[25] 2009 bankruptcy and restructuring Edit. Trump initially made an agreement with banker and poker player Andrew Beal, owner of Beal Bank, which held $500 million in the group's debt, to take over the resorts. However, citing concerns about the bank's lack of gaming experience, he dropped them in favor of hedge fund Avenue Capital Management, a plan favored by other bondholders. Beal then partnered with investor, Carl Icahn, who had worked on restructuring another Atlantic City casino, the Tropicana. [29] In court, Trump argued that he would fight the Icahn/Beal team if they sought to use his name and likeness on the group's properties. [30] Instead he signed an agreement with Avenue Capital in which he would receive 5% stock in the reorganized company and another 5% in exchange for the use of his name and likeness in perpetuity.
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