive him away.

Trump Entertainment bondholders voted to take their chances in February with bankruptcy rather than negotiate another deal with the company's founder, Donald Trump. So imagine their surprise when one of the potential buyers of the casino gambling operator is none other than Trump himself.

At the time of the bankruptcy, gaming industry analysts were recommending Trump and the rest of the board be replaced for the company's best interests. Much criticism lay on the shoulders of Trump, who was chairman but did not have a substantial financial involvement and had led the company and its three Atlantic City casinos to two previous bankruptcies.

Trump offered investors pennies on the dollar to buy up their debt and take over the company, but bondholders felt more secure throwing themselves on the mercy of a court than relying on Trump again.

Now the Donald has joined with Beal Bank to quietly place an offer for his old casino company, bankruptcy documents show. Attorneys representing Trump Entertainment in the bankruptcy have confirmed an offer has been made and will be considered by the current board of directors.

"Are the plans being reviewed by the company's financial consultant, management and legal counsel? The answer to that is yes," said legal counsel Charles A. Stanziale.

A group of bondholders carrying over $1.25 billion in debt have joined to make a competing offer, said the lawyer.

"The board will look at both proposals and determine whether it is satisfied that the offers meet the needs of the company," Stanziale said.