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3 Trump Casinos File Chapter 11

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The Associated Press

Published: February 18, 2009

ATLANTIC CITY, N.J. - The three Atlantic City casinos once run by Donald Trump filed for Chapter 11 bankruptcy protection on Tuesday - for the third time.

Trump Entertainment Resorts made the filing in U.S. Bankruptcy Court in Camden, N.J., four days after the real estate mogul whose name remains on the company and its three seaside gambling resorts resigned as chairman of its board.

Trump was frustrated that bond holders and their allies on the board rebuffed his offer to buy the company and take it private.

He acknowledged being sad over the end of a venture that was so publicly and relentlessly associated with his name and image. Yet he said the company "represents substantially less than 1 percent of my net worth, and has for some time."

All three of the company's casinos will continue to operate as usual during the bankruptcy proceedings.

Filing three times for Chapter 11 protection is uncommon in American business, according to Harlan Platt, a professor and bankruptcy expert at Northeastern University in Boston, who has followed Trump's casino bankruptcies for decades.

At least 10 other companies have filed three times for protection under federal bankruptcy laws.

Here's a list, with the most recent date each company filed:

•Polar Molecular Corp., Denver fuel additives company; Aug. 2008

•Malden Mills, a Lawrence, Mass. textile maker, now called Polartec; Jan. 2007

•Monsour Medical Center, Jeannette Pa., a hospital, now closed; fall 2005

•Cox Carpet Mill Outlet, Egg Harbor Township, N.J.; 2004

•Samuels Jewelers, Austin, Texas, national jewelry retailer; Aug. 2003

•Edgewater Steel, Oakmont, Pa., a mill, now closed; Aug. 2001

•Trans World Airlines, St. Louis, now closed; Jan. 2001

•LTV Corp., Fairlawn, Ohio, steel maker, later acquired; Dec. 2000

•Grand Union Company, Wayne, N.J., grocery store chain, later bought by wholesaler; Oct. 2000

•Protestant Hospital, Nashville, later renamed; 1943

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