Carl Icahn permanently closed the Trump Taj Mahal casino in Atlantic City on October 10, 2016, after a bitter 102-day labor dispute with Unite-HERE Local 54 union workers. Icahn, who had acquired the casino through Trump Entertainment Resorts in 2014, cited substantial financial losses, claiming to …
Carl IcahnDonald TrumpUnite-HERE Local 54 unionHard Rock Internationalcarl-icahntrumpatlantic-citycasino-closurelabor-dispute+1 more
Trump Entertainment Resorts filed for Chapter 11 bankruptcy in 2009, owing $1.2 billion. Initially, Trump worked with Avenue Capital Management to restructure the company, rejecting an earlier partnership with Andrew Beal’s Beal Bank. Carl Icahn then purchased 51% of Beal Bank’s first …
Carl IcahnAndrew BealDonald TrumpTrump Entertainment ResortsBeal Bank+1 morecarl-icahntrumpatlantic-citybankruptcycasino+2 more
Donald Trump debuted his third Atlantic City casino, the Trump Taj Mahal, but immediately struggled to make payments on $675 million in high-interest junk bonds used for construction. Financial analyst Marvin Roffman predicted the casino would need to make nearly $1.3 million daily to break even, …
Donald TrumpCarl IcahnMarvin RoffmanTrump Taj Mahaltrumpatlantic-citycasinojunk-bondsdebt-crisis+2 more
Donald Trump opened the Trump Taj Mahal Casino in Atlantic City in April 1990, financed by $675 million in high-interest junk bonds at 14% rates. Within months, the casino faced severe financial challenges, missing debt payments and signaling the beginning of Trump’s broader Atlantic City …
Donald TrumpTrump Taj MahalMarvin RoffmanCarl Icahntrumpatlantic-citycasinojunk-bondsdebt-crisis+3 more
In May 1985, Carl Icahn orchestrated a hostile takeover of Trans World Airlines (TWA), becoming a quintessential example of 1980s corporate raiding. Icahn acquired 50% of TWA through a leveraged buyout, eventually taking full control by 1988. His strategy involved systematically selling the …
Carl IcahnTrans World AirlinesAmerican Airlinescorporate-raidingasset-strippingleveraged-buyoutscorporate-destruction1980s-financial-history
Carl Icahn launched a multi-billion dollar hostile takeover attempt against Phillips Petroleum, offering $60 per share for half the company’s stock. Coordinating with T. Boone Pickens’ earlier attempt, Icahn used Michael Milken and Drexel Burnham Lambert’s junk bond financing …
Carl IcahnPhillips PetroleumMichael MilkenDrexel Burnham Lambertcorporate-raidinghostile-takeoversjunk-bondsfinancial-manipulation