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Trump will be very good for South Florida real estate, survey says
A strong U.S. economy managed by a developer-turned-president has South Florida’s real estate community cautiously optimistic for 2017, according to a survey of top industry professionals released Wednesday by law firm Berger Singerman. About 53 percent ...
He also won a $10 million interest payment in the transaction.
The billionaire investor, who previously owned 51% of the mortgage issued by Dallas-based Beal Bank, agreed last week to buy the remaining 49% at a 7.5% discount, according to court documents.
Icahn and Texas billionaire banker Andy Beal are facing off against Trump Entertainment bondholders and Donald Trump for ownership of the company's three Atlantic City casinosIcahn wants to convert the mortgage into ownership of the casinos.
Trump bondholders have offered to buy the company for $225 million, giving Donald Trump as much as 10% ownership in return for letting them continue to use his name on the casinos.
A bankruptcy judge is expected to pick a winner by April 15.
Icahn told The Press of Atlantic City he always intended to buy the entire mortgageHe said he moved up the transaction to pocket the $10 million interest payment due Wednesday.
"The bank debt was going to be purchased by me anyway, so we did it earlier," he told the newspaper"It's not unexpectedWe just wanted to get the interest."
Vincent Intrieri, senior managing director of Icahn Partners, said owning the entire mortgage would make it easier for Icahn to get a New Jersey casino license if he succeeds in buying the company out of bankruptcy.
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