Beautiful certificate from the Trump Entertainment Resorts, Inc.
issued in 2009. This historic document was printed by the Security-Columbia Company and has an ornate border around it with a vignette of the company name. This item has the printed signatures of the Company’s Chief Executive Officer and Chairman, Donald Trump and Executive Vice President.
Trump Entertainment Resorts and its predecessors have filed for Chapter 11 bankruptcy protection four times, in 1991, following construction of the $1-billion Trump Taj Mahal, and in 2004, 2009 and 2014.
In 2004, Trump Hotels & Casino Resorts explored various options for restructuring its debt, amid speculation that it might file for bankruptcy. A possible arrangement with Credit Suisse First Boston was not completed because the bondholders rejected it.
In September 2014, Trump Entertainment Resorts filed again for bankruptcy, and closed the Trump Plaza. On a motion made by union UNITE HERE Local 54, relating to the bankruptcy action, the United States Court of Appeals for the Third Circuit ruled in Trump Entertainment's favor on January 15, 2016 and held that Trump Entertainment could reject the continuing terms and conditions of a collective bargaining agreement with the union, an agreement that had already expired by its terms. This case was significant as it was a matter of First impression among the courts of appeal and could significantly alter the balance of power between debtor-employers and their unions.
The company exited bankruptcy in February 2016 and became a subsidiary of Icahn Enterprises.
On October 10, 2016 the Trump Taj Mahal closed for the final time. Trump Entertainment will remain operating to deal with the transfer of some points on the Trump One card account. The Trump Taj website will remain active until at least February 28, 2017.
On October 21, 2004, the company announced a preliminary agreement with its investors. Trump, who had been the majority owner, would reduce his stock ownership from 56 to 27 percent. Bondholders would surrender some of their debt in exchange for stock. On October 27, the company announced that Morgan Stanley would be the joint lead arranger for a $500 million financing as part of the restructuring plan. On November 21, the company filed for bankruptcy. Trump said the filing was "really just a technical thing" as the best way to implement the restructuring plan. The plan was submitted to the Bankruptcy Court on December 16, 2004.
After the 2004 bankruptcy, Trump Hotels & Casino Resorts changed its name to Trump Entertainment Resorts (TER).
In 2005, the company's involvement in the Spotlight 29 Casino ended, as the tribe bought out the casino management agreement for $6 million. Later that year, TER sold its Indiana casino to The Majestic Star Casino, LLC for $253 million.The company had also been awarded a license to build a second casino in Orange County, Indiana, but dropped this plan, due in part to the state's concerns about the company's viability.
In 2007, the company attempted to negotiate a buyout with several public and private firms, but on July 2, it announced that it could not reach a deal, and would take itself off the market. The company planned to lay off employees in order to cut costs.
History from Wikipedia and OldCompany.com stock and bond research service.