Trump Makes Out OK in Trump Bankruptcy

A judge refused to allow shareholders to file a competing bankruptcy plan for Trump Hotels & Casino Resorts, eliminating a key obstacle to court confirmation of the casino company's Chapter 11 reorganization.

The deal submitted by the company includes the following perks for Donald Trump:

• Remains Chairman and CEO, at a $2 million a year salary
• Retains a 26% stake in the restructured company (reduced from 56%) as well as a 25% stake in the Miss Universe Pageant
• First dibs on serving as contractor for any construction project over $35 million undertaken by the company after it emerges from bankruptcy, including a proposed 1250-room hotel tower at Trump Taj Mahal Casino Resort and planned capital improvements at Trump Plaza Hotel and Casino and Trump Marina Hotel Casino
• The right to veto any changes made in bankruptcy court
• The right to veto the sale of any casinos. If any casinos are sold, he would receive up to $100 million in tax indemnification for personal tax liabilities incurred from the transaction.
• A licensing deal giving Trump Hotels exclusive rights to the Trump name and image, valued at approximately $124 million

Not a bad deal for the person who ran the company into the ground in the first place.