Beal Bank makes bid for Trump Entertainment Resorts

Andrew Beal, one of North Texas' most famous bankers announced plans for further expansion this week as Beal Bank sets its sights on one of the world's most famous gaming resorts. Together with its Nevada affiliate, the company made a bid for Trump Entertainment Resorts which currently owns such venues as Atlantic City's Trump Taj Mahal Casino Resort, Trump Marina Hotel Casino and Trump Plaza Hotel and Casino. The move arrive7 days after the magnate, Donald Trump, pulled out of a joint deal to purchase the struggling company..

Beal Bank together with Beal Bank Nevada announced their opposition to the major deal earlier this week. The company was originally responsible for lending almost half a billion dollars to Trump Entertainment Resorts in 2025. Plans for a new proposal are underway and it is hoped that a loan of $486 million will be converted into a majority equity stake in the company itself. Beal is well known as the wealthiest man in Dallas boasting a net worth a staggering $4.5 billion. Beal was listed as one of the 400 wealthiest Americans in Forbes magazine.

Commenting on the plan, Beal Bank attorneys have called for serious re-evaluation with a view to maximising the potential for recovery, "minimizing the litigation associated with the plan confirmation process and properly recognizing the stated interests of other stakeholders". Summarizing the situation, attorneys confirmed that "Beal Bank has offered to completely equitize its debt, which will permit the debtors to exit Chapter 11 debt-free." Trump himself together with Trump Entertainment Resorts have refused to comment on the current situation. Many will be watching closely to see how proposals develop.