Billionaire Icahn blinks in battle with casino union

[Omaha Steve]

Source: NY Post

By Josh Kosman

Poker player and billionaire investor Carl Icahn has blinked in his battle against unionized workers at the bankrupt Trump Taj Mahal, The Post has learned.

The casino’s biggest debtholder and would-be buyer has offered to restore health-care benefits for 1,100 workers if the union drops its appeal of a court decision that terminated its labor contract. In addition, Icahn has expressed a willingness to give union workers some pension benefits, sources said.

While the activist investor has insisted publicly he would let the Taj collapse rather than keep the current union pact, it looks like he is prepared to fold to salvage his investment.

Trump Entertainment and Resort has agreed to hand over Atlantic City’s second biggest gambling joint to Icahn in exchange for him canceling $286 million of the debt he owns. He also agreed to inject $100 million into the troubled Taj.

FULL story at link.

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Carl Icahn (inset) has offered to restore health-care benefits for 1,100 Trump Taj Mahal workers if the union drops its appeal of a court decision that terminated its labor contract.

Read more: http://nypost.com/2014/11/22/billionaire-icahn-blinks-in-battle-with-casino-union/

[Hassin Bin Sober]

1. Where's The Donald in all of this?

[ToxMarz]

2. Winning!

[George II]

5. I believe he sold out most of his interest long ago - he kept something like 5% for his "name"

[Hassin Bin Sober]

6. Sold is a generous term. More like surrendered in bankruptcy plans.

Still, it's fun to mock that right wing douche bag even though it's only his name. I hope Rosie O'Donnell has more fun with it. Iirc, he threatened to sue her for claiming he was bk.

[Kingofalldems]

3. The Good Guys win one.

[davidpdx]

4. $286 million is pretty cheap for a casino

The question is will he be able to get people to come back to Atlantic City to gamble? It sounded to me like the failure of all the casinos there hasn't left much to see or do.