Kasowitz Clients Donald and Ivanka Trump Defeat Financier Carl Icahn in Casino Takeover Fight
Kasowitz, representing Donald and Ivanka Trump and allied holders of bonds issued by Trump Entertainment Resorts Inc., defeated financier Carl Icahn's effort, in the company's chapter 11 proceeding, to gain control of the company's three Atlantic City casinos bearing the Trump name. After an evidentiary hearing, U.S. Bankruptcy Court Judge Judith Wizmur in Camden, New Jersey confirmed the reorganization plan jointly submitted by the Trumps and the bondholders, ensuring that they would be in charge of steering the company out of chapter 11 and that the casinos will retain the Trump brand. In her April 12, 2010 decision, Judge Wizmur found, among other things, that the value of using the Trumps' name and likeness "tilt[s] the balance in favor of approving the [plan] as being in the paramount interest" of the debtor. Kasowitz partners David Friedman, Adam Shiff and Robert Novick represented the Trumps and the bondholders in this matter.