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ATLANTIC CITY-Donald Trump and daughter Ivanka have abandoned their bid to regain control of the three casinos here that bear the Trump logo, according to a report in the Wall Street Journal. Under a settlement struck with a group of creditors that were battling for control of Trump Entertainment Resorts, the Trumps and Beal Bank, the company’s largest secured lender, will drop a $116-million bid for the casinos.

In February, TER filed for bankruptcy. In August, Trump and Beal agreed to purchase the company. Soon after, a group of bondholders challenged that bid.

The Trump Organization, the family’s privately held company, could receive as much as a 10% stake in the reorganized company. In addition, the three Atlantic City casinos–the Trump Taj Mahal, Trump Plaza and Trump Marina–would continue to use the Trump name. The noteholders’ reorganization plan requires bankruptcy court approval. A hearing is scheduled for January.

“This prolonged and continued litigation and the associated cost to the estate would mean that whoever won under their plan would ultimately lose,” Trump said in a statement.For the complete WSJ article, click here.

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