USA TODAY: Billionaire investor Carl Icahn pledged $20 million on Thursday to keep Atlantic City’s Taj Mahal casino open indefinitely, eliminating a plan to shut it down Saturday.
In a letter dated Thursday, Icahn promised Trump Entertainment Resorts that he would provide enough money to keep the casino open throughout bankruptcy proceedings. It had been scheduled to close at 6 a.m. Saturday.
“Many people would still argue that it would be a better financial decision for me to let the Taj close and wait to see whether a global settlement can be reached,” Icahn wrote to Trump Entertainment CEO Robert Griffin. “But I cannot be so callous as to let 3,000 hardworking people lose their jobs.” … (more)
EDITOR: Moreover, what is the value of casino hotel when it is closed and its permit to operate is revoked? The answer: virtually nothing. Better to take it through bankruptcy court and come up with something of value. It appears that Icahn blinked.
