Trump: Rival wouldn't spend to upgrade casinos

CAMDEN, N.J. - February 26, 2010 -- Donald Trump claims his rival in the legal fight over ownership of three Atlantic City casinos that bear his name won't spend the money needed to make the aging casinos competitive.

In an hour of testimony Thursday in U.S. Bankruptcy Court in Camden, Trump portrayed rival billionaire Carl Icahn as a tightfisted corporate raider.

Trump is aligned with bondholders in a fight for control of the Trump Entertainment Resorts Inc. gambling empire.

The bondholders propose contributing $225 million to jump-start the company. The Trump name would remain on the buildings, and Trump and his daughter Ivanka would get up to a 10 percent stake.

Icahn, who is not expected to testify, has bought the casino's first-lien debt with the idea of taking over the company.

No ruling is expected for several weeks.

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Information from: The Press of Atlantic City

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