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Icahn to Appeal After Losing Trump Casino Ruling

AP
Thursday, 15 Apr 2010 | 5:02 PM ET

Carl Icahn is not going away quietly.

Carl Icahn
Getty Images
Carl Icahn

The billionaire investor, who lost out this week on a bid to buy the three Trump Entertainment Resorts casinos in Atlantic City out of bankruptcy, says he'll appeal the ruling.

A lawyer for Icahn told The Press of Atlantic City that the judge made "fundamental errors" in her ruling on Tuesday.

The judge sided with bondholders and Donald and Ivanka Trump, who bid $225 million for the casinos. Icahn, who holds the $486 million mortgage on Trump Entertainment Resorts, wanted to swap that debt for ownership of the company.

A Trump lawyer predicts Icahn's appeal will fail.

The company operates the Trump Taj Mahal, Trump Marina and Trump Plaza.

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